New-York tribune., 1885-03-23

freight rates; and then the Union Pacific gave
notice that 1t would no longer continue to
guarantee the business of the Pacific Mail--a
guarantee which has enabled the transconti-
mental railroads to maintain rates. With the
steamship company competing remOrselessly.
and the Union Pacific taking freight by way OF
Oregon, the rates on transcontinental business
would hardly be very profitable
In view of such circumstances, it is not sur
prising that the Pacific Mail dropped 1414
during the week, the Union Pacific 57s, and the
Central Pacific 37s, in spite of gain OF
1915, 1000 in January net earnings. A new
issue of bonds for $40. .0OO 900, in part to clear
away floating debt of the Central Pacific, Is
now reported, but it may be surmised that the
completion of line wholly owned by the
Southern Pacific is not far off. Other Pacific
roads were somewhat affectedj Atchison
stock fell 2 cents, San Francisco first pre-
ferred 214, Northern Pacific /, and the preferred
2la, Oregon Navigation 1l2, Oregon Transcon-
tinental 81, and Texas Pacific Ia. The
Southern war of rates may in part account for
decline of 3l4 cents in Memphis and Charleston,
2a4 in Richmond and Danvile, 2l4 in Richmond
Terminal, and liz in Norfolk and Western
preferred. Meanwhile the fear Of war Of
rates, rather than any actual contest thus far,
and the tagging business and the low price of
wheat helped to cause decline OF ga In
Burlington and Quincy, 2l2 in st. Paul, 23s In
Omaha preferred, Notwithstanding the decar-
alton of 1l2 per cent dividend, 27s in
Manitoba, 15s in Northwestern, III in Rock
Island, and III in Illinois Central. Eastern
trunk lines were less affected, though sharp
4 n = honda oxyoco offapHal with
rumors that the Lake Shore would cut loose
from that concern, and the Lake Shore stock
fell 1l2 cents, though $6,00O,000 bonds were
placed on favorable terms. Among the coal
carriers, there was also trouble; Jersey Central
dropped Jig cents, Lackawanna 2, Reading 49,
and Delaware and Hudson 1ls. Though New
York Central and Missouri Pacific were well
sustained, Western Union closed 37s cents
lower than week ago. The general average
of sixty stocks fell 81 So per share, to S46 80.
This change in the stock market seemed to
have little or nothing to do with the money
market, and the contraction of $2,45O, 400 IN
loans is usually attributed to general inactivity
in trade. The reserve increased notwithstand-
ing a gain of about S50O,O00 in the gold owned
by the Treasury. The silver in the Treasury
increased 800, 900. while the silver certificates
outstanding also increased about 100000,
and the Treasury absorbed of its own legal
tender certificates about $500, 900, putting out
about $780, 900 moro legal tenders. In short
the financial situation remained without inn
portant change. Operations in cotton were
dull; lard fell Is, and sugar and molasses
were weak, while coffee was n shade higher.
Oil lifted to 81 cents at the close, gain for
the week of 36s cents.
In the grain market the tendency was still
downward. Elaborately manipulated statistics
from Milwaukee We're telcgraphcd over the
country, but wheat fell lai cents corn declined
3, of cent, and oats about 3s; though during
the latter half of the week there was some buy
ing for export of wheat and other grain.