Year: 1875

as ! storehouse for Now York-has nearly 1000 900
bushels IN store. Chicago and Milwaukee each have
considerably over 900 900 bushels and other points OF
accommodation hold sufficient to make the total guam
ty on the markets about IT 600 900 bushels against
10000 900 bushels one year ago. Why Is II that with
the extraordinary demand from Great Britain which
has existed for this great staple have withheld
our supply until storehouses overnowing and
trade is brought 10 a standstg The a SIMPLE
one, and comprehends the results OF exportabe
money.


1t should be forgotten that legal tender note
is not money, TO the same extent individual
note In the latter it is generally supposed to rep
resent real property still in existence, while the
former is debt representing only the waste and de-
structon Of the and loan forced from the people
by statutory enactment II is contemplate for great
government whose chosen spokesman continually boast
OF its unimpared credit to refuse to either pay fund
this loan a reasonable rate of interest If the people
money let them sell the agricultural products
which they have crowded into their storehouses.


STOCK MARKET


during the greater part of the week unsettled and
closed generally at a decline from week ago, al
though in few instances at fractional recovery from
the lowest prices. The opening marked by sharp
advance in Union Pacific TO S2A from which there
reaction to 7ok and close at II a. There much
curiosity learn whether there had really been leak
in the Supreme Court asserted by the friends of
the stock In their pretended knowledge that the
was favorable TO the company certainly to be
dered last Monday When, after O'Clock Of that day.
the announcement made verifying their predictions
it sad thing TO hear the name OF Judge banded
from mouth to mouth the most likely to have
succumbed for a consideration Under the influence OF
the early advance in Union Pacific there general
covering of shorts upon the entire list. This gave
the market strong tone; but it soon became apparent
that certain operators were taking advantage Of the
excitement to effect liquidation that by the mid
die Of the week there was very general and serious
decline led by the Michigan Central which dropped
from 64h to 81, although subsequently rallyng 62&
and closing at 6115. Unusual efforts have been made
to sustain the market among which may be cited the
following, which, having been published If by
thority, is worthy OF passing Comment


NORTHWESTERN STOCK.


'The October earnings OF the Northwestern Railroad
settle up $4S6 000 net-that is after paying expenses
allowing for interest on bonds and proratng settle
ments with other lines. This is about the largest net
result of single months business in the history OF the
roadn We should say So the result stated at the
rate OF So 900 per annum as applicable to dividends
about sixteen per cent both classes of stock If
the statement is to be credited 1t clearly demonstrates
that there is necessity for repeal OF the spot
ter lawn and in this view one cannot fail to
wonder at the shortsghtedness of the managers per-
mtting such publication at this particular moment.
The statement, however, brings to mind the famous
circular issued July 81 1875 the signature of the
treasurer of the company which contained statement
foows:-'sThe net earnings Of said company, after
payment OF operating expenses, of leased lines
interest bonds including gold loan bonds
S1366 1877 for the fiscal year ending May 81 1875








"a ENOUGH MORGAN,


until the appearance of the regular annual report
two months later tbut only made up to the date
May 31 disclosed the fact that from the reasurer's
figures met earnings there to be deducted the
of $S47 901 being the amount or interest tie
bonds of proprietary roads and the of operating
the same in OF the gross receipts Of said roads
This trinng deduction reduced the 'nct earnings" to
$685. 26o for the year only about $1o0 900 than
we now invited to .ake in" for the single month of
October The statement, however, seems to have
fallen ''sti lower,n for the stocks OF the company
close the week at decline Of y per cent the
and the preferred, being respectively Il and
Ia cent higher than the lowest prices during the
week The ST. Paul stocks have ruled quiet and firm
it being generally believed that there is to be div
dend the preferred, payable in the consolidated
bonds of the company. The unusual activity in these
bonds during the past week has attracted atten
ton 1t is stated that the sales have amounted to
$500 00o of which broker has the credit Of having
sold 5000 600 These facts have led some parties
believe that the intention OF the managers
pay dividend in cash instead Of bonds, ascrbing TO
the company the sales of the bonds Lake Shore
opened the week quite active and strong at 6256 but
afterward sold at 59a COX 5Sss 597S 5Sh
59H 1t is beginning to be appreciated that fortynve
cents per hundred pounds from Chicago to New York,
even with large business doing, would not be
promising for surplus earnings has been thought.
The old rate prior to 1878 sixty cents The Hann
bal and st. Joseph stocks have been weak, closing
however, at a. fractional recovery. Pacific Mail, in
sympathy with the rise in Union Pacific advanced to
435S and declined to 4Oss, the lowest figure of the
week. other changes less important and will be
found below


HIGHEST AND LOWEST PRICES WEEK.


The following table shows the extreme fluctuations