, 1873-05-14
MONEY AND COMMERCE
MONETARY.

MONETARY.
Tussnkx EyssrNo, htay 10.
Tho local money market continues fairy auP-
piled with loannb1o funds, and hppfo'eo wv w..
rowcra got whnt thoy want without mnon ut'u. !.
cu,ty: Nav york exchange continues ntoady at
about 2bo per e1, 600 protnlum Tor ea'ob pet"oon
banks. 49, :
rr,o ,,ovcmout OF ourronoy III my direction to
,r from tha city has 1co,, light for wook pnst'
Int today tl,oro was considerable incroaso In
tho oountry orders, and so'ns considerable
amounts vforo aont out tho 1argont onos going
to Milwaukee, whore tho o1rronoy is rrobnbly
rcqulrea for distribution In tho oodnty to aid In
tho mnrkoting Of wheAt.
Tho failure Of d prominent srooulatcr In grain
to-day occurred undcr circumstances which iilua-
trato in a worry remarkable manner tho extremely
artificial character Of tho prices Of grain as ma-
nipulatod in this marhet. Tho FILLING operator
was "aho1t" 100000 bushels Of wheat for
May and Juno delivery, which ho 6old aomo
wceks ago at pricoH which. compared with tho
prioos at tho instant Of lis failure, would mnko
loss Of over s10o, 900. In the contoat botweon
tho bulls On Quo sidc and tho bonss On
tho other, Of which this failure Is
only ono Of tho Incidents, It ia Of courso under
stood that, IL moral point Of Wow, neither etdo
has anything to brag Of. But thero is another
aspect Of the caBo which Inns somo interest In the
fact that tho operations Of the falling party
uero mado In strict accordance with tho NATURAL
tendoncy Of prices, and but for tho great uolght
OF capital thrown In tho opposite Bohlo to coun-
auecossful; In o!hor words, prices would hevo
declined aB ho boliovod thoy would. Btntistlcs
that arc porfcctly roiablo show that tho quanti-
ty of wheat now a1oat for Great Britain, whore
tho mar1et prlco for tho world is 1xoa, Is
It
Ut this time last yoar, this great inoroaso coming
mainly from California md Australia. Tho tn-
croaso in tho oxportable surplns Of wheat out Of
tho 1879 crop Of whoat in California alonc, ts
equal to m increase Of 80 pcr cont IN tho export
ablo surplua Of wheat from tho Unitod Btatos
this year compared With tho crop and exports Of
Notwithstanding thoso facts, and tho addition
Al ones that there WAS not short CROP. Of wheat
in any considerable source OF supply In tho
world in 1879, and that IN tho wheat-ralsing dis
trict northwest OF this city there is attl larger
amount Of Thoat than usual taa to &c, c9me dos
was sblo to make m advance Of noar
10 conta. per buahol in this market
during tho past month or six woeks+ That this
rise .wan made in defiance Of 7hat was evidently
Tho natural course of prices, must heye been ap-
parent to every ono who endenvo1ed to find ont
by statisttcs the prospects Tor the futuro Con-
eedlne that IN ,9 thH case ct the failure r. qqea-
fact to be eliminated from tho whole speculative
contest is, that tho manipulation q prices IN
this market can tempoarily defeat and countoraot
buyer and sollor in Obliged alao to b speoula-
tor, or at least to govorn his moyomcnts moro
BY thoso Of tho spoculator,s than by any
facts IN connection with tho lava Of
aupply and domanl. Tleso laws, howovcr,
do assert tholr supremacy in tho end, and tho
whole community Is visited with tho penalty Of
their violation by tho spoculators. An instance
OF thia occurred last summer, when tho various
to-
rt . flctitioue range 80 much above tho general
price In tho European markets that for aomo
Months it won1d, not pay to ship wheat or corn
from hero. The result was that, during tho most
going forward freely at cheap freighta, tho lake
fleet Of vcasela had very little to do But In tho fall
tho grain calr,o In an avalanche. Veaael-fralghta
went ur to oxtrovagant figures, and tho wluter
West, and tho endeayor to market some Of thin
eurplua by rail In the winter WAS one OF the
causes Of the extravagant railroad froights thu
have continued with but little abatomont oyor
THE CAPITAL AND "wATER" FER Y11E OF TIE
GREAT TRUNK L1NEg.
It is often claimed by tho railroads that their
not profits do not pay. even tho best managed
the most 10, por cent on tho capital Invested in
thom, but the fact ia that tho net profits ot many
Of tho grent trunk lines between the East and
Tho West arc that per cent On double, tho
It is pretty well established fact that the aver
age cost Of building new railroads, even in tho
7opuloua etatea east OF Chicago, docg not ex-
ceed 1000 to 380, 900 per milo, including cost
Of right-of-way, depot1, cnt-shops, etc., and That
tho highest cost Of tho most comploto equip
ents Of rolling stock is not In exceas Of 916 900
Per milo. Tho Chicago d Alton Road, though
not east Of Chicago, will at 1enat afford fair ex
ample Of the highest legitimate cost of railroad
betweon two great cities. The total amount OF
capital stock and bonds Of this road are little
over $40, 900 per mile, while the capital stock
and bonded debts Of nearly all the great trunk
lines from horo eastward will average probably
$4,000 per mile, as will bo seen by tho follow
iug:
LAKE anoRp MICHIGAN gouTuERN.
Detroit Monroe i Toledo ntook. al3,eoo
Funded debtz Of main aud branch unes.,.. 29.493O00
.$78, ,0os GOO
Int ntciai T ranorq &c owned BY tho Company Us per
~ rs nor nile Of rosd tSat miles, or athe Eate Of
In addition to the foregoing, wo huu L. = ,attar
to the New York Tribune q statement Of ~
capital and funded debts Of tho following s,,e sne
great trunk lines into Now York City:
NEW YonK cEATnAL RAILROAD.
GapA atoGk. .$e8, SOC, 600
40, ,6oo, 900
Mites.
Length Of main limo. .2o8
AeuBtA o1 o#nea nrancness .29d
Total. ............-,............ .bgl
Capital per milo sbo4 Mes) $G8, 900
HUDSON RIVER nA1LnrAD.
, Taa hsoet
t.4U