New-York tribune., 1877-08-07

surprising that the shipments by rail- during
that week were only 1854 bushels against
2.S04, ,294 bushels shipped from the same ports
by water Barely one-tenth of the grain was
moved by rail- But this was due to eIceptonal
disturbances. Nevertheless, prior TO that week
Of riot there had been remarkable decline
in the shipments by rail, which began in May,
and has since increased constantly. The first
sbipn, nts 10y lake this season were recorded
April p. and the movement from that time,
in periods of three or four weeks each, has
been as follows. in bushels:
rygS gS79S weeks. hay hg'f g. 5Gae 5772 y ' 8 ''
-Four weeks, June o. G,23l.SG7 3'OO[0si 81
Three weeks, June 80, J,1536l9 2.2-2'393 -
Four weeks, July %, 9,9sG,3lG 2,l2s,392 II
1t will be seen that the proportion Of ship
ments by rail has been smaller in each period
than in that which preceded it, and that the
proportion was barely one Lith OF the whole
during the three weeks preceding the railway
strike. 1t may not unreasonably be inferred
that the proportion of shipments by rail will
con inue to decline still further as the season
advances, unless one of these changes should
occur. viz, a pressure to market ImmedlateiV
a quantity exceeding the carrying capacity OF
the canals, an advance in the rate charged by
lake and canal or a reduction in the rates
charged for Transportation by rail. In the alb
senee of any such change, it IS not unreason-
able to expect that the proportion OF shipments
by rail will fall below twenty per cent Of the
entire movement from this time forward. Last
wear. from July % to the close OF navigation,
the aggregate shipments were 7O13O,162
bushels, of which 1,5S1, ,074 were by rail, or
10 per cent. Should the proportion this sea-
son not exceed 20 per cent, the loss would
amount, with movement as large as that OF
1876. to about II 100000 bushels or about
52S. 600 tons of grain the freight on which,
even at the unprecedented low rates of last
year, would have been over -, 100000.
Meanwhile the actual loss in shipments by rail
thus far this year, in comparison with ship
mcnt, last year to the close OF July, has been
quite large, thus: ,o-c
Rail shipments Jan TO ABE. 15G1OiS3 2007l-t5
Total nv rar 2s 22l 47OI6173
The loss already is about 1881 ,252 bushels,
or about 5l9, 900 tons, on when the freight
receipts last year were probably at least
So, 7jG. 900 between Chicago and New York,
as moro than two-fifths of the shipments were
prior to the opening OF navigation. With an
ascertaned loss of about $2.750,000 already,
and the prospect of loss of about 100000
! more before navigation closes, on grain traffic
| alone, the railways can hardly expect to earn
as large dividends as were paid last year,
Nearly half of the los, must fall upon the Lake
Shore and NewYork Central which naturally
suffer most when water competition is vigorous
and successful. Apparently, there will be needed
q large increase in the miscellaneous earn
"mgs" of the Central.
Ii cannot be expected that the railways will
retain the other traffic of last season. 1t Is
known that large quantities Of freight which
the railways have hitherto moved have already
been diverted by the water route. 1t is known,
also that we have no immense centennial travel
10 swell receipts, as it did last Summer, nor is
il probable that pleasure travel or the ordinary
movement of passengers or freight on CONNER
cial account, will be larger in season Of
great depression. Very considerable loss of
revenue, beside that arising from loss of the
grain trade must be expected. On the other
hand. if the railways reduce their rates, it is
questionable whether they can so far increase
their traffic as to compensate for the loss Of
income. As to expenses, the roads were man
aged last year with such extraordinary econ
omy in the matter of repairs and requirements
| that whatever saving may now be effected IN
EXPENSES by running only thirty trains daily,
| instead of eighty last year, as Mr.. Vanderbilt
says. must he in part or wholly balanced by
the impossiDility of deleTing longer the need
| ful replacements and repairs. To these causes
! of deficiency in earnings must now be added
| the losses occasioned by the great strike. 1t
| is no wonder that The Pennsylvania has given
M the unequal struggle and passed its divi-
dend Whether the NcwYork Central or
Baltimore and Ohio can continue to pay, or
whether borrowing more money will be found
as easy as it was last year we shall see The
saving effected in wages of employees by the
recent reduction is TO the advantage Of the
companies, but the amount is generally over
estimated. On the Ere the saving in wages
OF conductors, baggage, brake, engine and fire
men, Is in all less than 100000.
1t is useless to deny that the railways have
haid times ahead. Not even restoration Of
tolls on the canals, change certain to be de
manded but not likely to bo made, can mate
rally help the railways. because the rates
charged for water transportation are now so
low that no addition that can be made to tolls
Will enable the railways to compete ut their
present rates. Whatever business the roads get
| tt;, ,,.or tb.,, orn IiL.lv tn In ~ Mr. Aun-