New-York tribune., 1877-08-31
OFFICIAL REPORT VIEW YoRH MTETvG STOCK h1
CHANGE SALES AUGUST 80 1871
FIRST BoARD-11 O'CLOCK A. NJ.
SECOND DOARD-1:3C
THURSDAY. Aug. 3O-P. II.

THURSDAY. Aug. 80. u.
The situation on the Stock Exchange, III its relation
TO the legitimate interest of the country daiy grows
more and more ,.raye. For the time being, large
amount of capital is enlisted on the DUR STU,
~ the market. because Of the large crops, and
upon the assumption that consequent showing
of greater earnings by the railroads will make
market later for the sale of the respective stocks
But this anticipation seems to disregard several
important factors which should have influence upon
any estimate of future prices. Admit tha', iOT the
remainder OF 1877 the railroads viii make a favor
able show of gross earnings as eOaIpaled with the
same time OF 1s76-a result, which VIII pr0paoly
follow for the roadsWest Of the Lakes but not likely
to lie the case with those East. II sn0t anticipated
that this gain will be sufficient to overcome the loss
of the first seven months of the year. On thls
expectation, prices OF stocks already have been
forced up-not from the lowest prices of the wear,
but since July /, from aud per cent for the
low fances to 17025 per cent for the higher pnced
list Aud again investors are not likely TO forget
that not drop of the water infused during the nigh
pressure period of imitation, has been taken from any
of the stocks-from the "first-cass" Central aud
Hudson. down to the reorgauized poor Wabash.
They see hat on the contrary the debts far exceed
those of September l, 1873 while fGir exhibits of
net earnings on greatly decreased gross receipts,
have becn made 10y the showing of q wonderful re-
ductiOn IN the operating expenses. AGAIN, they see
that the method Of this reduction received fearful
illustration last December, in the Ashtabnla aecI-
dent. and now is still further illustrated by disas-
Ter on the Chicago Rock Island ard Pacific railroad
in which the washing away Of a culvert prevented
great calamity a mile further west, where the
washing away Of a large bridge had LEFT open
a chasm for the reception of the traia already
wrecked. me Pub6c of to-day in reviewing the
situation. makes the following timely remarks:
"Tp 1873. August 80. II was written. AN accounts
,gr hat in Guartv and qualltY the whcat crop luSt
norvsta9 W fe United states stands unrivaici even
* r ding thp greai crop OF lS7O' Similar news ICS;'1-
~ tIo f5rfhcomius crop was IN circulation IAr
4s BOW men were tbat The enormous crops WouIH
4rlp the railroads, wncn already cafrNm- Stet
zeal more and earning per Gem more tdh IN 20
Now ysr have confident assurances aa 70 me hi4EhuI
AFT ,c CROP tht railroads are carrying less th'l hau
q. Ilrro share OF 70 as they carried last year. anu arc
/ earning less money. ...- ,,t,,.
..Tp.7 as now money had been extremely easy during
TuIC tcs or c loans rarely exceeding tartc Per cen,
but M FIST approach Of demand FOR currency oL' -uih
of AUGUST seu the rate up swiftly - SIX OF seven per
cent and precisely The same thing happened on hatm
/ day August p, 1877. .,...,
S as we 10 utcd out last week. the amount loaned
by f. banks stocks large, uni pi'Da'3 lnt as
lrce as The same banks have thus loaneh NcHi-
while the reserve oi irCalcndcrs aYIlani" Tor fei 81
any ssile was considerable both at Boston ana fAI-
/ II. ipila Now at reserve j. very small, W compare
/ the latest returns with those cf August % 1878;