New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-08
Iicates unparalleled depression:

From these figures it will be seen that the average
freight rate on wheat from Chicago to New-York
for the entire month was only 612 cents. Add to
this the transfer OF elevator charge here Of y a
cent and it makes the average through rate for ear
ryIng sixty pounds 1900 miles only cents. II is
scarcely necessary to say that there is no money in
this for anybody But this not the worst feature
OF the case. The rmlwayshave been doing the work
for less than the water routes. Their published
rates were higher, but the schedule was only for the
uninitiated. Regular shippers could get rebates
amounting TO about as mnch the freight actually
paid in The fact thar the railways have recently
been carrying more grain than the water route
clearly indicates that they have been undertaking
the vessel men. Now, it is generally admitted that
large vessels can carry grain at less cost than the
railways possibly under present circumstances.
If that is the case and if the vessels cannot come
ont whole on the months grain business,
where must the railways be, having received
less and paid more for the work. The only answer
is they have lost heavily"
These facts are so patent that anyone connected
with the grain trade knows that the Lake Shore
and the Michigan Central Railroads, during the last
two months, have not taken bnshel of grain at
Chicago. Toledo Detroit. and that the Central
and Hudson and Erie Railroads have not taken
bushel at Buffalo or at the Suspension Bridge
freight money the actual expenses of hauling the
same. The popular stockjObbing reply to asser-
tons Of this kind Isl Then why do the railroads do
the business For reply 20 this popular conun-
drum. we refer to the supposed answer Of
an embarrassed merchant. when asked why
he was sacrificing his merchandise in the auction
room for cash "If can bridge my payments over
the next four weeks or the next four months
hope for such Incorporation in business as will
bring me out all right" Railroad officials not
only formed Of the same sanguine clay as an EN-
barrassed merchant, but experience has shown their
mental capacities to be even of lower order:
The promises offered at yesterdays closing of
better prices for stocks to-day, came very near
being q snare and deluslOu. Z he Improvement
In prices at the opening, which barely was suhi-
Gent TO make the promise good, dld not last over
five minutes. After that the market was heavy but
subject to frequent fluctuations, and the final sales
generally at about the lowest prices of the day
The last sales of yesterday the highest and final of
to-day, IN the order named were as follows: Lake
Shore, 627sG63G6 25s; Michigan Central, 64l2G65
064; Erie, 1Si2fg lsosg17S4; ST. Paul, 32's033A
031Ss, preferred, 72072l4a7O i; Northwest, 35Ss
a3614G34l2, preferred, 67l4a67 965os; Della
ware, Lackawanua and Western, 547 sd5J0537s;
Delaware and Hudson 524DJ20J14; Central of
New-.Jersey, 37l4037036l2 Western Union, 9Ol4
RocR island stock was stlffened up to 114lsal14
on the same general principles that would permit
the owner OF the AstOr House 10 bid $40, 100000
Tor 1t. But as speculation, the Rock Island
stock IS very laTgc-SlZed Wnlte ele-
plant on the hands of its present holders.
Wabash Is steadily held at - bid, with the idea
that by this method outside holders may be induced
to expect higher prices, and thus be prevented from
putting their stock the market. The sales to-day
were 200 shares at 1915. Ohio and Mississippi was
dull. with sales of 500 sheres at So. We learn
that all previous plans proposed for reorganization
Of this property nave been abandoned and that
now plan Is being considered which cOntemplates
an assessment oil - or S3 a share on the stock.
An assessment OF s. a share would carry with IL
greater confidence in the stability of the reOrgan
ization than wall an assessment for any smaller
amount.
Taking ii all in all, the stock market presents the
appearances Of one which, despite the Efforts OF
wealthy operators before long viii compel liquda-
ton in e bubbles which yet have not been even
snged We refer 10 the Lake Shore, Enc, Central
ana Hudson and coal stock sDeculatlOns.
RANGE OF THE STOCK Markell