New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-08

=. a, capital was impaired nearly IS
.ept exclusive of the defalcation, instead OF
- beine a surplus Of $71 ,O00-would have
.rsatsd n semi-panic But so educated have all
tod operators become TO the "rue OF contrarles,
that the FIRST effect Of wars both National and rail-
wav is 10 advance the prices Of shares Oi course
a is only a question Of time, now long this IN
natural and forced condition of affairs can be main
tanned Bnt so long as il is maintained the members
ofthe stock Exchange who do an exclusive commis-
SION business may expect TO see their proheI-
ages" grow seriously less.
After all the excitement which attended the open
ing of the board the total transactions for the day
aggregated only low average business tS3,f3I
sharcsl Lake Shore again assumed its ascendancy
as leader of the market and recorded sales Oh
80 600 shares. Opening at 81 49, against I'll 2 las'
evening. i, Immediately sold at 62 To the
extent of 1900 shares, and then largely 10
617s061s,. During that time some io'ooo
shares of short" stock were purchased hi'oi inns
,he s.ocl, heeams extremely dull aud few sales
49,. recorded M CHS but later the strain was
c,,, +prned on resulting in the tina, sales being
~ 09Is. OF Michigan Central there was not sale,
,be onoiation being 60si bid, and 6l4 asked Cen
trol and Hudson was almost entirely neglected at
lO5beQ 1851, and Erie sold 400 at gu. Nothing
definite was received from the Chicago Railway
still taking and reading the recent contracts for
sbipuens at low rates as If the contracts III ex-
istence had all been reduced to writing
The course of the Northwest stocks to-day showed
that the rumOrs of yesterday grew out OF the de-
cline in their prices aud not that the decline was
due to the rumors. The common stock opened =,
IA In for the same that Lake Shore opened nj
az bat il quickly declined TO "a, and then nuctu
SteI between 34le and 34os until after $50
o'eock when II went up To o0ie, me
nreferred stock opened at Gill and sold at u,
Closing az Ola, or l. per cent below yesterdays
standing price. The 81. Fam > on llshter BUSINESS
improyed only fraction, the common 10 57'5 aud
tse nreferrrd 10 6s7s Rock Island was steady at
90. Chicago and Alton at 7S, and Illinois Central
at 537sQ76. IL Is probable that the leadlhS opera
TORS IN these stocks keep better watch
ot the Western reports than do the aver
ace specu,ators They have discovered that the
Increased receipts of gram over 1871 are an IN
wheat The receipts OF corn at Chicago IN 1877
exceeded the receipts of ali but ore previous year IN
The history OF the country, and tins was rejected IN
the earnings of the corn IOauS. IL II knoWh thal
the corn crop If 1877 was comparative laliilTe IN
many parts of the country, and II II anticipated
that me falling OF in the movement 1oE
1sS.v IN be very large. As TO the future earnings OF
the wheat roads, The fhioGg0 Tribune, OF February
intIpatcs that fIom 90 10 40 per cent OF TIE Wis
eonsiD aud Minnesota crop of 1877 has already
come forward: so that, while the roads may 0e eX-
pected 10 continue To do good business, 1t Is not
anticipated that IL will b. extraordinary when COM
pared with the traffic of previous good crop seasons
The coal shares to-day were more aciNe az uecllh-
ing prices. Delaware, LaCkavanna anu estern
sold down to 49ll. recovering To 49, ~ hnal sales
Delaware aud Hudson sold down To 47os aud then
back 10 Asa. Central of New-|erscy was at lS40
I'LL and Morris and Essex at "a. Western Clhon
sold Al 7612G77. The express stocks were ali trm
but dull The market closed strong, with an artln-
eia excitement.