New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-06

40, hush. ............52O 9392 9ls454g 3.975,l57
4a.e are significant facts relative to the charac
.rof the business being done by the railroads. and
-. better truth-tellers than are the agreements
-..se At railroad conferences, and which are pub
,;shaa 70 the world for effect upon prices at the
c,oek Exchange. The railroads gained during July
ooxf oO1 bushels of gram, against the gain of
40, 1ss bushels by the water routes Yet the rates
t lake from Chicago to Buffalo in July, 1878, were
1s,a2 cents on wheat against An average Of cents
:. Ioy. 1877; and on corn they were l29124 cents
q 1878. against an average Of 2.37 cents in July,
1877 The rates by canal IRON Buffalo to Hew-York
-, the same time were, on wheat, 4l904os cents
q .July 1873 against an average of 5l4 cents
4 1877; and on corn. 9a4037s cents, against an
average Of 456 cents in 1877. Hence it IS certain
chat the advance in railroad rates which has been
tolked about is nothing but 81 mOOnshine' because,
with the lower rates prevalent by water, II the rail-
roads were not engaged in an active competition at
eonsl or even lower rates, they would not obtain
a. was Ia be expected the railroads east of Chi
eaae and ST. Louis are showing large gains for the
folrfh week of July the week of the strike I'D
1877 Chicago and Alton comes IN with gam 81
408 232 Wabash with S62.4l3, and II is reported
fhat the Lake Shore Company gains about $780,
900 ON the whole month. But u viii be remeIn-
bered that the comparison of the last week OF July,
1g7s with the corresponding week OF 1877 IS very
Snpeb like a comparison with year when the road
s no1 in existence The business of the last ten
DAYS of July, 1877. was postponed, and crowded
into the month of August hence IN August 1877.
the Wabash Company reported earnings of
S531, POI, against $30O,03S in the month OF the
strike. -, -, -,
almost Immediately began to decline. The WlscOn-
an and coal stocks were the prominent features,
and during the day recorded los 500 shares out OF
fbs tofal transactions of 1872 600 shares. The de-
elnes in the St. Paul and Northwestern shares
ranged from 2l2 to 80 per cent from wbleh
there was . final recovery OF from o TO IL
wanna and Western, with large business; Declined
from 81 TO 5Il9 rallied TO ola and closed at 53Si.
Delaware and Hudson was less active selling az
S1lg0S1 4GS2, and Central . Jersey at 34i2
la91G35l53S51a PhiladO Too. 6Ches to-day
confirm the view taken by .ill y OF the re-
cent action Of the Reading rEny. Al market
already overloaded with coal, q. waiting for buy
eTs can stand an additional quantity being put upon
it. then the action of the Reading Company VIII
have little effect upon the price OF coal;
But If the Reading Company proposes to sell
coal IN the New-HoTk haIoor on an
seem as VI there could be nothing more certain than
break IN the prices Of coal. NJ american ETcaGHge
suggests the following as solution OF Mt. OoWens
anxiety fOI the forming OF a combination 10 limit
the production during the dull months OF the year,
and the suggestion is entirely consistent with the
mast history and present necessities of the Reading
company 1t would be extremely interest
ing to both the coal companies and the
public TO know whether this action has been
GoWen at the time of the formation of the pool by
which the output should be kent down to the lowest
possible quantity until such time as the large sur
plus in the hands of middlemen and consumers
should he exhausted. with the view again TO assume
an active and aggressive position as soon that
time should arrive Does Mr. GOwen now intend TO
place mis- agents again in tho field and miners IN
the coal pits to supply ODehalt OF the quantity
that the country Will need during the coming Niu-
teri The Schuylkiil mines nave the capacity Tor
that Ouantfy, and past experience VIII only assist
the agents of the company IN dlspOslng OF still lar
ger ouantity than that sold last year." But Affect
ing the value Of the stocks OF OUT companies we re-
gard the new departure OF she Reading Company as
of secondary importance We have always insisted
that such companies as the Delaware, Laekawanna
and Western and Delaware and Hudson required not
only far profit their outputs but also large
tonnage TO enaDle them TO meet their hrst charges
And no better evidence 10 required that the ad-
Vaneed price OF coal with reduced tonnage has not
ACCOMPLISHED she result, than that their new bonds
are on the market-what Tor. If not to supply deh-
CienGesi
Western Union to-day was very dull but fluctu-
afing, selling at S90S9SsGSS0S9. Lake Shore
and Erie neglected, eaon beng left almost en-
tirey 70 the trading Of those who have been
unusually successful In manipulating the general
dealing out OF them. Probably no two stocks ever
were N q more dangerous speculative position than
are Lake Shore and Erie. The cliques made trade
in 10000 or 100, 900 shares day, but there is no
real market for The sale OF 5000 shares. The short
interest has become Disguised and has retired, so
that in case of an accident there would be moth
ing 70 stem decline. Lake Shore recorded sales of
$500 shares between the figures of 6l6sU62 and
6lis061Ss, and Erie 8, 100 shares at l7Ss0l7Ss
@l7@i. Michigan Central, on sales OF 700 shares.
dropped from O3SS 81 q. and Central and Hudson
sold at 1O801OSl40105. The trading IN the re-
maiBder OF the list was unimpOrtant and feature
cess. The market closed Irregular.
RANCE or THE MAKKEr.
Aetna SALE