New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-06-05
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TUESDAY, June A-P. NJ
m. nspal weakly reports Of the movements OF
- - tbe nrineIpal Eastern and Western points
s. aaou,onlation are gwen below The returns
-. .ba week ending June show the total receipts
- Nov-York to have been trlte less than Tor the
.,acoaing week, while Baltimore, Philadelphia and
poston cain 241 $40 bushels Philadelphia received
To5 500 bushels more corn than was delivered az
Now-York by the railroads, and only zoo'OVO Dusl-
ala lass than was the delivery by canas ana iai'
roads combined OF all grains, bslVinOre IeoelVeu
176O less than was deiiVeIeu az Ne"-
s'O;OO tbs railroads Philadelphia 500,-
HooA more and Boston 100000 bushels less.
~ ~ rabned receipts at the three ports exceed
.a.aI oooaints by railroad at New-York 17S9,-
zoo bnsbeIs and only fall $4,000 bushels short of
a. 4otal nv canal and railroad. These figures de-
,oonstrate what NewYOrk would be, with the ex-
tinp system of railroadng, but without its inland
Srater communications. Turning Westward, Chi
eogo nresents the unprecedented receipts of 4,7OS-
a54 bushels against $685. sos and 1872, 7bush-
ola for the two preceding weeks. But this gain IS
all attributable to theone article of corn being for
lhe past week 3,444, 1873 bushels against 2249,54O
and 631 191 for the two previous weeks. The re-
eeipts of wheat have fallen from 636,69S and 6l9,
eO66 to 500 9s2 bushels for the last week. At Mil
tyaukee where the only receipts of Importance are
9s5 500 bushels for the week ending May 20 and
from 719.sOO for the week ending May 81 to
ag5 $50 bushels for the last week. Perhaps it is
unnecessary to repeat the explanation which here
tofore has appeared in TIE TRIBUNE of the extra
ordinary movement of corn, but spectators in
stocks are likely to forget the lessons of one day IN
the successes or excuses of another. The movement
Is largely due to the extraordinarily low rates at
which the railroads are DING the business, which
has crowded in to FIVE or six weeks the traffic. at
low rate, which naturally would have been done in
three months at regular rates The same is true of
ths Eastern lines AS published in todays TRIBUNE,
the Lake Shore and Michigan Southern Railway
delivered at Buffalo in May, 1873, double the
quantity Of grain it did in May, 1877. let we
iearn from unofficial, but we believe Trustworthy
sources that the gross earnings OF the Lake Sh0re
Company for the first three weeks of May showed q
neerease of upward of $4,000 week, as compared
with the same period Of 1877 And ii is clear to
every mind that the expenses OF carrying 2,4OO,OOO
bushels of grain in 1873 exceeded the expenses OF
carrying 100000 bushels IN 1877. And so II is
with the railroads carrying the great bulk OF the
corn gross earnings may have increased. Dut 9t the
rates at which the business has been done the IN
crease in operating expenses proDaDIy mas pocn
Inst at present. stock speculation is afflicted
Sritb mania for the stocks of reconstructed
railroads And perhaps after the successful specu-
latiOn IN Wabash up TO 20, about which inquire most
Of the operators got out u IS not TO be wondered al
Central now the special favorites NO one stops
20 consider how either of these companies Is TO earn
sufficient sum TO pay the interest on greaIeI III
debtedness that that under which it failed The re-
nr0anigation is announced to be success, and emil
nept responsibility is a moral but not a pecuniary
sponsor for the assertion % toay o we o n 100
shares at rising prices from 1913 TO Iva.
There is not a man, iwOman or child within the
hearing of stock brokers' voice who has not the
point to buy Erie. Andif all indications are not de-
ceitful the point is a good One-tor Spectator
who Will not let q loss run much against him. The
epeoulatiOn in Central OF New-J ersey to-day Matted
and its price ranged from 81 Ss03203Os403l 3:
Wabash picked up somewhat to-day, not because oil
any new OF favorable development but because
certain shorts" got tired, and in their efforts TO
cover developed that there was no stock Offering
until they had bid it uD above 10 The stock
rose to 1873 and closed at 121t. Inc new
favorite Chicago and Rock Island, started
off we'll enough at 1153I, but under or
ders to sell. which were said to have come
from the West, its price easily yielded to 1850
1I41a At this point a genuine order to sell 800
shares reduced the figures TO ll3; lOO going at
l13l9 1O0 at 1874 and 100 at 113. After this the
stock again was sustained and its price restored to
114Ss2114ls The Northwestern stOckS-Chleaeo
and Northwest and st. Pauls-were inclined to
heavines all day, beng affected by the 9eclle IN
tbe receipts of wheat at Chicago and Milwaukee.
Lake Shore first fell to 81 and then rallied 10 15s
063lQ. Michigan Central with sales OF 5OOO
shares, rose from 67Ss to 69l2 6o94, without any
appareDt reason. The position of this stock,
bending the approaching election for directors OF the
tcmpany, renders its price peculiarly senSlIlHe 10
even "A sinai utuiOuol4dtiVh. CCAdpA",
fuctuated between 11Ols and 1109i, closing at the
higher figure. The coal stocks were dun WITHIN
nnctuafion of d per cent and closed up at about
the highest figures. Western Union, on small trad
Ing declined from S45s TO S4aS4ls, and Paclhc
Mail was higher at 10, on reports oI prODaDIe
Subsidy from the Government. Our adyIces
bn this point indicate its defeat IN the Senate, but
Are positive that if it passes the Senate II VIII ran
In the House. But predictions as 10 the action OF
the present Congress must be accepted with many
Allowances.
RANCE or THE STOCK MARKET.
--Actnal saes-- Closing BIDS shares