New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-04-04
THIRD BoARp-2:3O p. NJ.
WEDNESDAY. April 3-P. n

The opening of lake navigation and the low rates
offered to Buffalo seem to have au invigoratng
effect upon the movement of cereals toward the
lake ports The receipts at Chicago and Milwaukee
yesterday and to-day are reported as 5O,946 bar
rels of -four, 359,974 bushels of wheat. 560,5
bushels of corn, and of all other grains 1927
bushels, making grand total of ,047 1888 bushels
received in two days TIE shipments for the same
time from the two ports are reported as 52,3SS bar
rels of -four and 1,419,390 bushels of grain These
facts are used by the bulls in the Western stocks
as the basis for an argument in favor of higher
valuation for the shares of the roads running west
erly from Lake Michigan. 1t is claimed that. while
the wheat roads have already reaped rich harvest
from the movement of the crop, the low rates OF
transportation afforded by the lake and the Erie
Canal the latter to open April 10, three weeks
earlier than in 1877 will bring to the lake ports the
whole of the remainder. The same argument Is used
in favor of the roads, with the addition OF the
fact that the corn crop of 1877 has only just begun
to be moved, and that therefore low water
rates eastward from Chicago will bring to that
port most of the total crop. In other words IL IS
claimed that that which is poison to the trunk line
railways is nourshing food to the entire system OF
granger railways Thus far, as indicated by prices
on the Stock Exchange, faith IN these arguments
has found expression only in the STOCKS OF the
roads shall have their turn.
The stock market to-day opened excited ana
higher. and in a few cases made still further adj
vance for the first few moments But either the rise
was too rapid TO sut the manpuators, or the chance
70 make good profit was too tempting to be re-
sisted. So the market was supplied with stocks by
the thousands of shares. This movement caused II
to hesitate then sink, and finally break untli
the decline in cases amounted 10 49,
per cent from tile extreme prices. Later the re-
coyery was slow and steady, but i'll the final dealings
about the best prices of the day prevailed st. raul
common was conspicuous both for amount OF transac
tions and for closing at its highest price, Inc open
ing WAS at 15lo from which it declined to 4fS and
then steadily improved to 1873 its final price. The
preferred sold at 72Ss073ls. Northwest was ac-
tive opening at 49bs it to 1915 fell to ~ ana
closed at 4S3i The preferred stock sold between
72l4 and IS, ending at 72sh Rock Island o was
strong all the way through, selling at lO4's9 lOiH
TO 100 and later eX-divIdend of per cent, lO3is~
1O3. Chicago, Burlington and Quincy sold at lol e
01O2; Chicago and Alton at I43iGI4G '4'o' ana
Illinois Central at 75Si675 7s075's.
OF the trunk line shares. Michigan Central was
the feature. rising from 67Q66 to 6Gl2G6Sis IL the
forthcoming report of this company shall show that
its floating debt has been paid off out of its earn
ngs of the last five years it will be in the manage
ment's favor that it has been accomplished i'll that
manner instead of by selling bonds at 80
per cent; also that 1t has omitted TO
pay dividends until the debt was paid.
Lake Shore opened at G5l2, declined to
G494 and then sold at 6o2065's. There is no
doubt of the bull" feeling which prevails among
operators in this stock. The desire TO advance the
pT1ce is plainly manifested, but there IL constant
and steady supply of stock. which thus far has
checked all the efforts to pat it above 66. Central
and Hudson to-day. was dull at 107 lsd 1868. and
Erie at I01l a 1893. Wabash strong at 1Sl20
187sG1S4, Cleveland and Pitsburg selling at TIA,
and Ohio and Mississippi AT 9li095s.
The coal stocks were less active on lighter
trading, Delaware. Lackawana and Western
selling at 540533i054os; Delaware and lIud-
son at 53l2054; Morris y Essex at ia
0760s0772s, and Central Of New-Jersey at
l6l2Q1 1864. Western Union, after declining
from SO24 to S0li. rallied and closed at 81, and
Atlantic and Pacific Telegraph sold at 20l2 The
probabilities OF a contest for the election Of Pacific
Mail directors announced in this column to day,
caused an active trading in the stock. The price
FIRST rose from 213s TO 222s aud then declined to
2O7sG2lls. The market closed quiet but strong.
RANGE TIP STOCK MARKET.