New-York tribune., 1878-03-29
OFFICIAL REPORT N. Y MINING STOCK E4
CHANGE SALES, MARCH 2s. 1873
BoARD-I O'CLOCK p. ".
THIRD BOARD-2:30 p. NJ.
THURSDAY. March 2S-P. NJ


THURSDAY. March PSF. NJ.
There is no denying that railway men are queer
people. They meet and enter into the most solemn
agreements to adhere to fixed schedule of rates,
and the telegraph is used to inform the New-York
Stock Exchange that everything is " harmonously
arranged" But 10 sooner is the meeting adjourned
than the work of making special contracts at cut
rate is commenced-not by one. but by all
Last Autumn, at the close of navigation
it was agreed that the rates east
bound freight should be fixed on the basis of 40
cents per 100 pounds of grain from Chicago to New
York. But in spite of almost weekly meetings, Mt
each of which all was harmony" actual rates got
down to 10 cents from Chicago, 10 cents from ST.
Louis, and 10 cents from Cincinnati. Finally, at
meeting held in New-York, In February IL was re-
solved that and after the first of March, the rates
should be restored to basis of 80 cents from
Chicago. This action only advanced the actual
rates from ST. Louis, those Mt Chicago being
unaffected, wmle from Cincinnati the rate
still further declined TO IL 2 cents per 100 pounds
But now the telegraph informs us that the mat
ter has been settled finally and definitely AT the
meetings held at Chicago this week, the schedule
rate has been fixed on the basis of % cents per 100
pounds of grain. and 80 cents per 100 pounds
of fourth-class freight from Chicago to NewYork,
that all tho railways shall adhere relgionsly
10 the schedule. In order to obtain
inst appreciation Of the importance Of this
last resolve, il is necessary 70 bear In mind that
the new rule goes into effect the same day that
the first boats are likely 10 leave Chicago and Mil
waukce for Buffalo. There is no prctouce that the
rates named will return any profit over actual cost
OF transportation, hut the Importance OF tho ar
rangemcnt is shown by a comparison with water
rates. At % cents per 100 pounds to New-fork
the rate per bushcl of corn is j cents Boats are
oadingat Chicago for Buffalo at 2a cents The aver
age rate Of the season of 1877 on corn by canal
from Buffalo to New-York was 66lIO0 cents per
bushel Add / 10 ccAts for elevator at Buffalo. and
the total cost by water is 1886, against the
RAILWAYS fixed" schedule of II cents. Read
ers will judge for Themselves as TO tie greater
amount of Importance to DO attached to this last
agreement over those made early IN the season,
when there was no water competition.
The best financial opinions OF Wall Street are in
badly mixed condition. According to the last
weekly statement the bank reserve consisted OF
$50, ,6S7 800 specie, and S29,GO57OO legal-ten-
ders What has become of the greenbackS IS
problem which, perhaps, might be solved by an
examination Of the vaults and deposits of sayings
banks all over the country. We know of single
savings bank, which has increased its holding Of
currency within its OWL, vant from 100000 to
81 900, OOO If there has been even an approxma-
ton TO general usage OF this Kind. II
alone solves tho mystery rs to the disappeaIance
of legal-tenders., AT all events, whether hoardrd
by savings banks or by former depOsitors ~ the
savings banks they are not now available Tor Dank
reserves. Sterling exchange has finally reached the
strange anomaly of an arrival here OF silver from
London and shipment hence OF S'3UOOOO III gold
Whether OF not exchange Will continue TO DE main
tanned at its present point IS or course pIopchat
cal, but the latest political news from London
indicates that it will be. Hence, by con con
scryatiye, men, possibly heavy Grain OF gola.
consists of that commodity, Is viewed with some de-
gree Of apprehension IL = admitted that loss OF
$40 600 600 of gold at this time would be much
more serious matter than when the banks were car
rying for reserve $I0,OO0,00O or S5O,OOO,o 900 OF
greenbaclls and only comparatively small sum oi
gold.
On the Stock Exchange. to-day, large busi-
ness in shares was done. There seemed to be no
diminution of confident buying. st. Paul
common became prominent. with transactions
in 10000 shares, at nm advance of 3i per cent,
which was maintained at the close. The pre-
ferred rose to 73ls, but finally closed at
1924. Rock Island sold at 103G 1O3'sG l03Ss;
Chicago, Burlington and Quincy at 10llsalO19s;
Chicago and Alton at 73, and Illinois Central at
753tQ75la. Wabash advanced to 1Sl24ls4, and
Ohio and Mississippi to 9asG9 Lake Shore was ac-
tive but feyerisb, closing at the opening price,
65ls, after seling a. no"s alG pa hiCs"t, III IN
fra declined from 90 5i2O639I TO %. Central ana
hudson was dull at 1O6ls0105 ga JOG, and Erie
ranged from 1O7sG11 TO 10ai. Cleveland and
Pitsburg made further advance to 7G but closed
at 7512.
through and even Central of New-Jcrs rose to lG
IN face Of discouTaging annual report. Della
ware Lackawanna and Western sold from DPS to
54l2; Delaware and Hudson from 52to 52 TO 53i2 and
Morris and Essex from 75l4 to 7t's@ IG3l. western
Union opened at 79l2 and on light business de
clined to TO- and Pacific Mail iluctuated between
1SI. and 1s3t. The market closed strong.
RANGE or THE STOCK MARKET