New-York tribune., 1876-12-21

for Boston. We have seen that the low rates
have enormously magnifed the disadvantages
under which this city labOrs on account OF
deficient terminal facilities, and that other
cities have nearly doubled their receipts OF
grain within three years, while New-York has
reioiced in the possession of a. Vanderbilt.
The declaration of peace, so-cailed, does
not help this city. There is no dull
creature in the employ of the Central
Railroad or any of its newspapers who sup
poses that the Baltimore or Pennsylvania road
has either the power or the desire to ascer-
tain whether grain shipped to those cities is
intended for export. The shipper will send it
to Baltimore or Philadelphia for "local con-
SUMPTION" of course, and pay the lower rates
which Mr.. Vanderbilt allows in the new agree
ment. The correspondents to whom the gram
is sent will do what they please with it. In
short, Mr. Vanderbilt has not even the thinnest
gauze of excuse to cover complete surrender.
He fought, and did not win. He came, saw
and surrendered.
What is the matter7 According to its late
report the Central has been doing an enor-
nous business and making handsome proht-
WHY, then, should he submit to most humil-
iating defeatl The answer is simple. Inc
handsome profits have been gained by reduc-
ton of more than 81 100000 In repairs Of
road-bed, track, and machinery. Any decent
road will stand being skinned for SNORT
time. If DO money is spent to keep IL IN
order. or TO renew rails, or to repair engines
or cars, it will earn money splendidly, Van
derbilt fashion. A Western paper states that
il learns, in respect to the profits of the Cen
n
the shops Of the company, awaiting the repairs
which. if made, would have painfully curtalied
the reported net earnings. Steel rails, also'
do not wear out as rapidly as lroh'
hut they wear out. Having put down
such rails, company can go on ior
some years, making splendid " earnings"
and charging nothing for the wear OF Track.
But at the end the road will suddenly give out
altogether, like the DeacOn's "wondertul one
" hoss shay,n and then sundry millions must
instantly be raised to put down new rails. VI
course the only safe way is to set apart every
wear rrom the gross earnings a sum sufficient
IN proyidc Cor renewal of rails when they wear
ont. But Mr.. Vanderbilt las been engaged in
other business. The report of net earnings Is
good and he fancies that it will cover his
retreat. He marches down again, and begins
to compute, very privately, how much less his
road-bed. track, and rolling stock are worth
than they were before he began protecting
New York"
The fact Is TINT this city has been nearly
protected to death as TO its transportation IN
terests. The enormous diversion of traffic
from the canals, effected by this skinning OF
railways, has been in great part diversion OF
trade from New York. If Mr.. Vanderbilt bad
ever cared to protect this city, the grain trade
of Boston would not have increased so re-
markably in the Summer months. What he
wanted was to capture the business of the ca
nails, and he did not care three cents whether
it went to one city or another. lie has par
tally succeeded, but is Gisglsted to find that
other railroads have been taking large share
OF the diverted traffic Meanwhile, he has a
road which needs attention. The water routes
are closed, and he calmly surrendcrs much
protected Newly without pang in order
to get higher rates for freight. Vanderbilt
began the fight and ended it, and hauls oil
for reDalrS.