New-York tribune., 1876-10-14

applied to the existing low rates for the transpOfta
tiOn of passengers and freight, and insisted that
they were but the natural sequences OF the depre-
ciatiOn occurring In everything else; that while
real estate was obliged TO accept Of lower rentals,
without regard to it's cost TO the individual owner.
So also must railways be the basis Of present
values even if they were "watered" or built during
tho flush times of 1866 to 1872. But now the in
dioations point to genuine warfare If the reports
from Philadelphia to-day are true-and we have
the best of information for supposing they are
tho Pennsylvania Company has thrown down
the gauntlet to the New-York roads by reduc-
ing its rates On westbOund freight to Chicago to 13
cents for first second and third classes, and to 10
cents for fourth and special classes. Although the
rate here given for the first second and third classes
is not much lower than the New York roads had here
tOfore made special contracts at yet this action places
all shippers on one basis and displaces the heretofore
nominal rates of % and 1G cents. 1t was perhaps
due to rumOrs TO this effect that the stock
market to-day opened with considerable depression
and continued Llavy during the entire day. Lake
Shore started at 81 which was Il lower than the
closing prices of yesterday and with unimportant
fluctuations declined to 55l2 its final price Michi-
gan Central followed suit in sales from 447s to AZ,
but recovered to 43I4. Ncw-York Central, after
Libiting a degree Of steadncss at 102ls81013i,
finally sold at 1OOliG1OOl2, and Erie, on sales of
only 900 shares fell off to 00s. The Changers
were heavy and lower, particularly the Northwest
erns 1t required sales of only 700 shares of North
West common TO reduce its price from 36l2 TO
3i7s and $50 shares of the preferred stock to mark
its price from 6Oss 30 59la. Rock Island on
small trnsacton5 sold from 10l l2Gl015 81 to lO05s
The st. PauS showed the good effects of having
friends in time of need. The common stock sold ut
281t627 7sG saga 2s. and the preferred at 5Sls9
5Sl2aj77s05s. The coal shares were active, but
at lower prices. Delaware. LacIawanDa and West
ern started at 20, went to 70i2, back aoan, and
after some hesitation. broke to 90. A subsequent
rally carried the price to 70l4, and then it
fell to 69li. with final sales at G16s. Ncw-Jcrscy
Central opened M 35l2 declined to $685. rallied 70
a. and closed at 33li. Delaware and Hud-
son scarcely experienced a iuctudti0n from its
opening price of 673s to its close at Coll.
Pacific Mail, rs usual, went contrary 80
the general course of the market aud was strong at
233a@23l2G2 iga2 l3s, probably for the reason
that for The fifth or sixth time, the company will
not Dispatch its next steamer from this port on the
appointed day. Western Union was weak. declining
from II lsa71la to 7Ca0705s. The street docs say
that the last annual report of this company IS the
most difficult 20 comprehend of any 1t has yet
issued. Tie market closed weak without recovery
at prices varying from the final of yesterday, ~
follows Dcclmc5: American Express and llar'm,
each II: Erie, Morris ard Essex. ST. Paul commcn
and preferred, and Union Pacific each y; D'!a-
ware, Lackawanna and Western and Western
Union. each ai; New-York and NcU-llayen, /;
Rocl, Island, Ia; North West preferred IL
Michigan Central, 15s; Lake shore, l3i Central
and Hudson, l7s; North-Ycst and Delaware and
Hudson each 2lI and New-JcTscy Central, 2l2.
Advances: Wabash, Il; Adams Eypc p and
Pacific Mall q. The following table shows the