New-York tribune., 1877-06-01

e,o,s dispatch of last Monday. to tho effect that
=, understood "the trains in the West when caused
no n,..anh,e .. had been withdrawn. &c" and which
carried with it the inference that the iaS' "a'A
hficulty was happily settled.
1,,,, Te1R,ySE ON Tuesday morning exclusively an
a,c.a that the President of the Wabash Railway
s.,,,vely denied the statement so far as hls road
oncerned and said its train would not he with
". ~ t;roe changed II would be interesting, If
ass;ble to learn the secret history of the reports
Concerning this matter which have found circnla-
,;on nearly every day, only to be contradicted by
,s.n,s. and to those ambitious to trace the sources
- false reports calculated to influence the
~.,nss of securities on the New-lork Stock
p~.hapqe.Y we earnestly commend the present
.,hect Not that we conceive the matter
..Ia,iue TO the passenger business OF the
-.,roads at this time is of any material
:.,nortance in comparison with their want OF any
nrirg traffic but that the cause, If followed up
r;ght result in something more serious than that
,rorgb, out of the Delaware and Hudson matter
S.orcelv had the two dispatches on this subject
~h,cb are contained in news columns
- made public to-day than they were fol-
,d nv an irresponsible rumor that there
;. 90 he another general meeting of railway
oials Tomorrow and this was used as the raiiylng
end for the stock market, which had been heavy
md declining all day. Concerning the report, we
,Ueve IL has so much of basis rs that there Is
% he an interview of some two or three III
..card TO the present demorallzod rates for the
..sn.nortation of oil. 1t will be remembered
Tup TRmUNR several days SINCE announces that
M heretofore bestpaying traffic OF the roads had at
l.s, become so competitive that rates were re-
Anced fully onc-hah. and now that 1t Is so
- lnow of no reason why conferences should
r.. y 4.l,N freffp IN
.o,,ler,eut of this matter than of others. After
,ino even speculators will learn. what the public
ro,v realizes that when traffic is plenty and rates
satisfactory there will be cessation OF IalnOau
meetings 10 " fix things mp"
Tho stock market to-day was active, with prices
all tending downward. till near the close, when
there WAS a partial recovery in some. Central ana
urdson was conspicuous for its unusual business
Io7 OoO shares and its decline of Dig per cent to
ss7s from which it rallied to 90l4 and closed at 30
lake Shore after dropping to 47s recovered to 1929
closing at 4sla being largely sustained by purchases
on the reported meeting before referred to- Michigan
Central sold at 3903S Sls03S3i. In Philadelphia
Pennsylvania Railroad stock even led our market
in decline to coll rallying TO 81 Il, and ending at
eOlo. 1t is. we think. within two years that the
president Of this compan stated that 1t was ipos
hle IN conceive of circumstances which would ever
make its stock less than 10 per cent investment
The lesson has its moral for other corporations which
do not want to reduce their dividends. Chicago and
Alton made a further decline to rs, and closed with
out recovering. it being feared that the
company are about to cease the pay
ment of dividends on the common stock.
Illinois Central was particularly active and pressed
for sale so its price broke down from 55l2 to 5Ol
later recovering 10 and closing feveTlsh at 1928.
But Rock Island and St. Paul preferred beng
clqued were after small decline. well sustained
The former sold at 93092A093 lsa93. and the
latter at 49Q4Sl4 4Q190467s. Northwestern COM
mon sold at 2l020l2 and preferred at asa
47LQ477s. The coal stocks were lower, but
regained a part of the decline on the
buying by shorts" Delaware, Lackawanna
and Western opened at 40 against 4O0s on
Tuesday, and declined to 3S7s closing at 39l2;
Delaware and Hudson opened down at 35, sold at
357s. recovering to 363iG36l2 and Morris aud
Essex sold at 671l066G667s 1t is understood from
Philadelphia that Mr.. Gowen has cabled assur
snce of a successful issue to his mission which we
understand to mean even a more active production
and competition by the Reading Company. Western
Union TO-DAY was only moderately dealt in, but
dropped from 63ls to 62l2, aud then closed AT G3.
Pacific Mail was firm, selling at 2O0l97sG 2O7s. The
market closed barely steady at the rally.
RANGE OF TIE MARKET AT The STOCK EXCHANGE.
ClOsng shares