New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-04-09
surs rROu 9 OICIOCE 10 CLOSE OF BUSINESS, 3
O'CLOCK.


The old Gayoritc CRY CT " bear raid" once 50
row erfui an argument reply 10 all Statements Of disa
grceabc facts relative % corporate management ana
finances has become narscols 30 the public palate Tine
once popular Gclusiou that 10y some mysterious en-
canery ..wgtcrcd" and Inflated railroads ana other
corporate proprrics u he exempt from the laws
which are cvcliuS the vars and incomes of all private
rropctics a'so Is fast disappearing before The aoXorl
BE march Of events. And, for the common veal IS
well that Il is So because these yet remaining bubbles
are stumbling blocks thc road To an entire renewal OF
confidence and prosperity The private owner OF reA
estate has seen TIE Nac Ct his property shruk, and
been forced to accept II oneha his former income,
si,ins in tie moan tjmc for the ability OF mana
gers Who si.il continue TO pay the same dyl-
Gcnds rs IN prosperous times, on captais more
Inflated above real cost Of prospert-o say nothing oil
Of what Ii wald cost nOW-than was ever ms estate
above even present valuation Common sense tc"chrS
this 20 e Impossible except through the aid Of increased
ratitol and a conii,,lA! increasing construction G
count and unanswcrabe facts show that since the
panic Of 1873 with bu; or two solitary exceptions,
tie liabilities of railroads have Increased TO greater
Iafe isan ever before. recent event las exhibited the
weakness of Inflated capitals which are SIN
arriving TO pay large dividends, in a contest
with such snug and compact concerns the
B1innnru ana OLi0. OF uEse another con
test Ike That Of list summer probably would prove Tie
rua of al The TN ines, bit is not surrender ikey 10
nc cqu.l d,sasiIou to Central ana Hudson, which
without business IT, and it ia patent that
a., local nj passenger business hos been on tlc decline
fer number az years True its business J. as mhch
with Vow Eng. as with NeWIorh bat rs II has s,u-
lated Bot 10 TAX frsa ~ ami from Boston at less rates
than NcW-Yoik. Baltimore has the same advantage
over the former "a il has tire latter Hence. II il
could rot afford to gh trade, it could not afford
10 suyrfpd"r II would have hrCn less expensive 10
keep what has hru - regain hen lost Bul ti0le
Is another point Tie lIo settlement worthy OF reln'rS
For the reason before stated and Nc fact that the Grand
Trunk Railroad vas represented at the confidence,
pcrl,aps al thai would have been expected Of the
Central and HUDSON the stipulation that Boston
rates should not he less than New-iork Bat what OF
The Erie Railway, which IL peculiarly Newly orh road
Have the merchants nothing 10 SAY to Ar hccelFer
Jewct that he did not Insist upon tie application 0 The
same principle of didrreut!u against Boston which
h. yielded 20 Philadelphia ana Baltmoicl Is Newfork
so secure OF IL commerce poor that II
possesses not a single champion in strife OF
this kiudi How viii the compact be kept
II present railroad rates are maintained, New
York viii regain some o. the gain and provision trade
which IL lost summer Decau-e the charges ny lake
md canal to Ncv-YOrk vii Dc less tLdn by rai hia
delphia or Baltimore but Vest bound freight at
stng rates tine Southern cities have greater advantage
Oh and second class than under the old 10 and l3
per cent arrangement However. it Is thought by many
that with the actual opening Of navigation the Baltimore
and Ohio Company viii Insist upon new tarln to meet
the lower charge BY water In view of tho OF the
year and the approach OF the inland navigation
eompetton II has been than suggested that the
contract but hollow truce intended only TO aid ore
OF more Of the companies in some necessary financial
arrangements and managers in profitable turn on the
stock Exchange. The FuGHcidt and Commercial
Chronicle closes article upon the subject as follows;
We claim that a memorandum OF this Kind, 10 which
no one - really bound ami which Is therefore SUBJECT 20
rnudiation al moment any Impulse. IS mere de
centcn AS temporary CNpedent II Will enhance the
value OF stocks perhaps tie protest 0f notes coming
ue bdt the bad IL be put 10 Is seen IN TIE course
of onr stock Exchange The past week Any Que 81 t9e
contracting parties has II in his power whenever II Is DIS
,nercst 10 40 so 20 pIeciitaie setpaHc IN sec1ri-
ties We say, then, tat such agreement Is worse
nan none letter far have the fight on until IL has
rcsuled in enough sick tn insure the signing OF
srmetling that has IN II al element OF stability
Tho same may be said OF tie proposed coal eOmbna
finn although IL purposes to establish facilities for ana
Guarantees against any breach of the contract But 1t
Is very questionable If such penalties can De enforced III
svy court of law being given to regard al com
hraons of trses-unons against public policy Some
Of these coal gentlemen excellent lawyers ana prob
,blvwen posted as 10 the value Of such contract be-