New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-09-06
ICI4T REp0RT VEW-yJrR N}NfNG STOCK -
CHAvcE SlLFs SEPIEATBEE .. 1877.
Bertha and Edith .


The rcnorted advance in freight rates 10y rail ON
Eas.-bound grain and special class 90 the rate for
the fourth class. namely 30 cents for 100 pounds
from Chicago to New-York. is az the present moment
a matter of no consequence. because the lake.
bring the freight toward New-YOrk at lower rate
than the railways can transport il. Therefore the
announcement at iris time awakeus suspicious Of q
stock jobhng operation OF the respective manage
ments but the publication OF the rates 20 Ncw-l ork
Philadelphia and Baltimore soryes as reminder OF
the fact that the old discrimination in railway
ircights against NewYork is in full force and that
with the closing OF navigation, New-foTk NAV eX-
pcct 20 see the end Of s grain exporting business,
unless in the meantime it las filled IFS elevators 20
tbcjr fan capacity. IL is than folly for the
merchants of tins city TO suppose they eau compete
with Baltimore, with the freight on grain 10 that
port nom Chicago cents per 100 pounds less than
that to Ncw-York. Tho experience Of the past
three Winters has settled this question for
all time. Neither is IL 30 be expected that any DIFF
ferent arrangement will rule. On this point Of
adapting frc gh to the mileage basis, the Bal
timore and Ohio Railway has proved itself nhexi-
ble and in every contest has won, until now we 10
longer hear of the enforcement If the T!tal
nriuciple7 No matter what rates are made to
and from New-York. the Baltimore and Ohio
Company has always insisted upon and es-
tabsaod lower rates to and from Baltimore,
and does not hesitate TO declare It's In,eu-
ton always TO maintain the principle IN the
future rs 10 has not failed to enforce 1t in the past
There Is not the slightest doubt tina. any attempt OF
the Nev-York railways to override it,by reduction
10 the Baltimore rates, would oaly end in another
railway war and lower scale of rates. but that the
percentage Of discrimination now allowed oy COM
pact would be maintained. This l. the great dlsad-
vantage under which NewYork rests. that MS rail-
WAYS are Obliged 10 sacrifice It's and therown prrua
uent interest % the present nee ssty Of STRIVING 20
earn money on capital and debts representing more
than twice 5ueir cost, present value. Therefore
fine necessity hat Nev-loIk should encourage al
The shipments possible PRIOR % tho closing ot thr
lakes and canals which alone viii put II Oh grounds
of equality with the other Atlantic porte.
Iuc stock uai.et today, willie rccoriiHg much
smaller business than yeslcTIay, was a. lcitstiho
i'm ils features The coal shares aud Western mon
were the main props 20 . market which Otherwise
exhibited extreme Herv0Isnes-. IL mas ne c'lsa-
cred certain that there Will come a ume
when the stOutcst heart VIII ticrinle NJ an
accumulated load or mustE CcTiincdt~s 81 >t9caf,
ANA ttat the heaviest bank account Aaa an end To-
day = operations IA slight decree nave lhoItdttd
that such period is not far Of. While the as-ort-
meut has been varied by an addition OF me coal
shares. and au enlargement of the tclegrapMc III
terest there has seemed 20 DE desire 10 ulai4A up
the prices of the railways, without ac'umuidi-
ing any more Of the cerilhcaies, JOB Wnich D.
likely tO be difficult of execution. ia the pfeseAt
temper oil Che public, prices may rist only on con-
tuued uuTcnasfs. ami it is just this dldlculty 10
making market for the reception Of any quantity
Of stock which renders 10 SO dangerous % sell Tie
market upon lts merits.
Nothing can better illustrate the whole market
than the recent remark Of a prominent operation
The coal shares consider 10 ne w0ri HESS but tie
larrc siori-inteieSt n theE offers hne opportunity
fora! inward turn" When this remark was made the
two pelawareS were selling az about 30. The turn
was made yesterday, and the shorts were an sup
Dliad ON tbe rise with stock from outsiders to-day
tits person finds himself per force bccaus. of STOCK
lie had bought only to sell 20 " bears u, bul! ID
stocks which he considers worthless Hence to-day
delaware Iackawauna and " e-tern WAS forced up
10 90 but closed az Jc5s- AMI Delaware and hudson
was forced 10 57J8 JI44- Western Union was
moved up from S2lga - =, and after selling m s5'
closed al 81.
Tie railway list was feyeush and subject 10 ire
queut fluctuations, but closed geheIAIy hcaNy q,
aGonr the loves. prices Of the day. Tie subioined
table shows the