New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-31
teadily been reducing the volume Of New. Y~s.

Sttdulty ocCu iCuuCtuB tuc NOiumc Oh New loEkin
business
A fow Jays ago we found occasion to remark tA.S
the Erie Railroad seemed to have been reduced "a
an appcndage Of the Central and Hudson n.
pending railway conferences appear to confirm th.s
view. Nothing is said of what Erie desires or ins.t.
upon, but IL reports to be credited its officials In
the secret sessions Of tho railway magna;es. vii.
lngy follow the lead of the Central and Hudsou
Company. The Eric reaches Boston only throu,h
this city, while the Central breaks its trains at AL
banv, and sends and receives its Boston merchandise
by the Boston and Albany. Yet who ever heard
of the Ere's Insistug-as the Pennsylvania and B.I
timore and Ohio Railroads insist in favor of thar
respective cties--upon discrimination in favor Of
this city, on account Of the shorter distance. Wa
have carefully scanned the proceedings Of Tia
Chamber of Commerce to discover even hint at Tia
source of all the trouble The "watered eaptal
of the Central and Hudson, and tho waste repre-
sented by the debt Of the Erie, were subjects care
fully avoided. To the merchants Of New-York wa
have single word TO say So long as ycu are too
cowardy TO strike at The root of the evil the fewer
meetings you hold TO discuss the subject Of railway
mpositions the higher will you stand in the estima-
ton of the ." rest of mankind" You may talk for
year decade Of years, but until the Central aod
HudsOn's capital representation is reduced 10 an
amount equivalent TO present valuations, and until
the Erie is actually sold under the hammer to the
highest bidder for cash, and becomes an independ-
ent competitor for traffic, your commerce will con.
nue to leave you even faster than 1t has left you in
the past five years.
The stock market to-day furnishes only repet-
ton of an oft-tod story. TIE few possessory Of
large blocks of stocks rallied to the support Of Lake
Shore and after opening it AZ Gill carried lis prcs
to Gi0s later it declined To COS, and then again
sold again at 61l2. The manipulation Of this stock,
at present. seems to be intended 20 educate tho
traders to the belief that it il safe to
buy at 81. The last rise was aided by
reports that the railway officials had settled all Of
their difficulties. Central and Hudson confines
to decline, the sales to-day being at 1858 1919
closing with a rally at l05ls. The granger stocks
all lower although they closed ut fractional
recovery from the extreme decline. Ii begins 10 be
evident that the inside" holders for some time
have been improving the opportunity offered by tho
reported gain in earnings on the ST. Paul and North
West Railroads to market their stocks in small
way. To-day. st. Paul sold at 3Sl4 10 3G7s
closing with rally at 37ll; the pre-
ferred sold at 6oG6S lsd6sli. North West de-
cned from 1854 TO 3i4d35S, and tho
preferred from 62ls to G10SG6l7s. Rock Island
WAS dull at 99ls09s 000ls, and Chicago and
Alton at 777s Illinois Central sold at 7li2, Ohio
and Mississippi at 7led7li, and Hannibal and st.
Joseph at PA. Fort Wayne guaranteed 7 per cent
stock sold at 81, and Alton and lerc Haute pre-
ferrcd. which will pay 9 per cent dividend on
February l. was only ~ bid. The coal shares were
dull, within range of Il and % per cent for
the two DelawaTes. Central of Aew-Jersey
sold at 1Gls6l6, and Morris and Essex at
74lsQ7l5sa74l2 The coal sale which shows ma
al oil, those tina DecgInbeH
sale of the Delaware, Laekawanna and Western had
no effect on the prices of stocks 1t had been de-
pended upon to furnish market for the sale Of
stocks but tho prices obtained were too far below
the published schedule of pric . 10 afford any Gu
conragemcnt 10 spectators. Western Union was
traded in between the figures 77is and 1o'sUII.
The market closed feycnsn and uncertain.
RANCE OF TitE STOCK aARGEr