New-York tribune., 1878-02-01

the capital stock Of the Central and Hudson Il IN.
creation of stroke of the pen backed bv the
imaginative idea that the values Of propertv
in 1859 would never be less. On this doubled
capital the company pays per cent DER
annum, or over 10 per cent the real cost. To do
this. claim it has been necessary to draw largely
upon the funds obtained from the sale of $27, 600.
600 of bonds That fact however, does not detract
from our point, because If arc correct, the ISSUE
Of bonds, and the expenditure of their proceeds in
such manner, arc additional imitation, to be sun
ported in the future by still heavier taxes upon the
people. Tue Erie Railway, which is even more ex.
clusively Hew-York railroad than the Central be.
cause it has no Eastern connections except at its
terminus in this city, actually takes freight from
Boston for the West-paying the charges to this city
at the same rate for which il takes freight from
New York. AS to tho Eries financial condition. no ons
pretends that it cost anything like the sum Of
its bonded debt. But it is certain that il the Erie
Railway take freight at boston for Chicago at
81 per 100 pOunds-receivmg it OF its depot
here, by way of the Fall River boats, which have to
be paid-it can take the same freight from NewYork
at 70 or so cents per 100 pounds. We repeat
that cheap or high rates are not what concerns
York, but equality in rates with other ports ia
the important thing. And the new arrangement
which probably is not worth q moment of the
protection which yields lower rates TO the
shorter routes. and comedies the same rates to
longer route
Concerning the settlement of the East-bound
rates. il seems that the informatIon furnished last
evening was to say the least, premature. This is
matter much more difficult 10 arrange than that
of the comparatively light West-bound business
There actually nothing DONE We, the other
day. remarked that the fuss made over the
~utting on West-bOund business furnished q
convenient pretext to draw the attention
of the public and of stock spectators away from
the more important East-bound traffic. As we are
advised there nothing that can be done beyond
pretended agreement-which may be patched up
for effect upon the Stock Exchange because
the freight already contracted for at the
low rates, mp to. April l, probably exceeds
that which will actually be transported.
When it has become necessary to resort 10 the use
of such eXpedients, as have been exhibited by the
late frequent railway meetings it is reasonable to
pect weakness, where boasts are made of the great
est strength Otherwise the strong would retire in
disgust with the total lures which have followed
every attempt 10 establish and maintain rates.
In the Stock Market. to-day, every one expected
the news of the railway settlement to exert ma
quently those wanting to sell waited
for the rise. and those anxious for it
used their best endeavors to make it. Yet
the total transactions dwinded down to 1890
shares. The opening prices We're all up, aud the
closing prices generally down. The public not
present buyers, and the market left entirely
to the Usual traders. Lake Shore opened up at 6l73
and TO G2 returning again to 62 in final slles
New-lork Central stlfened up to 1888, 1860
1854 and Erie to 95sG9i2 The granger stocks
weIe all higher at the opening, and still further
advanced, but in the final sales recorded, Itto Or
improvement over the opening The coal shares
were higher, because they were made so, and maln-
tanned Iheir advance at tue close Western mon
was dull aJ a lsa 767sG77, and Pacific Nall was
nee elected at 23. The market closed feverlsh and
unsettled.