New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-03-09

W
recognized the usual determinations in favor of
Baltimore and Philadelphia, because Of the shorter
distances, and in favor of Boston because Of the
| longer distance which the Grand Trunk Company
had to cover. But, such as il was, the agreement
was settlement of all past difficulties, and each
and every road was bound" to its observance by
bands Of steel"
Scarcely was the ink dry upon the copy Of the
agreement, before THE TRIBUNE exclusively an
nounced that it was being violated and special con-
tracts were being made at and 10 cents below the
prescribed rates. This statement was promptly
denied by railway officials, only to be proved true
by another meeting called to adjust matters and
| restore rates"
So it has gone on from October 90 to March 7
lower and lower rates-meeting following meeting.
at which everything has been harmonious, and the
usual resolution, "never to do so any more, has
been passed unanimousy-until the rates went
down to 10 cents-both on grain and provisions
from Chicago, and to 10 cents from st. Louis. The
time has now come when the opening Of navigation
is close at hand After that opening for six months,
the railways-except at existing low rates-will
have as little control of the matter of frcIghts az
| they have of Washington legislation.
At this time-MaTch There occurs another meet
ing. More contracts are outstanding on the basis
of % cents and less from Chicago to New-lork
than the railroads Will have the opportunity of ful-
filling before the opening of navigation. Even
while the meeting i'll session, dispatch Is received
announcing that the Straits Of Macknac are
open. Yet after long discussion,
resolution is adopted to restore rates on
Monday next to the basis of 80 cents per 100
pounds from Chicago to New-ioTk and hereafter TO
apporion the light from all Western competing
points in the same way as was contemplated by the
T,,i,r fafi, 70 ST hon
freight from this city. That scheme was practically
abandoned last November
In view of the situation relative to contracts, the
season of The year. and the additional fact that,
prior to the public announcement of the result OF
the meeting last evening, at the Windsor Hotel.
there were buyers Of the Lake Shore stock at G2l2
against g. its closing price at the Stock Exchange
the gentlemen present cannot feel aggFeVed
thar to-day il was common expression OF
opinion chat The impracticable action OF the meeting
was due TO personal interest in the stock market,
rather than to any benefits expected to accrue tOthc
respective roads
The action of the meetinG-even if it resulted in
practicable plan-would not end the discrimination
against this city, ~ has been asserted, but would
rcafnn il. The scheme for apportonIng freight be-
tween some forty railroads is simply chimericaL
Even the attempt at apportIoument between four
|
after three months, experience. and to-day the
scheme only exists on paper while each company IS
obtaining all the business 1t get without regard
10 its obligations TO the other companies under the
June agreement. Once more We repeat, that when
there is business sufficient to employ the capacities
Of the railroads there will DE end 10 the neces
sits of railroad arhitrators-styl cd commissioner
ami railroad conventions, to adjust aud restore
rate" will be unhcald Of Until then it will be found
that no artificial means can supply the Deficiencies
Contracts cannot be made strong enough to prevent
emitting under by needy competitors, and the public
I il fast compromising the tact.
\ review Of the .iocl. market. for the week end
ing to-day shows that the transactions have been
considerably in excess Of those of previous weeks
and thai prices are generally higher than on last
FRIDAY. Yet these changes are entirety due 70
- street y influences. There have been no addi-
tiona' LIIycrs-uu public; there has been simply a
| manipulation. Probably the aggregate of stocks
beng Gained ON speculation - greater than II
was week ago, the rise having induced
some scrg 81 stocks long held on invest
mcut. The Northwest " fancics snow the great
| csi Improvement. the common stock having risen
3ai and the preferred -. per cent -. lauls have
followed to tn" extent of l"- nSe for ia" common
sock and | Il per cent for the preferred. Chicago
and AlOn has rallied from OGti - 1OiI, closing II
90; Chicago. Burlington and Quincy from o9"i 10
l"l 1905 Rock Island from 81. 10 lUo'Sa lVD't
and Illinois G. uttII from '"S 4" - 'H ~ me lih
line shares, Central aud Hudson rose to lOGlsa
IO6 Lake Shor- To 63A-d u! Erl' t. l0ls09's,
and Michigan Central 10 tO7sa GO;A- {. &. {. and
t. aftcI rising from - 10 }Oi2 declined 10 - and
closed ~ 2s7s. tn. Pennsylvania leased lines have
sold al - to 80 for Fort Waync. against S13i last
week. and Pttsburg at 81 a sea g. against Go5.
The coal stocks have been comparatively steady
for the two Dclawams. Morris aud Essex has
ranged from GSli to G9ll a % 'sa Gs's but Central
of Ncw-.IerSey on n light business. has declined
from ~ 10 I4lea "a. Western Union, until he
last day, was duh and steady, bu; finally made
sharp advance To = "a 1S' against 7Gli as week.
Pacific. after having declined from 23l to 20, raj
lied 10 OIL, and closed the week ut 2l3i. or the
express STOCKS. Adams IS STEADY: American is down
III: United States IL and Wells, Fargo ~ Co.
=, per cent. The total transactions for the week
preceding week.