Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1882-01-23
FINANCE AND TRADE.
Condition OF the Markets Here and
Elsewhere.
Money 6 to 7 Per cent-Goyernments Quiet
and Unchanged-Stock Slightly High
er-Proyisions Strong Wheat High
es-fIour Steady. 3
s111lEMEsI. Of THE RAILROAD WAR.

1t is now officially ANNOUNCED that the
trunk line war has been definitely SET
tied. The particulars will not be ar
ranged until q Board of ArbitratorS, Sc
lected by the trunk line managements,
shall have heard argument from All
the interests at stake in the matter OF
differential rates, but the general pool
agreed upon includes both east-bound
and west-bound passenger and freight
business, and it is to be carried on upon
the basis of the actual receipts OF the
companies which are parties to the con-
tract. The three arbitrator are to go TO
work right away, and in the meantime
the rates on eaSt-bound freights, on and
after to-day, will be advanced twenty
cents on grain and twenty-five cents on
provisions. On first-class west-bound
freight between New York and Chicago
there will be an advance of forty-flve
cents.
Whether these advances indicate the
rates to be maintained throughout the
time covered by the agreement, five
years, or not, is not stated, so the an
ticipations of some of the bears that the
earnings under the new schedule will
not suffice to pay per cent. dividends
all around are at least premature. The
trunk line pool which was broken up by
this celebrated war of rates had been
working successfully for about four
years. 1t was governed by two organi-
cations; the first, consisting OF the pres
idents of the New York Central, Erie,
PENNSYLVANIA and Baltimore and Ohio
Railroads, was known as the trunk
line committee" and had control OF
west-bound traffic, while east-bound
was managed by what was called the
"ioint executive committee" in which
the four trunk lines mentioned consti-
tuted nearly so per cent. of the entire
interest, the remainder being distributed
among the Boston and Albany, the
Boston, Hoosac Tunnel and Western,
the Canada Southern, the Central Yer
mont, the Chicago and Alton, the
Fitchburg and Grand Trunk, the Lake
Shore, the Fort Wayne, the Michigan
Central, the New York and New Eng
land, and twenty-siX other railroads.
The original charge was that the Erie
and its western connections, in March
last, diverted large amount of grain
from the New York Central. The
Grand Trunk was also said to have been
making low rates on grain for some
time, and the Erie gave that report as
an excuse to the New York Central.
The Vanderbilt roads began to cut rates
more openly on June II, coming down
to fifteen cents ON grain and flour and
twenty cents on provisions. ALI the
others followed, and in July cutting be-
gan on west-bOund traffic also, rs well
as on passenger fares both ways. On
August ), Commissioner Fink reduced
schedule west-bOund rates as follows:
First-class freights, from seventy-five to
forty-fve cents per hundred; second
class, from sixty to thirty-two cents;
third-class, fifty to twenty-siX cents, and
fourth class, forty to nineteen cents.
This failed to effect restoration of
harmony, and since then numerous con-
tracts have been made on both east bound
and west-bound at unprofitably low
rates, which have shown themselves in
diminutiOns of net earnings all round,
and in the reduction OF the grain busi-
ness of the Erie Canal to IS, 00O,0 900 BUSH
els, against 72,000,00O in 1880. About
the Goth of October through passenger
rates were partially restored, and early
in November the Pennsylvania made
some advances in freight rates, which
created strong sentiment in favor of
harmony; but Vanderbilt continued to
oppose the claim of different rates in
favor of Philadelphia and Baltimore, and
this point of dispute and that of New
England business have been the bones
of contention upon which the position
Of each contesting party has been
charged by the other with responsibility
for the continuance Of the struggle.