New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-11-19

| market Tuesday morning. however, the Duy-
| ing for London account, as well as fair amount
| of orders for the home public started the market
| off again strong AT about midday on tuesday
| the announcement came that the New ork Central
| and Hudson River Railroad Company had issued
% schedule reducing the rates on freight from
| Ncw-York 10 Chicago 33 per cent This was
| peal OF thunder from clear sky. While every
one had known that the Pennsylvania Company
had pcrsistently refused TO advance its rates on
east-bound freights, no one had heard OF any
cutting or decentralization in the west-bound bust
ness
or course, all bull speculation was staggered
and the bear speculation received encourage
ment, which it heartily welcomed. The results,
however, compared with the Importance of the
only satisfactory explanation, and that is, that
stocks not held in speculative hands, but by
people who own them and realize that railroad
business, like all other, Is subject to tluctua-
iions, and that the values do not depend upon
to-dny or tomorrow, but upon the general
growth and the prosperity OF the country
This action of the Newly rk Central and Hud-
son River Railroad Company has led to wide
discussion Of the merits OF the Interstate Com
mcrce bill Railroad men have advanced the
idea that the difficulty lies in the prohibition by
that act Of pooling, and that pooling is the
sole remedy for disastrous warfare between
railroads. AS matter Of fact the Interstate
Commerce law on that particular only reafnrmS
what is the common law and also the statute law
of nearly all States in the Union. There IS pro-
vision in the Interstate law which, If executed,
would strike at the root Of the evil section vi
of that law after providing that every common
carrier shall prepare schedule of rates to and
from every point at which it receives or delivers
passengers or merchandise goes on ana oecaies
that il shall be unlawful for any common carrier
to receive from any person or persons greatcr
or less compensation than is specliied IN sucn
published schedule. Section provides that any
director or officer of corporation or any receiver
trustee lessee agent or person acting for or enl-
ploycd by such corporation, who shall do or per-
nit to be done any act which is declared to be un-
lawful shall upon conviction in the District Court
of the United States De subject to fine not ex-
ceeding $1,000. The provisions which alS
quoted only require to be put into execution 10
furnish the railroads with ample protection against
each other.
The history of rairoading in this country has
conclusivcly demonstrated that all methods OF
pooling earnings have proven inehectual IN pre-
venting railway wars when there was lack OF
business. During the last twelve months ana now
we are presented with remarkable c0ndltlon OF
affairs. First in the Northwest. then in the South
west. and finally with the trunk lines there has
been and is a conflict between the managers oil
railroads unwarranted, by the c99n,l ls.or
of traffic. There has been snushte IT,
tonnage so large that the capacities Of the
roads unequal TO its requirements. mere
is no important railroad which has been engaged
and is now engaged in the conflict that has not
complained Of the lack of equipment, ana wnlch
is not now under contract for additional STOCK
with which TO handle its passengers ana freight
At the West and Southwest, and particularly
with the transcontinental lines. there undouDtedV
has been marked progress made toward sanity
should he such an Eruption among the Eastern
trunk lines. but VIC feel warranted in suggesting
the probability of solution Of this latest trouble
simultaneously with the announcement OF a com
plete settlement of the Western difficulties
IL was not an active week in the stock market
the transactions amounting only to 6S2,1l 10
shares Such activity as there was almost en-
tirely due to the urgency with which speculators
for decline sold stocks at depressed values. Or
course there was some selling of long stocks
by tmid speculative holders If the bulk OF
stocks. as in former times, had been in bankers
Offices carried on margins, the suddennesS OF the
New-York Central development unqucStionably
would have caused a serious decline before any
one could realize how, under present conditions
the matter must quickly find It's own solution
Lake Shore was the principal sufferer, but the
speculative element devoted its energy toward de-
preston OF the stocks Of companies furthcst re-
moved from the trunll-line field to aS full extent
as they did 10 the stocks directly affected. out
side Of Lake Shore and Michigan Central, the
final declines for the week will hardly average 1
per cent.
Subioined is our Usual table, giving the number
Of shares sold of all stocks. the highest, lowest
and final prices of the week, together with the
final prices of week ago, prcfXed by the average
prices of November 10, 1887: