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manding position. They explicitly confess that a continuous water line to the Ohio would prove the most formidable rival that New York can encounter. It is even admitted that the railroads of Pennsylvania and Maryland are beginning to affect the trade of New York. An able and intelligent New York writer says: "New York hitherto the undisputed commercial emporium of our continent, has learned that her valuated supremacy is not beyond the reach of her Southern rivals, Philadelphia and Haiti more. Notwithstanding her magnificent harbor, nor immense wealth, her enterprise and thrift, facts have demonstrated the existence of elements of competition which have created new tendencies of trade, and which contribute to a formidable extent her supposed advantages. Since the opening of the Pennsylvania, and Baltimore and Ohio railways, she has just felt a sensible diversion of her trade to those cities. With the increased tactilities afforded by these new lines of communication, and