New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-08-04

so ord New-Jersey Central, having purchased their
- lo,ds NJ fancy prices issuing in payment there
Co. ,on1s that draw an annual interest OF per
.o,,+ while Others like Delaware, Dackawanna and
western. have leased connecting railroads. guaran-
seeing interest on debts aud dividends on stocks
ho.d noon inflated values. These conditions re-
oiro tbat The profits Of mining coal shall he three
or four times greater rhan formerly, ana hence
The combination 10 tax the puonc SUI
foiept sum with which to pay interest on
~ Investments and leases 1t is not reasonable to
snnnose that such a combination can be successful
for an time. 1t ought not to be. The owners of
coal lends shonld pay the same penalty for Their
had Judgment or folly rs tie purchasers OF any
otber real estate at fictitious prices have been com
nailed 70 do The combination is only less iniquit-
ops than would be one formed by Western railroads
IN establish probitoly rates for the transportation
of wheat after having entered into a speculation
IN control lis price, That It has been only success
ful in sustaining the price OF coal is VIII
messed by the present prices of the secunueS
of the Reading and New jersey Central companies
tbe former of which has passed two and the latter
one dividend upon their stocks, while other compa
mics have continued to pay dividends not larry
earned Ii seems certain that the Lehlgh Naliey
Railroad which was never in the combination Ou'
has simply acquiesced Ia its agreements, las h'viJ
become FESTIVE at its dictatiOn and IL If OeheNeu
,bat ere long its interest will be found in acting per
Independent Of all control When IL does 81 VIC
.bau sec the beginning of he end of the coal COM
bination st,o
TIE stock market to-day opened with one Of those
.,..rodic movements which have become secoad
nature 70 if. Prices danced upward 4 TO = per cenJ
iii = rasbpess that was a wonder TO the boys"
o,d .onsad Them TO dream of " centennallsm as an
accomplished fact, hut it proved to be only dream
ond tbouph pleasant, short one. The total pnsi-
ness of 100 GOO shares much better dlStiipU''u
than of late, Of which Lake Shore only monololiz'u
$4,000 shares at 53ll 053G53i2d o3Woois' lnclo
ia an attempt made TO create mystery as 10 "helo
This stock is and what power is sustaining IT, ou'
Is stoo thin n-too much like the mystery VI
August 1878, when it was sald theie was
no stock in tho street. There Is not HN'Iy
TO be any scarcity, and the supply Niu
urobsbly be found 10 be equal to the demand
S5cbioqp Central. although selling from 39l2 TO
4Oss found but few buyers, and after selling at
3s5s closed at 3S7s The st. Pauls exhibited Won
derf stavng power in the face Of the reported loss
of earnings exceeding even those men Toned IN TO-
6ev's TsIDUNE The Common stock sold from SCI
IN 36s back TO 36ls at which price II was for some
time held by the purchases OF prom
inept mot provincial as the printer said this morn
iDe) broker but subsequently sold at 800 30 o.
The Preferred sold at G714G 6G4U6|. The
North Westerns were heavy from the opening. the
Common selling at 3Gl463Sls G3SA, and the Pre-
ferred az 627sa 63G6oSi061ll. Rock Island opened
at 1O7lo rallied t. 1874 and steadily sold down to
1O5lo. closing at 1858. Illinois Central sold at 81
09O3i a91l901. OhOs, Fries, and the other light
weight fancies yyege dull and steady. Del Lack
and Western, after opening steady at 95li 5'"s'
declined to 93l2. but rallied 70 944 by bold bidding
for 5000 shares. New jersey Central sold at
61kaG12lG GOS4G6l. The transactions IN West
ern Union were light-only 4,sOO shares
at 69lsa6g9i GG9lsG 69si, and Pacific Mail
was neglected at 23ls@22&l The market
closed weak at the reaction from lowest
prices Tie business Of the day comprised the sale
Of about 100, 600 shares, and the declines ranged
from Is TO 81 per cent, viz: Atlantic and Pacinc
Preferred and Pacific Mail, each Is; New jersey
Central and st. Pau Pr, ferred, each i; Michigan
Central, % st. Joseph, Missouri Pacific, and st.
Paul Common, each q; Northwest, 81 Illinois
Central, ! Delaware, Lackawanna. and Western,
is Northwest Preferred, 49, and Rock Island
ia per cent Lake Shore and Western Union each
advanced g. and Producers Petroleum, IS per cent
The following table shows the
RANGE or TIE MARKET.