New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-08-25
d PANIC IN COAL STOCKS. ,

HEAVY FALL IN THE PRICES OF NEw-JERsEY CEN
TRN. DELAWARE, LACKAwANNA AND WESTERN
DELAWARE AND HUDSON, AND MORRIS AND
EssEX-EXCTEMENT IN wALL-sT.-rHEoRiEs OF
THE CAUSES OF THE TROUBLE.
The excitement growing out of the dissolution
OF the coal combination eliminated yesterday in panic
the securities Of the several coal roads, AT the OPEN
ing OF the Stock Exchange rumOrs OF depressing char
acter were circulated In regard TO the coal corpora
lions and their managers. Stories OF opposition coal
sales by the Lehigh Valley and NewJersey Central
Companies were numerous, but they not corrobo-
rated As consequence OF these reports prices fell from
the beginning As the morning advanced the volumes OF
New-Jersey Central Delaware, Lackawanna and west
ern, Delaware and Hudson, and h0rrls ana
Essex stocks which upon the market e&-
cited apprehension, and the street Immediately
Jumped 10 the conclusion that the banks and other
lenders Of money those securities had called for ad
dtonal margins their loans and as these had not
been furnished they had thrown the coal stocks which
formed the collateral upon tho market
panic seemed to take possession Of the
dealers, and New-Jersey Central dropped to 40,
decline OF 10 per cent from tho closing price of the pre-
vious evening" Delaware Lackawanna and Western fell
from ssla to sll2; Delaware and Hudson Canal stock
sank from slia TO 7sla regular" and to 75S. seller
CO., Small lots OF Morris aud Essex sold from 80 to
90 on Pennsylvania Coal stock, which was held
at 25O go was bid, with no sales The trans
actions were very heavy, 10000 shares OF Delaware,
Iackawanna and Western and $4,000 shares OF New
Jersey Central changing hands During the decline the
gallery OF the stock Exchange was thronged
with spectators, while tho floor was crowded
with members who had been attracted by
the unlooked-for volume Of business. Tho excite
ment ran high for hours tho widest confusion and
Re gSS s ssffT h iPfE HaRS FSyn lie
rh. losses by tho decline In these secofilies
fall almost entirely upon investors Inc coaI
stocks have until within o year PAST oeon
regarded as gtlt edged" securities, selling ABOVE par
and paying 10 per cent DIVIDENDS anIu'"y' "o'
and moor investors alike sought them and comparatively
,cyy shares were turned Wall Street on speculation
since the trouble began In the combination however
Wall Street has been "bearish" Oh the securities Vi tuo
several companies and doubt much OF the STOCK sou
Yesterday was short" stock. The losses, however VIII
reach far and wide, and will fall heaViy upon many
widows and orphans who depended upon the divdenus
o., their incomes and upon the high market value OF the
securities as thing which they could always rely
An officer OF one OF the four strong coal companies sad
Yesterday that the decline in the market was unuouo
cy due 10 the action OF money lenders VINO had caieu
upon their borrowers for additional marquis VI
th,ir coal stock coaterals As these margins
,,oro not forthcoming the securities were
thrown mon the market and sacrificed. The severe
handling Of the NewJersey Central was que W INC iao'
that the road had extended too much ana was now op
messed by heavy floating debt 30 long Us
the stockholders received uleH ~ Poi 0'"' Wv
cnds they were content TO look further These dV
,d maid ont OF the sale OF bonds had been continued
a Iony time because OF the OF the money market
n money had been tighter the Collapse IN that STOCK
would have come long ago
Another theory of the decline that 1t was due TO
IN, action of broker in Exchange-pace For seVerM
DAYS he has been heavy purchaser OF NewJersey 'c
I and excited adverse comment by his course 1t was
roported yes eray that while buying Tor MS CUSTOMERS
m had been selling for his account and had helped
the downward course OF the market, maAlhs oAi 'no
money his customers had lost
The OF the several coal roads are powers m
tho financial world but unless they awaited themselves
OF their facilities Tor early information they mus. nave
lost considerable money. The principal directors OF
the Delaware, Lackawanna ana western arc
samuel sloan. President; william E. Dodge,
Moses Taylor. s. -. Chlttchdeh' feiV d.
pvpe Wilson G.. Hunt, W. w. Phelps. The prin-
epa directors OF the Delaware end hudson Canai CON-
many are Thomas Dickson, Presidents A. A Low Il. l."
Kennedy lie Grand d. Cannon, G. 9. Ward, j. Pi@pont'
q Morgan John Jacob Astor, and James RooseVe@
The principal directors Of the Central RAILROAD OF NOV"
Jersey are John Taylor Johnston Adan NoeNe'
BENJAMIN Williamson. and +. L. frenhshuyseh 'fe
arctors OF all these corporations have been heavy in
vestors IN ther own securities, ana uer haes na'9
attracted the floating investors.
Erie Railway stock also very much depressed yes
,rdav in consequence Of telegram received form En-
gland concerning another proposed scnee u reorsah
ration which involved heavy assessment OF the snare
holders Or in default OF this, foreclosure Of the road
The price declined from 1919 to So. but afterward 70
No failures were announced during the day
So 90. 60 ~ e ,.s-s.@'