New-York tribune., 1877-10-09
SECOND BoARD-l:3O p. ".
MONDAY. Oct. s.-y.y

hAo'DAi' DcL 1-f.N
In view Of the efforts now making IN
harmonise the interest, OF thirty railroad com,
panles and to form combination" between r.,r7.
after the fashion Of the exploded coal rnonopov ,ho
! following from The Engineering and Minfag yournor.
exhaustive review OF the Delaware and Uud.on
Committees late report, Is worthy Of notice because
capable of general application:
Does it occur 70 any Of these eminent nnanccr that,
having more stock and bonds aaoat than their property
"a worth, or than their business can earn the interest on
the only way TO keep their paper par retire 40
much of t exceeds the value OF their property or IN
crease the volume OF their business u II bears such
proportion 20 their capital invested will enable them
% compete with those who have uuprcductyo CAPITAL
to carry 10 would seem not On the contrary the course
followed, is 10 eunningyferisod co15iaton. md
moHgpolics, 9th the obeet Of ooo,peli,ng the public
10 repibursc them the money msy sqUatfered enaJfe
Uem 10 continue their uoiderfd payfg t1rgs
dirdeds d0Hacd stock. When these plans failed. tbs
difficulties tho situation became more apparent and
attracted comment. The balance-sheets
padied mp by exaggerated fictitious valuation OF
expert committees, and the company stated 70 b. sol
vent and strong beyond quest ion. preliminary 10
negotiating further iOan.'
However much it may suit tho present purposes OF
spccuat0rs to blink at such plain statements Of facts,
and 70 ignore the logical conclusions thercfrom, IL per-
fect safe for investors bear them In mind For tho
OF tho argument grant that the Central and IIud
Railroad Company, prior 10 1873 fairly and honestly
earned its pr cent dividend r90OOO.OOo Of capital
stock What theni Does it follow tIat II can con-
tinuo to do It. that tho trade Of the
country can continue to be taxed TO pay such
income on S46OOO,OOO OF capital. which never
had AZ existence except ia On imaginary valuation
placed upon property the top Of the speculative aud
Inflated cral But, relative 10 past dividends, the fol-
loving Is generally applicable, as IL Ia particularly
pertinent 10 The Delaware and Hudson Company. Tho
Journal says;
IA fu1 1inva Of ho
were now taken and fair valuation placed upon 10 by
experts mag ceu be doubted ~ tts 0f nal raiug-
ton me amount oChe eompaays assets on he i0T
January, 1865, 0oitid greatly eTceef ne d,grace
treen dirdends paid $4,000 OODl and ne
bi cap1i ad f,dei dc6t sauce nat tune tr24,5sj OOU"
on the stock Exchange to-day the early trading pre-
sented only aggravated form of buoyancy which
Characteristic OF the general market durns a II
ls, week. The nrst prices generally showed au adytn
0f D t0 % per cent the closing ones of sAtuldy
-It it is quite apparent, that 80 far a. tio smaller
operators and "f0om traders" are concerned, they
to-lay furnished tho leaders with tho oost mlr-
ket In their power for sales % stocks And 10
is equally apparent that tae leaders were not
slow 90 improve the opportunity IA every stock Ire
which it was offered Hence, ruie, tie a-. prices
were below tne opening But as al stock Sold In
rhi- manner o. CERTAIN 90 como bonn" " to r'o-, -It
peon. OBJ i,-ail.u fory-,ig4 hours, 70 VIII Doe unsafe
ir tue bears o. assume tit uic lli-c ilo. .afo
taI and Hudson uotccIbc or WcaAue.-nt tuc .Id 40
lNf ilifi utfiu- NlfeltNt ht A'' anu HA NI
Io IUJL lH-H.utk also WAS nIlcctulr ior t.s prompt
delivery, On. broker VINO purchased =, 900 .ntIs "a
s.rr, trr dIf a. DpnOu, hiFng ir whole pi delivered
c, nIu cash today. MieAl-an Ic. al vas Iu cAn pfHu
o. tll luc above r.Ir O, htru. opened a. g. al
cu .ta I 0l after selling dl OiI Ai hr 14- au, -
excepting lNuul5 C.Atril, a.lcr advancing from tun
opening prices, hlauy showed decline On the daj
business
Tao coal stocks erraiic. and niCutDd
frequently on @ son'isa i ,lo5 report i,' .%c,i"s %
ing circumstance Do made auy difference u tao
value of or. uf tlc tAu Delaware, Nhrf.ruf NOT
tu,y mine cotli \ iJ.er can uIu', except go llss
bt present pr...5 FOR coal, ald with the icnuyNaa
C0luuIul WYrhu., WUicI viii raise tic promotion 80
over 5D. 900 CONS per w.ck DO may reasonably ie cK-
pee .eA tiut prices must Do. Htt lower
Ncs Ourl Wls pushed u Geo aS In fhp g. forest ~
TIE general uir,tt Iut closed at So 's Qurk-I pre-
fClrcI u usually prominent aAa nlctuuus, selling
%. a. ll o5Ji- ~ ll0ifi2.
RA.ll u. IHK sInck MAKKET