New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-03-03


as the Granger cases. rendered yesterday by the
Supreme Court of the United States, carry with
them future importance scarcely yet estimated
either bv investors or Spectators In the clearest
language and terms they assert the supreme author
Iyof legislature to regulate and fix the rates Tor
Messengers and freights which may he charged by
any railway within the limits of the state mus
the principle laid down not only affects
such roads as the Chicago Burlington ana
Quincy, Chicago and Rock Island, North" estcri,
ST. Paul, and other companies within inc STATES Va
Illinois, Iowa. and Wisconsin, whose treasures are
likely to be Immediately depleted in payments OF
rebates on rates which charged in violation OF
the laws and paid under protest as well rs III inc
payment of penalties which the laws prescribed for
their violation but also all railways throughout the
country whenever the people may Imagine
them TO have become engines of extor-
ton. Ii must be remembered that these
troublesome laws and the ensuing suits did not grow
out of the peoples unwillngness to pay rates for
| transportation which would return fair income
upon the real investments, but from the fact that
under one form or another the nominal capitals
had grown to two and even four times the real
sum which was invested and that it was the at
tempt 10 earn interest on the fictitious capitals
which started and gave life to the Granger
movements of the West. With this principle
thus established it is easy to that Granger move
mcnts are likely to become fashionable in States
further east, whose railways have improved upon
the Western system of watering stocks
Quite an effort is being m ide to create an impress
sion that the great coal railways even on the basis
of present tonnage and prices earning more than
sufficient to pay first charges. The TRIBUNE,
having in remembrance all the various ef-
forts and intrigue to sustain the market
,-oln Of ,C Of utrnl af NnNy-lrSpN
during 1876, would not now notice the duplicate
tactics as applied to Delaware. Lackawanna and
Western and Delaware and Hudson stocks if II had
not the positive assertion of high official OF the
best of the coal companies to the effect that present
prices dono return the cost of mining aud trans2Orta-
ton hence the greater the tonnage the greater the
loss. Evidence accumuates TO prove that the recent
coal sales were TO large extent fixed" beforehand,
and that but little was really sold.
The first impulse at the Stock Exchange to-day
was 10 celebrate the election of President Hayes by
rise but the early orders to sell were sufficient to
Illustrate the intended movement, and Il sharp de-
cline ensued. Later, after dahl period, the move
ment was renewed, resulting in a sharp rise, which
was well sustained to the close. The coal stocks
were active and huctuatcd sharply, Delaware Lack
awanna and Western selling at 63062 la 63S4@
G3liGGi12GGlis, Delaware and Hudson at 1870
asa 5Oa 49, Morris aud Essex at S3GS20 ST. and
Central of Ncw-Jcrsty at 938G9l4~ lO@0$l Cen
trail and Hudson was fevCrsh and responsive to
small orders on either side; opening at 93, It went
to $685. and then to 92l2, subsequently rising to and
closing at 9il2. Lake Shore started Al I>@i. rose
to 49ls and then. after decline to 4N&- Il %.
closing at 4o7s. Michigan Central sold at II 7,@
42l4a413, a 422i a. y. and Iue Al 7'saS. Iher' IS
a curious story afoat TO the effect that the CoUrt
has granted an order TO the receiver tn issue re-
cci1crs certificates 10 borrow money for tho purpose
of paying the September 1876. coupons o. the first
consolidated mortga bonds, IN tmthcrance OF the
reconstruction scheme. As this seems to
be such an irregular course to he pnr-
sued that tic report should lie received with cii-
ton. The Granger sGChs all closed up hiS'eT
particularly IN" Nur;i-N cstcrLs aEu ROCK isi'ild,
which received the usual careful attention OF nter-
Cstcd parties. correspondent ASKS ~ IL re l'oti'
Island reports are true that il carr, TSOo"!' c"'h
year il, excess Of ,h' sam required 10 pa interest
and dividends Of per cent on It's stock, WHY II
anticipate. requiring 10 Increase its dcOt some
$3,OUO,o30P The question l. pertinent, Drt Shphld
10 atGi ,sscu TO the Managers: To-day he stoct,
to 1925 and closed 1929. Noltn-Wco,tn
common rose from 33a3zl 10 . -, and
the pref, ned from 5Z%. TO 5It"14I9.
uiou Pacific after few sales ~ Ga4GS Is, jumped
10 re 3, reacted 10 GJi4 and clos 81 e.; 20. The
lump Of per cent without sale seemed To be due
10 9 small bear .care al moment When no stock
happened to be present Western Union was active
bur not strong, selling NJ G1i-d6i%l q t5's n % Z
Wti sales at Gi",, seller co days. The remainder
OF fao list Was quiet and itealyy. ..... o.o.o,
The sales at the Open Board today were. at 800
r. M SOC Western uiou, GJit d6135; 900 lake
Shore as tS;4 q j. e, and 100 Pacific MaiI at p.
At 1880 y. i'll. 800 Western Union, COS and 800
Lake shore 4Ols. At $3.50 y. H. 600 EIic sGSls
600 Lake >hcr, 49'e: 200 Rock Island, IO-1l, and
800 Western Union, Gji2.
The following table shows the
RANGE or rhE AAEhIr A. THE STOCK E&cHANGE;