New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-05

weston" have discovered tina. there are no buv,,,
At nrst the decline was gradual and huctuating bnt
during the last few days IL has been almost con,;n
uous, except IN the temporary rally Of yesterday IL
may be well for those operators Of moderate mean
who still rely hopefully the apparent strength =,
tho other railway and coal stocks to bear in mini
that they are seemingly strong only for tha
same reason that Lake Shore was strong al abont 10
Any effort 10 sell-and these stocks have no, no..
bought, either to consume or hOld-will find cyan
smaller market than Lake Shore has. Particpla,,-
may the holders Of Central and Hudson stock d.
wen to remember that all the reports Of It's wonds
I'LL business come from the same sources which
httle time ago, had the Lake Shore Company earn
ing per cent month on Its capital stock7
FOR want OF other occupation, the rumor-roonoe,.
to-day declared that there is to be a meeting OF ~.
coal companies here tomorrow, at which &" co,,hs
nation" is surely to be made These cor,hi.
tom reports, circulated for the sole purno.o :,
affecting fayorably the prices Of the 49,,
stocks, are getting 70 be great npison.'
If 1T should be admitted that there is 70 !.
combination, of what benefit will II n,o,s
TO the companiesf All those companies which -.
now in trouble and approaching bankruptcy. sowod
the seed for their present harvest Of embarrassne,
during the life Of the old combination. II ia tT.
public opinion was running high against combin..
ton. which was attempting to exact a tax from,
every consumer of coal with which to pay interest
and dividends on valuations higher than vera
warranted at the highest point Of inaa-
ton. But nevertheless it is also true that fbe
combination only yielded to the necessi.
ties Of the companies which forced them to
increase their production. 1t il more than proba-
bic that if the old combination could have held to.
Oafb ar mil
worse off than they are at present They
would have gone on borrowing money 70 pay IN
earned dividends which probably would have made
the deficit even greater than it has been from a
large tonnage, and low prices, without the payment
Of dividends. 1t is a mistake TO speak Of tho in
creased consumption of coal for tins year. There
Oas been an increased production but it
has not been consumed. The low prices have in
duced larger LAYING in for future wants. The
actual quantity Of coal held by consumers and deal
ers Ut tins date probably eXeeeds the quantity held
IN inc same way NJ the corresponding date Of $50
by more than the total increase Of production Tor
the whole year. This anticipation OF future wants
furnishes a satisfactory reason why the price
supplied hence there Is nothing except the
smallest retail demand. Close every apfbra-
cite cOliery i'm the country for three ,uo,fbs
and there probably would be no scarcity Of coal
! his may be very unsatisfactory state Of affairs
but it may well be looked al az IL is and not
thtonR the SpcctdClcS OF STOCK % TatOrs who have
stocks for SALE through those OF the coal COM
panies, that are trying TO float additional bonds.
Lake Shore continued 10 be The feature Of tho
speculation to-day. The opening price was IN 50.
from which there was steady decline 10 GO7s The
stock then rallied 70 6li2 only 10 break later 10
COS" % rally 10 81 again. and finally 10 sell at so.
a JJ34. Michigan Central fen from so 10 J73- bur
Central and Hudson was steady az 1903 LOG, and
Erie ut 97s195s. The granger stocks were
irregular and tuctuatng, but finally closed
az the lowest prices OF the day. The Chicago and
North West statement which claims that the road
was operated at expense of about 30 per cent II
the gross earnings, seemingly was not well received
The small increase in the earnings Of the ~. Paul
Road reported for the last week Of November ani
the continued small receipts of wheat AZ the lake
ports were additional causes for weakening OF tic
prices Of the stocks.
The coal shares opened heavy, but were ,tlfened
up. Delaware. Lackawanna and Western sold 40
495. 6tSl ,D495sa iS7s; Delaware and Hudson at
iTSiGL HI7AG as. and Morris and ESsoy 10 7jl2
a 7G0 1875. Western Union, after selling from -
down 10 767s. rallied 10 779s with the effect OF dry
ng the " shorts 10 cover at rapid rttc. The last
price was 77li. Pacific Mail and the express stocks
we're neglected.