New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-02-14
TUESDAY, Feb. 13 p. n.

For the material prOsperity of the country it
IL no slight cause for congratulaon that the speculation
on the stock Exchange seemingly has commenced an
earnest liquidation. The sooner values there are ad
justed basis OF S55 per ton for steel rails hseu
OF 90 the better will be for the entire public even II
as It quite likely will-the oper'uoh'
after total obiteraton of stock shall cncroach upon tho
value Of blanket consolidated bonds whether or not
the present depreciation Il to be followed by one or TWO
or more speculative rallies 1t Is foolish for investors 10
close their eyes to the fact that corporate properties
must the end respond to the same causes winch are III
fering all private enterprises. Railroads ana coal COM
panes like real estate, mortgagcd on the high tue OF
values must on the basis leave none or but sma
margin Of ownership for the title or stock holders
In the stock market to-day depression was the rule
and prices comparatively low they were, were only
sustained by the purchases OF "bears, who bought 10
secure profit The coal stocks continued 10 pe one VI
the principal features, with large transactions. Inc
pool in Delaware Lackawanna and Western seemingly at
rs: attempted to hold II at 674a67a67 but the pres
sure 10 sell was SO great that IL broke to 65s later
rallylng G6a., aud closing at GGs We are ohclIy
authorized TO say that the company Is now paying all OF
its November bills presentation, which is DONG pretty
well for a company which preen1s to have no hoatng
debt. Delaware and Hudson was largely dealt III at
49d5 but subsequently improved 10 ~ on the covering
Of shorts and closed at 47 The SPECULATION In Central
Of New-Jcrsey ia nearly played out, having reached
holders at present think they will either lose
the whole or realize a higher price. ii sold
between l5l4Ql3aa14ie. Morris and Essex. guar
autecd by Delaware, Lactawanna and western,
dropped from 81 to ssh and closed without recovery
Lake Shore presented features ia sales at 81 ~1osH
81 II beyond covering OF shorts at late hour Micl-
Gan Central was comparatively steady at 4i49il44
l5Is9il7s Central and Hudson, while inactive, was
heavy at 997 J9ls, closing with rally to 00A Parties
who should he well informed predict that the dividends
on this stock will be reduced TO per cent per aanuh! al
the next quarterly dividend payment But we judge tha
with one-third OF the current quarter-the mouth OF
the company will have earned even 1 per cent.
In connection with this may have something further
to say relative the state OF the company's bank
account after the payment OF the last Dividend
c. c. C. and Ind declined to 81, raying to %. Invest
ors holding Lake shore invited To make an exain
tou to the value Of the two properties Rock lsind
another the gtedgcd secutr' broke tO 9J2 Dut on
thc later good fecIng sold at 9975 Chicago, Burlington
and Quincy steady at ll34@ll IL, VITA sales an ~
seller 90 DAYS. Illinois Central sold In moderate qtl-
Tie. Mt 81 dj If there were any outside buylI
this stock, compared with the prices O1 othfls
attention. In the :ii-Nestefns tIlc Od
game which heretofore been ~ successful III cheek
inc an trading III the stocks, WAS resumed - inc
loaned stocks were called H. which occtsioncd rise
from SOl 32i2 for the COMMON anu from 0i 10 Dig
The ST. Pluls we're Reid DY It's IrendS
nj iSag PISA for the cDnIlnOn and nj 4siGi' %Gi IVA
FOR tr urefcred but the new pool seems Ia nave about
as hard work did its predecessors a JZ0Ji western
Ipion after declining from G9 toG9i rallied 10 |ut
hut closed at 20 and heavy. The remainder of tne s
which recorded but Tuorae transactions, requires no
uItdCl lual is III lu' ''N4N
shOwin. the - -....
RANGE OF THE MARKET THE STOCK EXCHANGE: