New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-08-28
3FFTcIAL RRPoRT NEW YORK HIYiVG SfocA TX
CHlNGE SAFES AUGUST 81 1871
ipsr BoARp-11 O'CLOCK A. N.
SECOND BOARD-1:30 p. NJ.
MnNnAY. Aug. y.

Aud now, upon reputed official authority bnt IN
an irresponsible manner comes the statement thst
the reported large traffic Of the trunk lines OF ral
ways is due to a local and not a through business
In this there is not even the merit of novelty. For
the past three years similar statements have been
made upon authority" only to be proved
fiction when the annual reports were issued.
Speculative officials may as well understand
first as last, that this is progressive
age. The Pablo through experience knows that
anything less than the whole truth is a snare and
deception ii also knows chat the Central and liud-
son and the Lake Shore Railways have been request
ed by the Stock Exchange to furnish weekly state
ments Of their gross earnings, which the companies
almost insultingy refused to do. Experience has
taught The pubhc Also that corporations statements
which are not irOn-bound aud coppeI-fasiened are
poor reed to lean upon. II these officials are
so anxious to have other people ENJOY
portion of the good things" which they
so largely possess, what is easier than to
issue weekly statements, showing the gross earn
ngs OF the roads as compared with the previous
Embellishments giving figures, which may DO pre-
served and compared with the sworn annual reports
made 10 the State authorities! such statements
coming from the Office Of the companies if sat5fac-
tory might not only stop the steady influx OF stocks
inlo Wall-St. but create a market upon which
portion OF the large blocks now held might be sold
No conservative bank or trust company should loan
a dollar upon the stock Of any company which Is
conducted upon the close corporation plan, as are
the two companies named as well as many Others
Secrecy as 10 the business and affairs OF such great
public institutions sooner or late proves a bar to
financial confidence.
The stock market to-day was feverish to the eX-
iramc and frequently huctuatcd within range of
mall
strong probably because their prospects are daily
growing more and more gloomy With the Della
ware and Hudson, and Delaware LacLawanna and
Western Companies entirely out Of the market as
producers OF coal, the price Of coal romans below a
figure which in the past has enabled these
companies to earn first charges by which we
mean interest and rentals. II thoy should be able
To begin reproduction, the coal market would be so
oyerbuI,oncd shat the prices would drop lower than
ever tnis is the opinion of an authority IN the coal
tradel, that there Is apparently little choice IN
the alternative offered To these two companies. II
they do not mine and sell coal they, cannot
meet interest and rentals except Dy me
creation of debt, or rather by the
extension Of one which accumnates daily. II they
mine coal The price viii drop that scarcely new
dollar Is realized for the old expended I'm the
operating and marketing of the product. Delaware
Lackawanna aud Western today opened at AZ, and
after selling at 4s3i TO 503s finally selling at
49lt. Delaware and Hudson sold at 430 30 ISHi"3i.
Central of NcW-Jersey declined from 70 20 / =, and
Morris and EsscN was steady az 'oi20 L'is.
OF the railway list, Lake shore had the run IN
point of activity. The opening WAS al Gl's
from which there was an advance % G5 q, aud then
a drop to g.. Subsequently the stock fcyeIsh
rising and falling , or p per cent as the orders hap
pen TO ran, but finally It sold at G30 63s. The 9th
rr trunk lines. Central and Hudson, Michigan Cen
trail and Eue worked much N the same manner as
Lake Shore, ana closed no about the lowest prices OF
the day. OF the Granger stocks, Northwest COM
mon assumed the leadership. After opening at Sill
it rose 20 35ls, and tEen, through numerous
iusfr Enff 3
priced fancy stocks, Wabash the most active,
and furnished the key 10 the others IL started
at 10l2; lose to 12l6, and ended at lo5. Western
Union declined from S3l2G s33. to s. "a S2ls aud
Pacific Mail from 250Z535 10 24iZG247s. The
total transactions (195 800 shares show consider
While the market closed weak and unsettled, II
probably will be unsafe for spectators TO assume
Ihat the mOneyed power which mas accomplished 50
much rs yet exhausted.
The subjOined table shows the
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