New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-04-26
OFFICIAL EXPORT OF ANCRTCAv MINING BOARD
SALES-hPRIL rs, 1877.
FIRST BoARD-1I O'CLOCK A. VI.
WEDNESDAY, April 25-P. NJ.


WEDNESDAY, April 25-P. NJ.
= Relative to the legality of combinations in
trade restrict production, limit the price at which
commodities may he sold, and the regulating OF tariffs
for competitive business railroads or by other com
carriers recent decision rendered by the Court OF
Appeals of the State Of NewYork is OF great Importance
The that of John Arnot IT, respondent against
the Pittston and El,hra Coal Company, appellants
II. B. Smith for appellants; j. Murdoch for respondent;
Rapalo, ].
The action was brought TO the price OF about
ECO tons Of coal sold aud delivered TO the defendant
Company in the month OF August 1869. The plaintiff
claims under an assignment from the last named
tract between the two compancs dated aug l9G9 ana
tract The Butler Coery Company was Tennsy lyana
corporation engaged IN Mining ana vending coa at or
PIT stOn, Penn. The defendant was also Penn
in addition, had coal depot at ElmTa ~ y, wncre II
product OF The PStOn mines. ana IN Distributing it, by
canal and railway, from Elna 10 dealers and consnl-
west of that point Elmra was connected with Pittsion
by canal. and the chief market for coal in
established for the extensive district before mentioned.
Thc agreement in question: entered mo for the pur-
pose giving 10 the PiltslOn ami Lmira Company the
control of the distribution and price o coal for the avs
tnct north and west OF Eulri, Of which the Butler Com
pany notice, as follows: The defendant agreed
that 1t would take AL lie coal which the Butler tonpI
should send north Of the state line not exceeding 1000
tons month, az the regular market prices established
to time By the wyoming Coal Exchange, less
- per cent per ton commission and that settlements
SHOULD bc made on the l0ta or each month Tor all tho
coal delivered during The preceding month. g.. .,,,,.
The Butler Coliey Company agreed HAT 1t would not
SCI. coal to any party thn tne defendant TO
nortn OF the state Inc dining Inc onnnahce OF tlS
agreement which during the season OF canal navi-
cation or 1868.
The Court says:
found fact in the that the product Of the
Butler Ciey C9nnany LrEtly tXtne1cI IC2I toa per
mouth II can't cScape Observation thi' ~ us .'st
Iucut the FUr Colicy Company dd not agree 10 sell
or deliver TO tine defendant all of the product OF the
mines. specific quantity or piodnc t4ertot IL
cnurcly opt onal WIN l whether or not t. Hcver
10 take all the coal Which the Batter COM aY might de-
sire TO sead north TO he extent Of 2'GI0 IONS per
utterly void for want OF mutuality, mad it not
been for the agreement Of the Bn'ier Com
come nol u az az a. ~ AK nf flc ,it lIct Of
fhe Dutjer Company tue 'XiCnt of 1000 tons per
in sci To- INV one bnt the defendant. Without that
amounted TO nothing Neither party you'd nave been
was all that gave vitality To tie contract.
Bearing mnt the TACT t0Un mat the product OF the
B1ticr C6mpany's mines largely in excess of 1900
tons per month the object If the agreement is PLAN
The defendant, without binding Itself 10 take the
l4uy tndoav0red by tiis agreement to keep all tho
coal OF that company out Of the MARKET eXcept ne lui-
lied amount which 1t agreed TO take aud tils 70 ar-
caIly enhance tho price OF hai Nee ssarl cOnhodily
Ths purpose the basis Of In" whole agreement and,
'Ouud by tuc referee, wa, understood Nv pol" par
ties e the time Of entering into The contract: Ihd
to egfG Sea a Ie ca rs ral Ggs % e
eject such on end are enFGH % pjoe pGcg a,G Mere
10 be questioned al THIS dag Every producer or
vc.der of cuA or other commodity Eas lhe Sni to nsc
all legitimate efforts - obtain the best pllc, Tor tie
article which %. deals Bat whsn ne c"dcoc2'S 10 ori
fci2g rHh9ncc prices ~ SnDirtsS'Hg or feeptn0 od "
rose 6u edaS u contracts bdin0 hem 10 rhhot Meir
Suptig, S,ch arrangements are eren more mNcaerJtS
d0H cODl6i0dt,0ns not 10 SET dtdfr az dOfctd Itcc'
The opinion by Judge Rapao is too lengthy to give il
further space here Lut The decision reversal Of
that OF tn. court below (Which had gwen Judgment
the plaintiff the yailc OF Tie COa and order for
new trial II will be understood that the crlnnay or
such combinations brought before the
this case, Il being simply civil suit for money Oh de-
nand Bat il clearly establishes the principle that the
courts will not enforce the agreed on penalties against
members of q combination which work against an open
and free competition in all matters OF trade and traffic
The price Of coal has become such a factor in the
manipulation Of coal stocks upon the stock Exchange
that II il proper here comment upon the auction sale
OF today. We but reflect the opinion Of some of the
largest and respectable Of coal aes III this city
in saying that srock specuaOns had more 10 DO with
tie prices assuInaily realized by TIE Delaware,
LAckGNGnha ana western company Tor It's cOal
tO-uay tnau "A demand ioF cOlSGmp'iVh' NOM
iualiy prices were advanced, While at private
sale both before and after the aucOn coal could be
purchased al lcse Than the prices men nude VIII man
ayers never learn that such eXted6uis vii not sustain
eintr the prices OF the stocks or ne credit q! the com
Pany The pubic Nant facts anu III no' Duy 1,ocs u!
ihcY have them II j. hut small matter 10 TIE stock
coal - 90 cents higher. they having learned that II
requires margin present prices tEu tat
10 leave anylnin for thCm alter payment OF interest
and rentals Had tie Rock Island Company made clean
and satisfactory statement Of what has pccOnc o. tie
rocceds Of a. 100000 stocks anu bonds which 10 has
sold since lis road completed 10 OIHnH, u might not
have been compelled to-day to acknowledge that ITS pro-
poscd negotiation Of per cent bond second inil-
uIc tho total taken. including tie Sl,1UoOJo Doole
bid iog being only S2.300,OoO al a. IN.
The stock market to-day has been SUBJECT 10 the same
Influences which controlled il yesterday, and by pcrss
cnt efforts aided by tAc news from EmOIr, i WAS
.ulj fnrcr advanced Yet apparent that Ii re-
nurcd constant maintain prices because several
times during the day al the slightest effort 10 sell,
they cave way Lhc first pressure. Nevertheless,
the closing prices near the best. and promise
10 be igncr at the opening 10 morrow. The movement
Is confined exclusively to the professionals whle invest
orS are Watching order % obtain tu highest poS.ibe
prices Tor their stOc.s. When i is knO"n tAdt there
were many weak moments and Numerous fluctuations
during tie day the suljpned table sufficiently cHpaiIJ
tnc market
The sales at The last call-3:1j p m.-uf the Open
Board WeTc 2OO Central and hudson, JaaI; go Lake
shore, ass 1874; 100 81 Paul p.eiCIcp. ii%; 100
OHIO and MISSISSIPPI ! Ia 200 Delaware, Lac bs~dnIa
and WESTERN 493s ANA 100 Western Union, jJ3i
RANGE IHG dARKLT Al THE STOCK EXCHANGE.
rales.-- Cot.ng Sues. SuaIes
HEN