New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-09-05
fICIAL REPORT yEP- YORR 3ftvIvG STOCK TX
CJTANGE SAFES SEPT EaBER 4. 1877


The ENGLISH language is Inadequate to proper
description Of the eccentrcites of the present stock
speculation. IL is well-knOwn that the Delaware
and Hudson. and Delaware, Lackawanna and West
ern Companies, are coal companies, dependant upon
the production and sale OF coal at profit, for the
means whcrewith to pay the interest on their direct
bonded debts aud the rentals their leased lines Of
railways. It is known that, under the guardian
ship Of the great coal combination, with the
price Of coal fixed at arbitrary rate. these two
companies accumulated large floating debts and that
while they were mining coal and pretending TO DE
earning fixed charges, with coal at only |3 a ton,
their stocks sold down 20 % and 3O's respectively
Il also is known that their coal business has been
entirely suspended since July 10, aud that to- lay
high price of coal is dcrimcnt to these companies,
rather than "a benefit because having none for sale,
they are. or soon viii be, compulsory buyers Of
coal wberewith to run their leased railroads
Further, 1t is known that the Reading and other
companies which are still mining are producing a
greater quantity of coal than is required and chat
ia the opinion of the best judges Of the market,
resumption OF operations by The two companies first
mentioned and the Pennsylvania wonld send the
pce Of coal lower than ever before. Yet IN the face
Of all these facts, which logically point to one in
cyltable result for the Delaware and Hudson, and
Delaware, Latkawauna and Western Companies
their stocks to-day were made the leaders in the
craziest OF movements which has yet marked the
present crazy speculation. Delaware and Hud-
son opened at 52l2 against 513i last night
advanced 10 81, but closed at J43t. Della
ware, Lackawanna and Western started at 80
against J2i at the close yesterday, and advanced to
j7l2, and then, after reaction. - 56l, ended at
jG3i. Morris ana Essex opened at II, rose to 50,
and closed at 81, while Rensselaer, and Saratoga
a. .t...l
two per cent to -. The movement IN the principal
stocks resulted in driving large short" interest
10 cover and in bringing to market large quantity
of real stock.
In the general railway speculation the same incon
sistencies are discovered Here the railway stocks
are being "bullrd" on an immense wheat crop,
while at Chicago wheat is being bullcd on a re-
vision of previous estimates of what the crop Is to
be- The latest estimate for the States Of Minnesota.
Iowa, Wisconsin. and Kansas, reduces the product
from IS. O0O,OJO bhshels, as estimated twO weeks
ago. to 96,OOO,OOO bushels. Either is sufficiently
large to Justify Is being sold at Milwaukee and Chi
caro- ai not over ~ . bushel and those farmers who
refuse t0accept that price, probably viii find when
too late, that they have played into the hands of
spectators. careful survey of the sltuation-Mr.
Card. of London. 10 the cOntrary-2lyes no reason
to expect from Europe anything but an ordinary
mand, certainly until after next spring. Bat the
stoc spectators OF the period, in any event,
ignoring an important factor. Let the product be
the greater or lower estimate, the freight to be
ceivcd from the excess over the crop )f1S73 fit
al comes by rail- aud none of u is div ertcd down the
Mississippi River viii scarcely pay the interest
the increased amount Of the railways debts which
have been Incurred within the time. Nevertheless
the entire stock list to-day opened mp from Il 10 PEE
cen. above last nights closing prices, and large
business was done Oh still further advance, rang
ng from "a o. L. per cent. closing, however, with
reaction more particularly marked IN The North
western and ST. Paul Stocks. OF the miscellaneous
list Wcserit Union rose to S23l and closed az S2li
Pacific Mail rose 10 25l2 aud ended n - *. while
Quicksilver was 81 rong at lol2 for the COMMON ami
;,3l2 Tor the preferred. The suboinod table shows
the