New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-02-15
WEDNESDAY. Feb. 14-P. ".


The comments of to-day's TRIBUNE ON Cor
marathon Accounts destined TO receive uheHpee'en
force from tho commttees report to be made morrow
hursday 40 the meeting of Jersey Central stockhouers
which will show the floating debt Of the company neiud-
ing that of its pet child the Lehigh ana "hAesDafe
Coal Company, be upward OF S9,0OOc0o, instead OF
out 50 600 as II represented TO he by PRESIDENT
knight at the meeting week We arc at loss to
account for the infauation which under these crcum
stances could have supposed the raising Of was
T. aid the company in bridging the chasm upon the edgeo
which IL was then standing, and can only congratulate
the stockholders that they were not induced to SEND so
pueh good money after that which will soon appear 10
have been rretrieyaby lost long time ago But with
The exit Of Central of NewJersey insgatcr to tic
formation of new combination OF the coal interest ap
pears the Reading Company in the person of its PreS
dent who days has been working IN this city to
hing about agreement to limit the production Oh
coal With all due respect to the gentlemen now con
trolling the great coal interest VIC would suggest thai
they maid less attention plans likely to Temporarily
,auencC the price their stocks the markets ana
more TO the material interest Of their companies their
ca stockholders probably will have less cause for COM
ulaint What the large coal companies, like Dela"ai'
Iackavanna and Western. Delaware and Hudson and
Reading need is not combination to restrict frod"c
ton but an expanded market which will take all they
can produce Two millions Of tons per annum at 80 per
Ton would not enable Delaware, Lackawanna ana west
rp TO pay its rentals; but 100000 tons mt ~ might
rive the stockholders sight OF another dividend out Of
earnings.
Vet ono Of the prime factors In todays stock market
has been reports of a new coal combination with the
syowed intention Of restricting production Our own In
formation shows that such result is impossible because
the great companies not independent but forced by
their large liabilities 20 mine and sell all they cam even
at a small margin of profit to postpone the day when
tLey will be in the position that Central OF Now
Yrsey now is Nevertheless the report probably accom-
Wished its full Ohjcct-when logically 1t ought 10 nave
had the reverse ecct-by advancing the price of Della
vate Lackawanna and Western stock FROM 63*s 10 $685.
delaware and Hudson from 46li TO 514 and Central OF
NcVJersey from l4; TO 1874 The trading in the first
named was unusually large. reaching 52Ooo sareS' ao
embraced the closing up OF large short interest," aeer
which the price sagged and closed at 61es Delaware
end Hudson also attracted more than usual attention.
with transactions aggregang 1000 shaieS' Dut tS'
too closed off at 49&. In Jersey Central the
prucipal feature the buying In by parties
WHO having sold in anticipation of the appointment OF
receiver closed their contracts with the actual announce
ent of the event. and the rally was not what under the
circumstances might have been expected because one
member Of the committee before referred TO- VINO was
heavily long stock, accepted the situation and SOFA
his stock. The final closing heavy at 14's Or the
general market Central and Hudson and Rock Island
were conspicuous for weakness the first selling down 10
o. and closing that price while the latter after sell
iug al 99as closed at 99l2 Lake Shore opened al o.
1ucfnged 81 ana 81 ana enutu at the upon
ing price Michigan Central yet is protected by the
prts of the "Old Warrior" who has been guaranteeing
the operations of half the spectators for the past eight
months; to-day the price ruled 4475di44a
45sQ45l4 st. Paul common passed the day
without a reported transaction, while the
preferred was inactive at 4Sd4Sssd4S4. Northwest
was held scarce for delivery, its price ruling al 32'0"2
a3-l2 hut the preferred was lower at 5l%05l@5l4
Illinois Central sold 52l4a53. AscorrespOndent who
sends Us the figures upon this stock misunderstood our
remarks Of yesterday. We did not say the stock was
cheap al price only in comparison with the prices
1T which other selling. c. c. C. and md on
sales Of 500 shares recovered to 272 Cleveland and
Pittsburgh declined to s9ll probably in sympathy with
Tue iau in PENNSYLVANIA to - in Philadelphia, but
ii sAOald be remembered that the latter company
has 70 vay the dividend the Cleveland ana IlttS
hGrgh before IL pay any on us own, anu
thl in case of default and canceDE OF lis lease thc
Cleveland and Pittsburgh would do bettcrby Itself Erles
Ohio and Mississippi and thu other light wei5hs pre-
6eBed no features Western Union was active between
697s 7O5s closing 7Ol2 1t seems pr0DaDic that
aTti.s who have long been holders Ol TINS stOch
bu who improved the recent pool manipulation 10 sen
ont are now buying back their stock. When TINS &c
ngnd has been supplied ii is not Improbable that the
stock viii lay water-logged upon the market The mar
kc closed unsettled but with prevailing impression
that the rally was not ended. The following table SHOWS
lie
RANCE or TIE MARKET AT THE STOCK EXCHANGE: