New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-12-13

- ejaculation that il is Inexpensive to current
.r.Dts A small decline in prices follows tho
slightest favorable symptom, while all events cal
oriotsd IN depress stock values are sure to be
.rcceeded if not by actual advance, at least by
Nou,,rl,obIe -firmness These facts simply demon
,rate that the stock market is in an unnatural con-
6ition and that the bulk of speculative stocks
ia in the hands of so wealthy operators that while
on damaging reports they come TO the sup
nort of prices on favorable reports they embrace
the opportunity to sell out all stocks that are
wanted The numerous mercantile failures an
nounced at the West, under ordinary conditions
would almost create panic in western rallroad
stocks but instead, they are the stimulauts to
greater expenditures of force in sustaining prices
at the Stock Exchange. How long this may con-
tinue to be the case 1t is difficult to determine
Nevertheless it may be well for those who are now
unInterested in Western stocks, but who are
tempted to buy because Of the reported gains IN
earnings Of the railroads compared with period oil
last year when the unusual mud DOCK
AIDE made travel and shipments almost i'm
possibic) to consider whether those failures
are not the shadows of coming events. The Minne-
sofa farmer who hauls a ton of wheat hiteen OF
twenty miles and then obtains only ~ TO S44 lor
his load receives only a small remuneration lot MS
labor and one which leaves little or no margin Tor
purchases of dry goods, etc, to say nothing ABOUT
the payment of debts already incurred. But he mas
received lesson in political economy which pre-
pares him to enter vigorous protest against paving
freight charges to railroads that admit of the pay
ment of dividends on stocks when the
bonded debts of such railroads represent greater
capital than ever was honestly invested III their
propertes The railroad contractor who to-day
could obtain contract to duplicate the properties
and roads of the Chicago and Northwest ana the
Chicago. Milwaukee and st. Paul Railroad Compa-
MES for a sum in cash equal TO their bonded debts
Immediately would be regarded as prospective
millionaire Yet these companies pretend that
thev earn dividends on their stocks over ana ABOVE
the payment of interest on bQhoed "ep1 giea,rI
than the entire cost of their properties Inc very
excellence Of their reports, which sustain NaIueS III
the Stock Exchange, Is food for the reVNIug
granger element at the West
Disguise it as we may the fact stands boldly ont
that there has been no liquidation OF Talfoad d"OtS
1ga no FTd5 Se Sefanmg and rcor%anzad
railroads have not Equdated; central OF
New-Jersev, Ene Wabash and other com con,
panies start on their new careers WIN
greater debts per mile of road than those under
which they failed; while those companies winch
have not defauted have been sustained TO large
extent by credits based upon combinations, pools
OF other expedients. whose employment should nave
been considered a confession OF weakness WIN
gerry few exceptions, the railroads winch have con
tinued pay the interest on their debts ana diyl-
dcnds upon their stocks, owe more money per me
of track, as well as Ter mile of road than thcy
did before the pane OF 1915 me conin3SIte |
and agriculture of the country suffers, ana Is !
depressed the taxes Imposed DN the
"a legacy of the rebeihon-almost beyond eh"ni- /
auce But even these excessive taxes scarcely /
equal those laid upon the people Tor the pur- !
pose of sustaining the inflated value OF "a. |
road properties. Il is because OF thus |
that we see appeals made to the National
Legislature for protection, and that a bH passes |
the House of Representatives to regulate IN
ter-Staie transportation by the railroads. This blI
If II should become a law, would be as imperative |
as the laws OF the StateS II 10 one shOuu lahc INC
trouble to enforce 1t.
There is no necessity for National law, even fit
is constitutional. The existing laws ot most oi the
States and particularly OF The stale OF NGW-lGrk,
ample the But while thr Board OF |
Trade and transportation, a body, talks !
and passes resolutions, no member or ON !
Ger OF that association can md time 10 % /
before the Grand Jury and make complaint |
under the conspiracy laws Of this state, winch /
are peculiarly adapted to meet the OF Sombna-
tons and determinations in rates If the mrr- |
chants OF tins city are earnest, their sp 'eches |
should be made before the cOurtsand not 70 Que am
other.
The stock speculation to-day was tanner, and re-
suItedn lower prices iOT The majority OF stocks |
The dealings dwludled to 100000 shares, of which |
the coal STOCKS mOnOpOized over $4,000 shares |
Delaware, Lackawanna and Western al hrst eXhii,-
tied ialr degree OF HI,hhess az between - az 10
C04312 bat later sold down to 42ls and rallied 10 |
427s Morris ami Essex declined from 75l2 10 I4ls,
bnr ended at 747s. Delaware and Hudson sold at |
87$4G37d37l2, aud Central OF New-JeiSey at Z9l4@ |
2Sl2029. o. the grangers" the otPaulo were lo"eT'
but tue Northwest stocks were stealy "ltih snldu |
fluctuations The decline Of l per cent IA ~ IauI |
common, and OF Is per cent IN St. Paui preferred |
following the handsome increase III earnings re- !
Dorfed YESTERDAY illustrates point IN TIC market
alreadv referred TO- The dealings IN tue North !
western share, without marked features unless
IL was Jne determined support gwen TO me common
stock at IL al because of this support desire to
cover short sales earned the prCe 10 4I's ~ the
close Lake Shore was steady " thin range OF A |
Ger cent the extremes beng 6S6s and 0o's. Every |
one Is certain that this stock y to pay "a per |
cent dividend for the current SIX months, ana |
geeuAugly every one VINO wants Il because OF that !
has taken in his supply. II the dividend should |
chance 10 be only 2 or 2l2 per cent, there Will |
be a good deal of disappointment, and II II |
should be per cent, Its present price, |
for a stock which has paid only q per cent |
In eighteen months, may not be inviting to thO-e !
who nave not already invested. Michigan Genital, |
the dividend on winch, If any, was due December |
l. decuned 20 G7l2 and closed at that figure. The |
Investment Western iIst dull with lew or 10 |
Transactions Wabash sold at 2l5IU2looG22 |
221s; ohio and Mississippi steady, ana Kansas !
CITY and Northern up to 70.
Western Union furnished another example Of the !
uuter movements OF the present market. Despite |
the good report Of Yesterday, the stock to- !
day declined from 94l2 10 "a, and closed at |
OILS. Inc Governing Committee to-day or |
derod that the quotations tor SutrO Iun- |
mel hereafter snUuid be dollars aud cents |
per share, instead Of by percentages as heretofore
Inc mares are $40 each, tuaJ to-day quotation
Of 4Q4aS04 ls044 Is equivalent 10 yesterdays !
asking pIIce OF 81 20, OF Il per cent, Is 1t was |
quoted
The market closed dull and irregular
RANCE or STOCK HAaSEt
lsrp. rtsd By ne God and stock ZslsgTaph Company
Actual Safes CIOsing Bus sharos |
Op's HIgn't Low'L Final BID. Asked sold