New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-12
:, ,ho results of the coal combination, and re-

Of the results of the coal combination and re-
marks: .uv Given p,sce to
ooaration IN the mines, the planes, anu a. o
shos ' The hall in mining usual nj tins season Oh .ne
psrob Int inst now there Is double purpose 10 ~ coal IN
ing "a Contemplated by The coal eomh9at on
The trade Is quite S" n amt a. could
aIr,rea but the arrangements maoe anu ~e,r
pg by she forWard naimoniousy and steaeiy ana
ar ar ems no at present 70 donoa sn NO f,,y
entertained 'S' no, Ikey thai coal production win be IN
r oreraon throughout all the eoai Tere ia
ac1Ne sin or close Of tho first Spring montp sd
the mno ,ha, The eom,ctition in the trade VIII eAno
y, emitting under in prices ,n roa having be-
win ne mat any excess of coal more tnan me
artet win take can lie mere ehealiy anu te Nearyes
maj cayrled in the ground than IN piles Oh '"e
'O,,s al veil FOR ths miners who, owning their
lines free from all membranes, realize al e"e
H'n.o Co., o,ther alarce OF small output but
IN Tho large companies having immense n's'
- IN the shane of interest ON large uo"'s VI
.,':.,,4 rontals for leased railroads 10 pay 'he
ooso - different With them the "nio""' y.
,o,nsoo ia rs important as IS inc pI'cc VI
ooal The president OF one Oh tne
,oo5o, companies expressed the whole truth AZ one
coal meetings when he in effect said But
-. ore oneratng several railroads, as well rs min-
A.. a,1 selling coal and il we fail to furnish orr
s.ad rsilroads with coal tonnage we ace as badly
90 os II we mine and sell coal at a loss" This pre-
sents the whole problem in nutshell
II the Central Railroad of New-Jersey and the
pulodelpha and Reading Railroad had remained
s,nu, railroad corporations instead of baying coal
lands with which to supply themselves with traihc,
:, ,s pr,bable that the first named company would
never have bonded its road for greater amount
soro 600 nor mile than it can ever expect 10 earn
md
hoen plaeed in receivers hands also
tbot philadelphia ana Reading would not now be
Kent from tie receiver only through the lenency
Of its bondholders in extending the time for the
pavmcnt of their coupons. II the Delaware
and Hudson and the Delaware Lackawanna
and Western Companie3 had been content
to be coal miners, and depended upOa the
natural competitItion of railways TO get their
produet TO market at the lowest rates, instead OF
being ambitious TO own OF operate railways, they
eoud now afford to mine only such quantity OF coal
as would paw profit. IL the tonnage had been
light the competition by the railways TO secure IL
vould have resulted TO the benefit of the compa-
mics in cheap rates. But ali these things whlch
done, and the stockholders are compelled TO
face The actual present condition OF the COM
uauics including the imitation OF values rep
resented by the stocks, and the purchasing
be needed for forty or fifty years. with these large
companies It is not question whether or not DIV
reducing The output Of coal trey can get the price
mn TO n point which will pay them 80 cents or III
Der ton profit. but whether or not they can earn
Sufficient sum to pay their first charges baf,a-
dollar a ton profit 100000 tons TO the Dola,
ware Iackawanna and Western Company VIII
scarcely suffice 10 make good the annual dencleDcy
on IFS leased line the Morris and Essex Railway.
Yet this quanty is fall average tonnage LOT the
company.
Tie stock market, to-day, proved more active. as
Indicated by recorded transactions OF VI 700 shares
Yet thus was accomplished by no little use or the
"lauudryr and at the expense Of q general but I'M
jmportani decline in prices The stock market at
present presents only one party, ana that party
does not exist. Therefore, the slight decline III
prices to-day, followed by partial re-
cOyery has 40 more 6lgnliIcance IMAM II,
as on other days. prices hgd been marked
up ] per cent. Central and Hodson with an III,
creased business, declined 10 1854, Iallyln2 ana
closing at lOi1I. Lake shore IOse from 0ll4 TO
Gl5s and then fell 10 Co.'s and closed NJ 1I'l
Michigan Central sold at GO0sQOOli, ana Erie
at 9lsa9lt. The Northwest stocks were active ana
fucuaiug, the common selling at IS i2e i'SfG,i'5 9
a333i, aud the preferred ~ OoGJS SEQ i@~oO'9
The III. Iauls first lower, and lateI recovered
the common selling at $3.50 3GJoa 50"i aud inc
preferred at GS3sl5 lsa OSl2. h0ck Island sold at
5s3,48s3sa gSl9. ONO and Mississippi WAS weak
CT al olsG79l, and PttsbuTg declined 10 40
The coal shares were all lower, Delaware Lacka-
wanna and Western selling down TO 1s|@4SSs Deia-
ware and Hudson to zGUSOat MOTHS aut tsseX 10
72lo and Central of NeW-JeTsey TO 1850 l634
Western Union, with sales o. II 900 shares, deciIned
10 7J5sQ 703l. Adams Express was lower, at lOZ;
Wells, Fargo & Co. higher at S0GS4's, ana NE
other express stocks were steady. The market
closed duh az The recovery III Prices
RANGE Or rHE STOCK sARRET
-Acfva Ga Closing Ia. shares