New-York tribune., 1879-03-25
=, c,,,1.ao p. x.-Continued,
MoNnAr. March Or. NJ.

while The Eaginssring and Mining Journal believes
~ .bo demand for coal in 1879 will be equal to
.Lo snnplylt takes a very dolefu view OF the imme-
5;oto situation. In its last Saturdays review OF
the anthracite coal trade it said;
The coal trade was never in so demoralized n con-
a;tiop As nj present. while at the same time II never
ssossed stronger elements for good ana prOntapIe
b1siness All acknowledge that the present prices
ore rlnous and that they cannot aSt bat %etno one
ees TO realize what rs TO be the outcome OF Inc Crisis
bt,nrst soon arrive. There is not the first indication
of an arrangement among the companies to control
tbe trade Nor could any comhination be OF bene-
it, as has been abundantly proved again and again again
In the past five years. In iact tne war Is DtcouIe
so fierce that the prospects OF harmonious aCcOIu-
not comblnatiou-appea TO be lesscning each day
II is so easy 10 carry on war with Other peOpies
none II is impossible to quote prices
as tbey are very irregular; but they are IN many
cases tuly lOc per ton under those realized at Inc
nelawarr and Hudson Canal COmp1nys auction
sale and appear to have further tendency down.
ward In fact, they are lower now than ever
before in the history of the trade. should an
improvemeut not set IN, the hnauclal heceSS-
ties of the companies NAV become so great as
10 force some Of them into the hands OF receivers IN
tvbch cas-. the situation would he even worse than
il nov is for those that think they are strong. ne
Iehigh Valley Railroad Company has maGe q iuf-
ther reduction Of II cents per ton ~ tolls, ana the
Philadelphia and Reading Railroad Company mas
announced that its tolls from the mlucS VIII De ohI
50 per cent of the selling price at Port Richmond
The Delaware and Hudson Canal Company. ana the
delaware Lackawanna and Western Railroad Com
panv have opened retail yards n Boston, 10 COM
pete with the Philadelphia and Reading Coal ana
Iron Company. and ii Is SAID that prices have been
reduced 81 30 per ton. This has had very deinor-
alzInQ effect upOn the trade. lt is also sald t!la'
the Reading Company is Offering to contract lot iu-
ture delivery at something ike current prices.
We fail 10 perceive what 1t IS that The Journal
would have the companies do. Ii deprecates com
binaions and admits chat the history of FIVE years
proves them TO have been futile the alternative OF
unrestricted output and free competition is now be-
ing tried with q result that the product from jan
nary to March - this year was 3,SG2, 734 tons,
against . 42G214 tons IN 1S7S-iucrease, ,442,j5O
tons, or about 55 per cent-and great reduction in
price l. it not possible that the capacity Of the
country 20 consume is Overestimated by The Jour
nal? The price OF coal would seem 20 indicate that
il was Because it is clear that when the conSump-
ton OF coal rises to an equality with the capacity
Of the companies to produce. the coal problem VIII
be solved. and we shall hear no more
about combinations or other devices to help the
trade But i'm the meantime it may be true that
free competition compares with combinations for
the Goa! compa les as rapid and slow consumption
compare in the human system. An excessive capi-
tai. handicapped with enormous debts orheavy
al liabilities, is a disease for which It is difficult to
find remedy.
The stoco market TODAY presented no new fea-
lures. lie opening was weak and SO was the tone
all dav although relieved by partial recovery in
prices iv,t before the close whlch was said to be
because Of easier rates for money But these
easier rates for money were without significance,
being brought about by lie efforts Of every one 10
supply Themselves with necessary funds early in
the dav. which. beng accomplished soon after
o'clock az : per cent. left the field 10 the oticrcrs
10 loan small balances. The hrwrst stock on
the list WAS Northwest common winch alter 4e-
cning from - ~ Jil2 rallied 20 35o-q % H.
while the preferred stock sold at Nl|s0 S"'e9 NlI2
81. Paul common also was only less Hrm, selling at
3Sii&373ia3S, the preferred selling at
SI7s4SIls0- 0-13+. The Stiffness of tie ST. Paul
stock, IS acruuted for by tue expectation tnat the
earnings for the third week of Marcn-tAe report ot
which Is d1" to-morToW-WjlI Shp" gam Over over me
same WccS uf l-I~. II Is likely that tlls cNprct3-
tlon viii u3; be disappointed because the earnings
for the third week of March, 1879 were only Tl37-
600 against S1G2 600 for q" first week. - io,ouo
for the =. second week. and $4,000 for the fourth
week Of the same month ,
The trunk line shares al were heavy, Erie declln-
ing to 13I,u 23Ai Lake SIOr- to GS'sa 69Ii, hlcu-
gan Central TO e2L'G S2at canada HOutH-
eru to 59li, and Central ana Hudson TO
1I2a112l4. Wabash, after selling from 20 down
20 1912. rallied to 203s The points to buy
thi, stock nearly plenty rs were those TO DuI
michigan Central al 80. but IN tAe meantime The
company Is gradually beng drawn Wtimn the
meshes of the law, the Circuit Court at COymgtOn
to-day having granted an order 10 examine Inc
officers Of the company and for an MslcO tIo<
Of It's books. Union Pacific ~ one time eX-
later sold az 7OaG034. or the coal stocks.
Central ot New-Jersey was particularly weak sell
iug frJla 3IIi 10 3J7. and closing at 36l4. Deia-
ware LackaWauna and Western sod at 3G4043'5
a 4j5- and ID llware and Hudson az 39o'a 81.
Western DHOu was steady at lO3"sG lV-oSa io",
Atlantic and Pacific selling at 30 y. racine Mdli
was better aI 1873, on belief that the IdHanla
Railroad Company viii grant The steamship con-
pauy further extension OF time before proceeding
The narket closed weak at the late rally in prices.
RANCE Or THE NARNEE
ASrsy5ltsa u u,e GOd GDd stoss Isiefr11h C)np1nA