New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-10-03

II has been generally understood that the Recon,
struction Committee of the New-lork, Lake Enc ana
Western Railway Company; consistingoiSir idWaId
William Watkin. Thomas Wide fowc'i ana Johh
Wesley. held the absolute control of inc company.
through their power To vote upon oDe-hat OF the
total amount of common and preferred stock Is
sued + therefore,. II was "a surprise TO learn
that the directors Dy me p"S bGGers Of
All the corpanvS bonds 10 vote at an annual cleo
ton for directors. The authority for TINS act Is
found n Article - of the agreement Tor the fore
closure and reconstruction of the Ere Railway
Company. which reads rs follows: Ire celuhcate
or articles of incorporation s"aN also contain
proper provision, Tor the voting the part of the
holders of bonds of the new corpcration and hold
eFs of the said hr>; consolidated sterling loan ami
other bonds of the Ere Railway Company
Also in Article & of the certificate of the in
corporation of the New-Nork, Lake Erie
aad Western Railway Comp,ny. flied with
the bonds of the Erie Railway Company the conl-
paay forc,0~e.l and also holders of the bonds #
the corporation hereby ORGANIZED shall have me
night of v"tlns at All elections Tor directors OF me
COMPANY and at al general mcetiuvs of Ms stock
holder, and snail be entitled To on, vote tor each
500 IN nominal value of the bonds helc lev them
respectively 40 date thirty DAVIS previous "a such
election or general meeting. The terms OF he con-
tract and Of the articles of ncorngrltion of the
company seem 10 hc sufficiently explicit 90 remove
ali doubts as 10 the legality OF thr action ol the
directors IN passing the bylaw referred Ia.
Yet n Is amazing tLat TINS lnloilt
Railway Coinnlny should have been lost sight OF,
impression have prey alltf Gthci;iilN ihat
the whole 2lttf rested lr!cNucSpif ta enc recon
truction tul-ec. A. the -tlnt~. ami - cu:'-
s.dcratlon Or the tat That th- total Heni o.
the tuc Railway COMPANY amounts To over
c7o. 600 OOu. sr empowering oi Inc Reconstruction
Commit fn vote upon onc-ht OF fine stock "i i'r
oo,nyy * ltfl. else than "a farce Inc new ,.rye.-
opincut Gives Inc junior bonds and stock of thc
company "a value that has not been generally sup
posed 90 exist that is. voting qualhc9uon. Inc
possession oi certain quantity OF lae bones ara
stock oi the company renders the power oil thc lie
Cou>iruc lon committee hu-Alu-A.
The foregoing statements are sufficient to explain
the new interest that was shoan today IN tLe
speculation in Fries stock AID bonds. The whole
market Tor stocks was active and higher. l5ut ont
of the total transactions. amounting 10 46S.oUO
shares. ll0.1O0 shares were IN Ene conmon
stock, al prices raneing from 80 10 3"l20
Sos. against 3i'e, laSt niehi> maj hsnre.
5Qi. ycstcidtN'> last price. The GlangerS continue
active and strong. and although not closing ~ me
extreme mgIeS; prices OF the uHr. SHOW material
advances. 90, follows: Chicago. -. fa1i and Mime
apoiis. = jhicaCoan Northwestern common 4,
and II. Paul common g per cent, -;
- PER cent Lake Shore ard Michigan
Central opened at an advance ~ y and Is per
cent respectively. hut IN hnal sales Lake shore
shows "a decline of d per cent, ana Mlcugan Ten
1Ial gain ol = pei cent, tlc tfaDrr,ona ga hpih
being comparatively SMALL The Alton ana lcirt
Hautc STOCKS were again marked features Of the
day S business. the common rising 90 and closing
al 1884, ana the preferred advant ing ia per
cent to 81 and closing at 81. lac remainder oil the
general Inst oi railway stocks 'AUiollf" Ilil'c
in tc way a. fluctuations or amount of transactions
thar calls for comment. Suffice a 10 say that gen
e,.lV the closing prices show fractional advance
ABOVE Those 90 last night.
A coal combination has been formed. bat without
fe signature, oft the lehleh Valley interest and tic
PENNSYLVANIA Railroad Company. The prinlpal
features of this new agreement VIII te iouud dc,
Scrihel elsewhere. The agreement Is loose ana
without biudIug force. even II TIE signatures now
wanting shall be- finally secured. and 10 Is not nc-
re.>lrV a. c,huent upon article, thtt seem ID nave
been drawn mp more for ,h''t upon the
Stock Exchange than for the purpose OF securing
any benefit 81 tine coal companies Yet. under tie
influence cf ihe report that suc au agreement lad
been made. Delaware. Lacha"a1ra and western
advanced G5- per cent 10 -, or - per
ccnr higher tAan 30 sold during 1873
under q genuine combination. Delaware ana
Hudson advanced ~ peI ceuf 60 Ot'4, aea INST
5g7- its highest price ia ISIS AND Central ~ New
Jersey ro~c i per cent 90 90. against i1Ii, ITS
highest piicc iu l~7S; while Morris and Essex.
which L. virtually "a urr cent nj of the Drii-
ware. Iackawanua and Western Company. attcr
scllln. up 90 80 l.. closed at 81 Il. gam ~ q per
cent Th, stock in 1875 oil not sell above
- Western Union continued 70 drag, de
cnng To 95li 93l2, while Pacidc Mall was par.
ticulariy strong advancing = pei cent 10 81 p ana
closing al the highest price, on the report thdl IL
had paid tine 5000. 900 iu-talmcnt lu~t duc ON is
debt 10 The Panama Company. The tdc' ppcaIs 10
be that 10 scIaped mp what 10 could from rs agents
for tins pa.mcnt aud borrowed the rest from
heavy bull operator In the stock. he express stocks
were dealt 900 TO about the usual extent and At firm
figures Maryland Coal stock was strong rising TO
22la0 22t~. The mining stocks were du4I ana gen
orally steady.
The market closed excited and bUoyant.
aANsE 0f the -fOrH MNtNff
~ oI'sd ~ ne Gof aHG >tort ''0t'' fo'tDaHv
Actual sales. losing ,....