New-York tribune., 1886-02-24
cLosIv0 pRlOss OF PafLtD gLPafA sr0gyS
TrTsDAY. Feb. 23-r. v.

TrrsDAy. Feb 23-r ".
There has been written recently good deal OF nom
ahOu; the danger of combination In the anihia
cite coal trade that would burden all other in
duStrits IL the Morgan syndicate succeeded In its
scheme of placing tie Philadelphia and Reading E.i
road Company upon solvent Dasts By reducing lis hrst
charges below It's lie; earnings for period OF
years past The logic OF all this Kind Of rcasonng-if
there IL either logic In the theory is that the
other Industries OF the country cannot live unless one or
more OF the anth companies In insoven;
condition TO ne all the time neey and ready TO give
81 Of value for 80 cents Of remuneration Bu there
Is authority and never has been any
for believing that the syndicate In.
tended TO accomplish any such thing as
recently has been alleged. The little Pennsylvania
Coal Company, which not dollar aud which has
large surplus invested at d42 cent, With ts little
output OF less than 100000 tons per year, while
powercss TO prevent disastrous prices Is apuwerfnl In
preventing exOrbint prices. That company II 1t nets
80 per ton on Its coal. has something like 100000
year divide among its stockholders In addition to its
from investments, while that rate Of profit will
hardly pay the first charges OF Of the large COM
panics Besides that the host OF private miners are
willing and anxious to mine &c fair return for their
operations The theory OF control however was used
to advance the price OF Delaware, Lackawanna and
Western stock to above 3j The clique sold out and no
had they done so than 1t was alleged
that Mr. Gowen had been successful In defeating the
Reading for another Indefinite period to remain in
the pale OF insolvency. and down goes Delaware hcka
wanna and Western stock below l25, just II went
to Il when the same specuators were talking demor
alzation in the for the Whole OF 1856
When the Delaware and Hudson report made some
time ago pointed out tnat that company had fewer
tons coal on hand OF 1855 than at the end
OF 1884. To-day print the bdance-shcet OF the
Delaware, LacSawanna and Western OF December 81
1885, by which 1t appears that the value tons not
given of coal hand at that time was S7GGl33 against
81 100 495 on December 81. 1884 doth reports say
"less than market value" against the ng-
uresl-a decrease OF S33i,360 These two instances
fully illustrate the character CT the loud talk about
much coal and the cutting in prices thus so openly
prOclaimed. The stock was then purchased by the
clique they advanced Its price and sold out on hcton
aud now are again depressing 1t. That Ia the two
months history date OF the speculation in coal stocks
We do not thinK Della ware, LacEawanna and western
under any circumstance other than corner in the
stock should have been sold up to the price II reached
have constantly referred TO IT since II passed l3o ~
a menace ~ the general market. II now has broken
IL per aud ;nc strength OF the general market
has been proved by its steLdincss under such heavy
blow such general declues have occurred and they
are small. moro due 10 failure OF tho
tIausconunenth lines TO form pool and TO tho
sensational story that big hght was Impending from
the Atlantic the Pacific. Union PlclEe. Northern
Pacific and Pacific Mai! ofcourso wcro directly affected
10y the cutting OF passenger fares and freight rates west
Missouri and their prices have accordingly
But the general lost it, little 10y frigh cuing
away OF buyers rather tLan By scarns holders Into sell
and short sales OF the general ls made IN ahtclp
ton OF the break the coal stocks aud IN the Pdcihcs
slocks current figures show very little prohi, AMI
may prove costly covered To-day the coal stocks
opened heavy. the general list dull aud steady.
Delaware, Lackawanna ana western opcnrd down
Z per cent at l9lia and rose to l2-r. and
closed at 1851 with SAFES 0i 10000 sharce or more
than uf the days whole business Ia shares The
market generally dull HEd prices were Inclined 10
harcu 50 AT the end majority of stocks showed better
figures than at the close on saturday aud hrin tone
There IL much NY -tery about the y, Tsuns WHO nav"
come To the aid Mr.. GOwcu ami enabled him IL pur
chase The Vanderbilt Reading sLates-ior that Il all
there any evidence OF having been done on that side
In tho "bg nglt talked so much about. Stranger
thing. have happened than would b" times development
that the capitalists who furnished the money wcr" the
cliaue IN Delaware latckaNanua and Western stock
Government bOLds were ouly moderately active but
were strong BIDS were aivtrced D. for the y aud il2
and a for the H. Annexed the closing quotations