New-York tribune., 1886-03-24
oLosLye rRI0Es OF PAlLA DELPAl srO0KS
TUESDAY. March 23-P. NJ.

TUESDAY, March 23-P.
Last evenings conference at the house of Morgan
resulted IN agreement between the representatives OF
the anthracite interest which possesses greater i'm
pOrtsnce than any agreement which they ever before
made Every interest represented and for the first
time the Pennsylvania Railroad Company represented
by president which last year carried 100000 tons
OF coal consented to and bee bound by the terms
adopted. The output for year-froln April i, 1885,
April l. 1Ss7s fixed at 33,500,0O0 TONS ana the d
vision by percentage OF that amount was fixed and
agreed to. The amount fixed for the output
OF tho year is about 100000 tons greater
than tho output for the calendar year OF
1885 John king r president OF the Eric Railroad is
president the conference for the and Joseph
Harris president OF the Lehigh Coal and Navigation
Company is the The output for the month OF
April is fixed OOO, 900 for the remainder OF
year the outpHt aud other details will be settled at
meeting to be hold Monday, March 20. There was
much significance in tho representation Of the Phiade
phia ana Reading Company which disputes many OF the
theories which have been advanced to the effect that
no coal agreement could be made till Mr. Goven's posi-
tion relative the proposed plan OF Readings reor-
gsnzaon ascertaued and by Inference 1t disputes
other reports OF his ability to defeat or delay the com
mlttee's plan Reading was represented at the con-
ference by Mr. Keim. one OF the receivers. ana
we have reason 10 believe that Mr. Gowen knew
OF proposed meeting which had been on the carpet
for six days till o'clock yesterday The Reading
railroad ana tne Goal anu lTon bompShy "iS III 'h"
and the president aud managers have
OF the operations than the owner OF 100
shares OF its stock. The court more than once has
plainly intimated its mpaence at the delay In bringing
the properties into condition to relieve the court OF the
charge All that is ssary to postpone foreclosure
the general mortgages according to the committee
and syndicates plants for Mr. GoweR any else to
pay the past the bonds covered by that
mortgage. That will stay rehabilitation or the
properties a solvent basis exactly as Mr. Governs
plan of three years postponed anu Will add flr
ther burdens 20 company which now runs OVcr
S4,ooOOOO behind meeting first charges every year
Mr. Gowens plan is out. ITS prominent feature Is
that creditors rights that not secondary to
the rights OF prepreterysnip-a doctrine that would
render needless all courts Of bankruptcy. The coal
agreement s made without Mr. Gowen the pres or
Reading being party to it, and perhaps Reading may
be reorganzed only without his consent but despite
his opposition.
The stock market to-day was weak from opening to
close. Even the coal stocks yielded. and Delaware
Lackawanna and Western, which yesterday was
in demand at 128, with no coal agree
ment in sight, to-day, with it made Cal'
though it was generally comprehended), declined
aud closed at l26. The reports rom ths iaDOr
ircted districts than before and their serious
character with the assumed probabilities OF further e1
Tensions "bears advantage In the marx
ing values which they improved to the fullest
extent and with organized opposl-
tion. still it notable that the strikes ID the southwest
and be imminent at the West hat more
effect the properties tUdL
recty than the stocks securities OF the companies
which cannot move freight train. II was the
strike on the Missouri Pacific that marked the
price of New-YUrk and New-Engand down
from 1914 to 81 g. 10 say nothing about the decnues OF
1I4to22 yer cent for Erie Lake Shore, Central and
HnddOn and Canada Southern. The decline are real
no matter how intangible may he the reasons gwen Tor
them. The labor troubles unquestonably are 0i
serious character and the prospect Of their spreading
the railway system OF the country Is Deer tnan
one could With IL was; but their effect has been 50
well discounted tine securities OF properties thal
vet have not affected by them that an opposition
10 the general bearisn procliyltle may be met at an
uuexpected moment The bears now hold the market
The rich bulls take 1t from them at any moment
they please Every hours delay adds 10 the number or
shares to be repurchssed when the scare begins The
market closed weak at the lowest prices.
Government bonds we're quiet but hrm at unchanged