New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-05-12
FRIDAY. MAY lip. ".

To-day it is given ont that the object OF the
congress Of trunk line managers now holding sessions IN
this city devise the OF pooling their earnings on
competitive business II anything was needed TO show
the stIaoned circumstances 10 which these companies
are reduced this facif fact 1t beshoud be the con-
yncing proof The idea OF pooling the earnings OF rail-
ways with termini at Boston, New-York, Phi adelpha,
and Baltimore is OF such a character that the SIMPLE
statement demonstrates its absurdity. Again. the
recent decision Of Court OF Appeals, from which
THE TRIBUNE lately quoted and the laws OF this state
relating to combinations to control production
traffic, and prices, render such contract OF
no value, if it does not render the par
ties to it liable TO criminal prosecution.
What tho companies want is business, aud
enough Of it, When that exists to such extent that
the lake and canal bOamen cannot for six months OF the
year regulate tue rate for transportation the public and
the stock Exchange will cease to be disturbed by the IRE
quent meetings Of railroad presidents to regulate that
which depends entirely on the law OF supply and do
mand. At time of writing the congress is still IN SEES
sion, without pronounced result.
Another important meeting held to-day. that OF
the directors OF the Pennsylvania Coal Company what
action was taken beyond clothing It's executive ocsfs
with iul powers to they deem for the best interest
OF the company not stated but enough Is known to
indicate that in the future there will exist bltter
competition in the coal trade which viii be OF
benefit % the consumers of coal, whatever may
be the result 10 some OF the weaker com
panes. The Pennsylvania Company, which Is rich
ia cash assesnOt in securities the worth OF which de-
ponds upon the value its ndoTsement-has here
toore inclined press its production ON the
market. But lately seeing that the Reading and other
companies were steadily supplying market which
before had been almost exclusively its Own, II has be-
come rcstyc and may in time show It's own power as
competitor NJ low prices.
The opening of the stock market to-day was
brilliant beyond comparison. and prices danced
upward with vitality seldom witnessed The Tel
egraph Western Union) fully charged with cleo
tricy led the way advance from 1914 to $50, fol
lowed by Central and Hudson from 9ls to 9jas. Lake
Shore from $50. to 54l Michigan Central from i47s 10
iGls Rock Island from 93as 20 1875, Northwestern
from 205s-last evrnins-tO 2l4, and preferred
from 20 10 467s. The 81. Pauls behaved badly tho
common refusing to go above 1913 aud the preferred
only touching 1873 The coal stocks were also oi- and
pcr,s'any declined much totLe disgust oi thcI friends
who attempted to bring them into the traces Of rising
market. Delaware, Llclawanna and western op.irc at
Asa. declined tn 40, and aIt"f Thi} !" .Ll,e 20
72l20725s, and Delaware and Hudson nom ~ ID
al Later on the whole market became tired,
and win few exceptions hnIny e!p.,u tV i,,.
than the opening prices In TINS respect Wci' cou'Il
Central aud Hudson, which fell ID rs @yi Lake
shore to J3 Michigan Central 70 ii2G ~ ., - lau 10
ISL ITefered 10 4ss, and Rock Island 10 HJ@ 80.
Western Union IN wlicn there large business done
$4,000 shaIes), only declined "a 81 -, whle IalHr MALI
which opred Al y =, declined g. 2p33 NJ tc end The
days work aggregated -J3lSn 5hteS-a lh"C" A'e"'''
number than iUi ncscIol lays past. 81, .
Ins sales al the last cal-5:lJ p m,-U uie OPrh
Board were 200 Central and Hudson, 9t5 2DO Eie.
100 Lake SHORE j3i; 100 Michigan Central l4'si 100
Rock Island, or 300 81 Paul preferred, l91; 100
North Western preferred. 4J8 100 ONO und Mississippi
J3, 1000 Delaware LuckawuuHa ana We lcili, -
roo Western Union. CAS- 200 Pacific Mail 2Oi2e@OiS'
aaSGE or fnE aARKEr AT THE STOCK EXCHANGE.