New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-05-22
...,,, REPORT or AMERTCAY MINING BOARD
CfIl.--
rRsr poApD-l1 O'CLOCK A. NJ,
MONDAY, May 21-P. NJ.


TIE stock market to-day one Of succeeding
,.rs,iions. the first of which, caused or assigned
. tbe brilliant reports of Western roads and
-. alleged pooling OF earnings by the trunk lines
.b;tjted itself in q roaring and rampant specula-
a., AZ orIcc9 averaging more than one per cent
,hore The closing ON Saturday. For instance, Michi
-. Central was as against 40; Northwest, 2il2
s,,iu,t 28 Preferred. 5O7s against 1914; ST. Paul
o,is against 19ls; Preferred, OBS against JOos
ri island 9J7s against 947s: Lake Shore, j3l2
a,sips. 53. and Central and Hudson, 94ll against
osa 10 could not be expected that these
,r,e. could be long maintained without re-
s-tiop and they were not, so at the close
tb,y had been reduced from IS TO 25s per cent
a. follows: Michigan Central sold at 43 to 43's.
Ngrth-W,stcrn al 227sG2 33,, preferred at 1920
rol4 ST. Paul at 19l4a19l2. preferred at 1850
s0ls Roc, Island at 9ll2a9i&i, Lake Shore al
r2I.. and Central and Hudson at 93li a93l2 which
LAST prices. with the three exceptions, were lower
than ou saturday night.
The coal stocks opened heavy and declined to l17s
f,r Delaware, Lackawamna and Western 1874 for
Delaware and Hudson, and Gs for Morris and Essex,
and then ducjuatcd within a range of about per
cent til il was reported direct from the coal meet
iag that an agreement had been made TO suspend
mining from June > to July .. This rcport-and
viii the Law Committee of the stock Exchange
rIra.c make auote of 10 ?-occa~ioncd sharp ana
r,p,d advance. carrying Delaware, Lackawanna ana
Western from Ilal TO -. Delaware and Hudson
fom IS 20 39l2. and Morris and Essex from G>ls to
TO- WHY even if true, the report should have done
81. +, probably beyond human ken. Because these
companies have but one way Of relief from their
,rr>rut cnhaIrassmonts, and that through the sale
o. rh,.r a-,ets--coaL II they stop m.niug-it does
not stop expenses even at the mines and there Is
r.p.auarfrty Of the large salaries being suspended
Will, .b. interest and rental accounts VIII continue
I. wuIa seven days "a week. Nevertheless II dld,
although these extreme prices were not long main
famed and Delaware Lackawana and Western
closed 40 +27s Delaware and Hudson al 3oti, ana
Morn, and Essex at 90. But the report WAS not
t-1e Im TRIBUNE was strictly correct I'M
stating chat Nh Gowen had cabled POSI-
I've and emphatic refusal 10 thc H"p3sii."''
but ~ seems that he sent second one
Late 1U saturday, asking that the ne I'm" SHouid
r.stp0uc action ui his letter containing hIS views
+ slI I,Jc. them. which last telegram was submitted
l. tlc meeting to-day. W hat those views arc. it-
I.eua.ru- the energetic manner H WhCH DE mig
conducted Che hu~lucs, IF mining and selling coal
during the past iour months, may oe edS\ sNe','''.
but ihe farce was continued hF thc Offering ~ "a
resolution. ln view Ol thc large amount OF Goa on
hand" Sc. mining shall bc suspended nom Juuc
1TfoJulv ID ucNt. 1uI, was passed, subject t0 Ml.
Gagcri, approval without the votes of tlc Ptuu>lI
Yuia Coal and Central of Ncw-J er,cy companies
Western JuUl again to-day failed 10 >fuIHimI'
j., opening price, closing al COS, alter selling at
ola Oi jlc expresses, American continued io de-
cline. selling down 90 and closing 40 io.
iHr sales 90 the last call-3:lJ p. ll.-f the open
Board were: 200 Central and Hudson 9&3-; SOP
Lake Shore, J-I34J-'s; 100 Michigan Genial,
t5.-: 100 Eur U5, 100 Rock Island, 9i's LOG
S. l.a, l9i2 800 Dcl4Mare, La knwoua and
Western. i27, i2ai; 200 Western Union C-44 ANA
5000 gold IU5@G.
r,Ncl on rnt N,rNEr AT THE STOCK EIcuANrF.
s.