New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-04-04
OFFICIAL REPORT or AMERICAN MINING Board
shLBS-hPRLL 3, 1877.
FIRST BOARD-Il O'CLOCK A. N
TuEsDAY. April 3-P. n.
O'CLOCK A. ".

The buOyancy noted at the close OF yester-
days stock market of but short duration to-day be-
cause in the absence of business and demand posi-
bic probable action OF railroad officials and coal
"baroDs" no longer possesses charms for the public
But the average stock SPECTATOR being behind the age
has to learn that II freights obtained at
20 cents they cannot be at so and GOALS slow OF sae
50 per ton, at - 30 the demand will be still less.
Hence the disappointment which Is experienced after
making large purchases Of stock. that prices Immediately
reeede instead OF advancing. However the past few
days have furnished expect that even the
street after time will reaae the true position Of Affairs
is only q short time since a Pacific Mail statement
appeared which pretended to show that the company
had lately been earning at the rate Of 100000 per
annum or per its stock Of $4,000 00O yet the
price has since declined from about u 49, Yesterday
the Panama Company Issued statement showing nct
earnings the last months equal to - per per
aunum, but TO do so the operating expenses set
down $lG1 0GO while heretofore they have averaged
100000 per annu,n, or 100000 for SIX
months; this to-day supplemented by the
declaration OF a quarterly dividend OF per cent
sales of 500 shares Of stock at l209ll9 the
next sale 800 at So fail Of 40 cent and closing
rs bid and offered Surely preposterous
ments OF officials may yet be at discount, even in Wall
st. II is difficult 10 orete what may be the Of
this sudden decline in the price of Panama. It Is
well known that there are loans in banks on
large quantities OF stock, which, at the
ket price OF the morning, Supposed 10 have
from 20 to 30 per cent margin but which at the bidding
price az the close have deficit Of from ID 10 20 per
Can these loans be protectedi the banks
aud bankers become the Of $1,000 to 10000
shares of Panama Railroad stock at 90 39J ques-
tons which the Street is anxious to have answered.
There rumors anoat in connection with the
decline relative TO privileges 10 deliver Pacific Mad
having been dshOnord but n the absence OF the party
in interest, unable 10 authenticate them. Pa
c1c Mail heavily pressed for sale, declining from
1sii 10 1913, but closing with rally TO lil2
The general market opened about i cent above
Yesterdays last prices but soon yielded TO the large
quantities OF stock pushed for sale. The trunk line
shares however, subject to the same Influences as
yesterday and the positive assertion that Mr. Gar
rett in town. rallied 70 the morning prices bun
again fell I'll, and closed about midway between the
highest and lowest prices Central and Hudson opened
nj 9llo and sold at 9OisJl 9Sp75 090s5 Lake Shore
moved between AKA lG3s0474 6460IG5s. Michigan
Central - 1878 81 031 q 12, and Erie, on safes
Of only 400 shares from j40j2 or the Changers, Cn
caGo, Burlington and Quincy was conspicuous ior
while the others were weak. ST. Paul preferred
declined from 46 to 44as, closing at 40. the
cS%SR was sT ga held at but but the S pecfd
declined FROM 1875 70 ISL with final sales al 49, Rock
1IaG20iIlo Western UuOn active and huctuatlnS
between 5sl2G J65e and IA We learn that the " rate
committee" If The company has decided to meet me lt
reduction OF the Atlantic and Pacific Telegraph by re-
duc'ng rates 20 all points covered y the latter com
paRy 10 the same prices. Ihe expresses were agSm
lower, Adams selling at lOo4@5S' ana American at 90
51l2.
The sales at the last call Of the Open Board 81 M
were rs follows: 100 Central and Hudson. OO@i 6Vo
Ere, 55s4J2: LOO Lake shore, i64 gl62 go Silch
gan Central, 374; 100 Rock leland, 2oA iOO Sortn-
4lAG4fGs 200 Ohio and Mississippi 3'. LOO DelaS
ware. iackaW anna and Western. $50; 900 DelaWhfe
and Hudson, 4,7s; 800 Western Union, 57b, and lOl
Pacific Mail, lils.
EAEGE on rnE MARKET At THE STOCK EXCHANGE