The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-05-21

Lake shore. 741 ~ Qncksiivcr..-', i4,i Is
MI !, G e n *; Ks rs i4s$ SSSSI. lr ~ IS
The stock marker wts active ior tho leading
fancies. except ST. Paul: New Jersey Central re-
cniying exceptional attention. Del. J.. and W..
Wabash. Lake Shore. and Erie wero also con
suicuOus in the dealings. Prices wore nuctunt-
ing and irregular; Western Union Tel; further
advanced. hut the raiways weakened toward
tlr close. Chesapeake and Ohio. among tho
Lighter fnncics, continued TO attract consider
able interest and ut the second board there was
business of some moment in Marietta md Gin
Mt buoynnt prices Tor western Union Tcl. At
nntic and Pacific Tel, and c.. G.. g. md Ind.
Inc more important changes for the day were:
A,ddyanncGJ9-Ct G., G. and Ind, ~; Kansas Pq-
and Pacific Tel. Ia; Western Union =. Tie
declines were unimuortant among active stocks.
Railroad bonds were nctve for thcspcculativo
tTss C en Pr pGsds s "a
exhibiting weakness, while kHnsas Pacilcs.
No, X. aud TeMs. Chesapeake and Ohio and
yestmrnt issues were in good demand. and
there was anotahly large bus ness in N. Y. Cen
Their advanced a. Dist Col 3.G5s also dearer
or state bonds North Car, linas. special tax.
were aciiS S ond materially yanced. Money is
The English appear to be dumping large
quantities Of their American Investments on
this market 4 single sale was made this
mortgage bonds ut l24'i. which. We are in
formed. WIS for London account. Erie first
COCKS of 5000, avowediy to be brought here
from the other side. On tliis subject tho Lon
Son Times Of the 10Th remarks: United
some cases the market gives indications that
the great rise OF the past few months has in
duccd speculative sales mere Quotations ere
however, governed SO exclusively from New
York that Il is dificult to say what the real state
of the market here may be-"
A meeting Of tho bondholdcrs and share
holders OF the Erie Railway Company was held
in London to-day to receive the report OF the
reconstruction trustees. Resolutions were
unanimously adopted approving the trustees
report and accounts also expressing the salts
faction Of the English proprietary that n large
interest in the companys bonds and stocks Ia
taken by American holders There was no
dissent from the generally favorable view taken
by the trustees oi the present condition OF tho
speakers. expressed their frendliness toward
nm arrangement with the Atlantic and Great
western Railroad Company, II II can be made
without prejudice to the Erie proprietors.
Mr.. Gowen the President Of the Reading Rail
road Company, does not seem TO favor n COM
hinaton Of coal producers to regulate prices.
In short but sharp and decisive letter TO a vol
untcer adviser of such policy he remarks:
We were nearly driven into bankruptcy by
combination with the other companies in the
past, ana as we are doing very well in AN indie
pendent position tour profits by the end OF this
month will be- about 81 600, 900 ahead Of what
they were last year.. think. so far rs our own
company is concerned our interest Is decidedly
70 remain in AN Independent position. The
New York companies who are needlessy sacri-
ilcing coal IN order 10 Brighten Us into COM
binaton will get tired OF 1t in a few weeks, espe-
cially in view OF the fact that they are selling
from 81 to 80 per cent. Of their product. as
against 10 per cent OF ours in the market which
they made 50 bad. and AS there Is nothing AT all
in the present condition ol the coal trade. with
reference to supply and demand. TO prevent our
Obtaining 81 or $50 per ION moro for coal
than We are now getting feel quite confident
that as soon IA tho New York companies dis
cover the folly of their attempt TO control us they
will cease their suicidal policy and be willing 10
ton Of the coal market abundanuy justiies."
The Tennessee bondholders who purpose TO
compel the railroads Of the State To- pay the
bonds issued on their behalf. invite cooperation
from their fellow sufferers. They ask for a
contribution Of one past due coupon and IS in
cash for each 81 900 bond to defray expenses.
According 10 their statement the East Ten
ncssee. Virginia and Georgia Railroad is liable
for f3,u36.OOO OF bonds. the Louisville and
n iiF e. o ;aS S S ths M ERSS
and Ohio FOR 1858 900 the Mississippi Central
Tor $4,000, and the Knoxville and Ohio for
S5li,OOO. These are only the amounts Of prin-
cipn; the back interest is % q cent
Sales Of stocks by people going abroad foT
the summer Just now operate somewhat Ia
does not like To embark for Europe leaving be-
mind him things unsold, which he fears may
tumble 20 9r 20 POINTS while he Is absent Con
scqucnuy he sells Whatever he has not entire
confidence in. and either invests the proceeds
in Government bonds or places them on deposit
main In the country will probably DO enough t.
keep the ball OF speculation rolling.
II is a little remarkable that the wave q spec-
ulaiion has not yet struck bank stocks, Day
after day passes without a sale 81 this clHss of
securities, and they are called At the Board
merely as matter of form. Yet some Of them
road iancles. and possess great deal more in
triusic value. II would pay 10 purchase the
majority Of tho capital OF certain banks We
might name and wind them M. They arc worth
more rs old hulks than rs ships in service.
First-class g cent. bonds seem 10 be COM
handing uar and upwards all over the country
Ihe Inst sale 81 New YORK elly 5s was at q pre-
| County D. bring lu2 at Chicago.
w. II. Vanderbilt Cornelius Vanderbilt vii.
Taylis. Augustus. scheil. j. H. Banker, il, j
Nven. Chauncey VI. Depew. Samuel i. Barger
| ". II. Leonard, Joseph Harker and John b
ninth annual election, for directors Of tho New
York and Harlem Railroad Company.
The London Times. in its financial article
| says There was pretty active demand fol
silver for the Continent ON Monday, but bust
ness was restricted owing to limited supplies
| Tho rate quoted at the end Of the week was III,
one more generally paid. and although fraction
| ally higher prices were sometimes spoken o
ard actually Allied. they do not seem 10 hay,
! been maintained. The market at the close wa
| Bismarck that tho sales u silver by the Bank @
| Germany might be stopped appears 10 have ex
cited hopes Of ~ advance; These hopes rest on
NJ 5UAd. per ounce.
A despatch from Berlin says that the German
| Government has resolved To restrict tho sales O
| silver temporarily. and may suspend them alto
| gcther. II is believed that this indicates a as
| position TO increase the silver coinage.
Tho following were the closing Official quota
! tions Of mining stock ia san Francisco to-day
Alpha................ y Iu'uce .............. 80
| 40 ....'.''.''-... - N'Ni,an i.'''..''+ d,
|