New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-12-05

Union Psci6e
THURSDAY. DEC. 4-P. ".


question on the tongue of every in Wall Street.
and one that we confess to having asked Of every
one in whose Judgment had reason to repose con
Gdence. In recording therefore what think OF 1t
we rather intend to be understood az giving the
aggregate of opinions from others THERE'S
general desire to pure base stocks while they are down.
though some hesitate from natural timidity ana
others through fear of downward reaction Inc
bold and brave who have fought fearlessly-reck-
lessly if the readers prefer it-have done wen
already. many having realized and become happy
while others are still holding confidently for better
prices yet. The weight Of opinion gathered from
the best accessible sources to the active specua-
tive securities may be partcuarzed about as follows:
New-York Central stock which for safety as an IN
vestment we place at the head is now selling at
about 49, which is or per cent lower than IL
was Immediately preceding the panic. III IL was
cheap then il is cheaper now, for nothing has oc-
Cured to impair confidence in it. So far as the
panic has exposed the real condition OF our cor
porate institutions and their managers it has left
this and its officers without STAIN They paid
the semi-annual dividend of about $i,OOOOOO With
out the least linchinQ, and in greenbacks, in the
very midst of the disorder occasiOned by the failures
of so many others Everything indicates that Com
modore Vanderbilt adberes to his lifelong policy OF
"pay as you CO., That his son is following in his
footsteps apparent, from the fact that none OF
the many temptations offered TO him by specu-
lators have induced him 10 step out OF
his proper line OF business. There was
a time when the sudden death of the Commodore
would have made almost panic in this stock But
that time is believed to have passed away the or
ganization being perfect that the son has but TO
keep in the old mans groove and the business will
6 II md Rnsiy 81
stock is probably as valuable, share for share, as
that of Central and Hudson, having large tract of
land in addition to its road, and paying about the
same annual income But the danger to those
who speculate in the stock is that the
market seems to be manipulated in the
interest of a small but powerful clique that
seems to be irresistible Those who buy and pay
for the shares in the neghborhOod of par or under
will doubtless do well, but others who trade on
margins will very possibly by hook or by crook be
worried out of their certificates just at the time
when they should hold to them most tenaciOusly.
The stock will probably continue 10 fuctuate and
will seem to the nnOcents they had only to buy
at the decline and sell the advance to grow rich
in the shortest space of time. The position
Of the stock is 50 well understood by
experienced operators that few dare touch 1t
for the purpose of speculation. This mar
rows the business in the stock to two classes of OPP
orators, namely. the innocent public on one hand,
and tho close mouthed, watchful clique on the
other. The result Of such contest is not difficult
10 foresee. 1t is believed that no body of men on
the street have such a positively "sure thing as
the Rock Island clique With more stock
to issue whenever it suits their purpose
to depress the market and plenty of cash
to buy more shares whenever the market
4 4. sl,...p
machine only pleasant amusement. Lake Shore is
thought to deserve til merits of the road to be
placed in the category of rstclass stocks. 1t has,
however been very roughly handled, and the stock
has been rattled down prices that low in view
of the old quotations Its future must depend upon
its management There has scarcely, If ever
been such thorough bunglmg III the affairs OF
any institution of which have any knowledge.
if we except the Trust Company, which was pre-
sided over by substantially the kind of talent
There seems to be a strong disposition to invest in
this stock at present prices but many hesitate I'M
til they can be furnished with exact statement Of
Its financial condition, and be guaranteed against
kte-fying and other bOyish tricks and feel quite
sure that the late management did not seriously I'M
pair the standing of the Company.
Western Union Telegraph is another fayorte Sc
curity that has at times been subjected to rather
severe treatment at the hands of ciiques who have
held control OF its stock and il has luctuated wide
". But under the able management Of its Pres-
dent it is believed. by those who think they know
all about IT, TO have earned ar dividends its capt.
tai for the past few years; but it has been
compelled to expend the mos, of It's income in the
extension and Improvement of its lines. 1t is now
substantially monopoly, and by reason of the
temporary suspension of railroad building tof course
IL. III tI,a rail
lines) and sother causes, will not be likely, for
a few years to come. TO carry so large a
of its income to construction ac-
count as heretofore. and tins stockholders become
more hopeful OF dividend in the not distant future.
IT, rs is confidently stated in many quarters, it has
been determined to distribute the surplus earnings
which have been invested in the Company's stock,
amounting TO s. 100000. that fact would be taken
as an indication that the reserve is no longer needed
by the Company, and the effect would naturally be
to enhance the market price of the stock.
Chicago and Northwestern naturally comes next
to Lake Shore IN the category of great railroads
that have experienced extraordinary vicissitude.
The shares are selling at about 80. In the
famous corner the stock was wanted at nearly 800,
and ITS normal price may be stated at about 25 to 80
per cent above the present quotations, if lively
stock can be said to have normal price. Like the
Lake Shore of which II is but continuation, its
future depends its management. That
it possesses great mOney-makng power is "A
fact that few disposed to question: aud it, as is
more than suspected some Of its former large hold
Prs have commenced to buy in its shares, this fact
alone will bring it forward fayOrite speculative
il is thought TO be cheap at present
prices. and if so, it seems TO afford ample
security as an investment, TO say moth
e ha .f Yat,, q, e..
DID price or the possibility of another
IF those extraordinary freaks that have heretofore
carried ieso far beyond any possible value. Toledo
and Wabash and st. Paul too, are down far below
the lowest estimate that we have ever known to be
placed upon them. Let them ioin the reformers |