New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-12-08
FINANCIAL BUOYANOY,
CONFIDENCE IN WALL STREET.

| STEADY IMPROVEMENT IN THE STOCK MARKET
| THE CLOSING PRICES OF SATURDAY EVENING
| THE HIGHEST OF THE wEEK-wEsrERN UNION
| ALL THE OPERATORS BULLS AND THE REASONS
THEY GIVE FOR THEIR EXPECTATION OF HIGHER
| PucEs-PANIC CASES IN THE COURTS.
| The stock market was quiet on Saturday,
with steady advance throughout the list Prices were
subject to some huctuation. but closed noary at the
highest point of the day. Western Union advanced
from III to 49, New-York Central from 9ot, Lake
from rs to ISL Wabash from Az to 6f Northwest
from a9i TO 5ls Pacific Mail from 80 to los and Quick
silver from 2 TO o. Gold opened Of 109 and closed ut
| 1904 after fuctuatng between the two points. The
banks have gained $s51eoo in specie aud s2S32O in
legal tenders during the week The average OF losus
has increased $ao9ls0o the deposts have increased
te759O and the circulation has decreased t52ioo The
increase in legal tenders for the day hs70OOo The
amount OF the 4ooO0OO issued up TO Saturday
night was slS.5OO0O0.
War war. the street seems to have made up its
mind that the tA OOoOOO continues thus rap
idly out, and as the deporabe tendency OF the
Presidents message and OF Congressman especially
from the West. toward imitation becomes more palpabe,
1t possible for the depression OF the panic TO
tinue Affect securities. For the first time within the
experience Of of the present generation
in Wall-st., the market seems TO DO entirely
free from cQues and for the first time also, nearly
every operator seems to be bull. The lack Of conf
dence belief In reactions manlpuations Of small
rings which generally lead to large short interests,
thus far to be entirely wanting. Careful inter-
views with large number OF prominent operators de-
velOp general agreement OF opinion on four or five
points, which TO constitute in the minds OF most
men in the street, the basis for the present rise.
l. Money is easy. It continues TO flow into Wallis;
rapidly either for direct investment for loans to
operators 1t must continue to accumulate and remain
exceedin civ easy. for time This partly
OF the large military naval and other cxpend
lures by the Government and partly because of the
continued initiation, which TO be the Governments
only present for debts. Another
equally potent that early IN January large numbers Of
dividends, coupons, etc. will come In.
.. The Government iuGatlOn OF the currency is now
making o quadrupe imitation OF credits. The now legal
tenders which the Government is putting out at the rate
of bali million day, rapidly finding Their way
the banks, thus swelling the legal tender reserve
and in quadruple proportion expanding the credits
which the banks able to give All believe that the
sHcO0OO) reserve, In some way OF other is bound q
out aud is pretty certain to stay out Some affect
expect creator imitation direct act OF Congress
8. War not much believed AT least until satm
day. the street, but operators arguing that s
immediate effect would only be to increase the general
buoyancy, by compelling further Imitation OF the cur
rency and revivng the wild speculatons which marked
a considerable period OF war, making contracts
plenty. profits abundant and money easier than ever
A.. Stocks have been largely taken out of Wall-st.
through the constant absorption by investors panic
prices The heavy blocks which the cliqucs forced
TO throw overheard have thus been carried away.
Heavy investments In stocks sure 10 DE made
ont of the numerous January dividends. Heretofore,
this of money went largely into enterprises
and none OF these get hearing. Scarcely banker
I'm would look at proposal for placing rail
road bond The money seeking Investment is therefore
likely largely into The better class OF securities
now dealt in in the Stock Exchange.
Mot NJ fb.o tn Look IN he
prices OF these stocks very low. Although there has
been considerable advance since the panic of the
substantial stocks still from ~ 10 % cent below
prices ruling immediately before the failure OF Jay
Cooke Co. and still lower than the lowest point
which they touched in any previous depression Thus
Northwest, which closed Saturday night at 57i,
barely touched that price for moment IN Che hight OF
the alarm, which peculiarly affected 1t, following the
Chicago fire.
T. walst itsefis vastly richer than 1t six weeks
ago The advance already rea,1ei represents nearly or
quite hundred millions.
Operators regard the preseat rise resulting from
natural causes aud largely beyond tho control OF the
street The ciiques all broken to pieces Their
heavy blocks thrown the market at pane prices
and are now widely distributed. Stocks anu
bonds are therefore standing upon their own
merits More than they have done for
years Tae natural rise Is consequently
less affected by spasms and sharp reactions. Many
largely mere fright and this theory insist tha there
il no reason why prices should return to their old
hight while there reasons arising from the IN
atiop activity of Government expenditures, restriction
of the range for Investments and the Ike which would
even tend to make them higher than two months
The greatest activity has been shown during tho past
week IN the more stable lines. Nearly all the Wander
bt stocks have largely. SO have the connecting
lines like TIE Northwest and other lines known 10
be sure OF heavy business, like the Delaware L'eka
wanna aud Western The advance in all these through
out the week steady on heavy transactions ana III
stead OF the usual Saturday depression, the closing
figures Saturday night were IN most cases the hS
est OF the week.
greater interest than any Of the other Vanderbilt
stocks have aroused centcred the Western Union
Tee stood before the panic at ~ 10 g. at which
prices Commodore Vanderbilt was known to he an tno
mously heavy buyer and to believe IN the certainty OF
lis making a much larger advance. Since Its fall IT has
been largely purchased and taken out OF the street
Generators now count largely the exhibit made by
Mr. Orton in his last report, and the surplus accumu
lated from its net earnings. These include
y 952 shares of 29',2oo
Shares Gold and stock Telegraph Co...--. l11y5u9
Snares In InterOceanc Telegraph Co ...-. y8l,566
Atlantic Stock 5lO,214
Other lines and stocks OF companies controlled
by Western Union on which interest and divi -
shares in Anglo erican Telegraph ......... 10000
shares in Western Electric Manufacturing Co 5000
construction OF 4iOj,lsO
Real estate, exclusive of Broadway snd Dey-'i. -
property jew
Total accumulated from net earnings .sl54iS17s
All the operators in this stock whom TIE TRIBUNE re
porters could find appeared 20 be bulls They assigned.
in addition these figures other reasons Tor Their pee
IN its advance They said capital stock outstanding
is only sss77sl7 that the surplus accumulated from