New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-10
ON 'OHANGE.
FINANCIAL RIIOYANCY.
FINANUIAL BUU1ANC1,
A GBNERAL ADVANCE IN sTOCKs-wESTERN UNION
EARNINGS.

n
EARNINGS.
There were evidences yesterday that Wall
1T. had fully recovered from tho effects of the panic.
The stock market opened strong and prices rapidly ad
vanced from to per cent. with slight reactions.
prices continued 10 advance. and closed strong and
ouoyant the prices N being higher than az
any former time since the panic. Great CON
iidence was expressed. and the buoyancy was
increased by the report from the Treasury
that the outstanding 'legal-tender circulation
bad been increased A.55OOOo since the previous day
The advance extended nearly throughout the list the
leading features being Western Union. Union Pacific
Lake Shore. Wabash NorthWest Common Ohios. Pacific
Mall and St. Pau. Gold was quiet ana hrn' lhe
Assistant Treasurer paid out 100000 on interest ac
count and $4,000 In redemption Of bonds. The irst
mortgage six per cent gold bonds OF the Chesapeake
and Ohio Railroad and the stock OF the Central Pacific
Railroad were admitted 10 the Stock Exchange list by
the action OF the Governing Committee The bonds Of
the latter road have been the list for some time
The general feeling IN the Street continues to be one OF
extreme hopefuness and confidence. To the cid OBJ
server there have rarely been stronger evidences OF
bull campaign already vigorously opened, and likely to
continue successful throughout the month. The conn-
ned increase in the drafts upon the fortyour million
reserve the substantial all hands that none
Off will be withdrawn the knowledge that leading no
publicaDs have privately ayowed tho impossbity OF
carrying any for taxation and the certainty
therefore. of some form Of imitation to meet
the Governments necessities. the fact that
% of economy aud retrenchment in
estimates for the s.ensuing s1year can reach the
expenditures authorized, or in any way help the
Treasury until the Of July, lS7i-all combine with
the plethora of money and the natural hopefuness that
springs from reaction after, the panic to give singular
confidence to theI bulls and to destroy the apparent
possibility of any bear movement
The advance stocks was led by Western Union Tel
yyhic ned at
an active demand at TO- The transactions in this stock
were very large and speculation stimulated by the
impression daily strengthening thatithe report OF the
Executive Committee, which is looked for with great
interest will be more favorable than has been rep
resented heretofore. The rumor OF a few weeks ago.
that large surplus in the hands of the Company
would be divided among the stockholders, was again
current yesterday, and strengthened by tho follow
ing memorial to the President and Executive Com
mttee which was circulated among the stockholders
for signatures
The undersigned holders of stock in said Company.
many OF permanent investors beg respectfully to
state That the surplus of sad Compan. as appears oy
President OrOn's Annual Report OF June 49, 1873 On
GLIDING 200 OF the stock of the Company held as an
ASSET amounts TO upwards OF si6,OOOOOO; that this
surplus has been increased by tho net earnings
snSS s0n to- y ' so per cent on the out
standing stock OF s3377s,l75 And we further state
that whole of this large surplus has arisen IRON the
earnings OF the Company under the Implied aSsIr
that at the proper me In some FORM III should De
lieye the time has now arrived when 1t Is safe TO make
tins division and understanding the subject has been
referred 10 the Executive Committee and Is now under
ing as the most acceptable form for such Distribution
viz reduce the outstanding stock. which IA hereto
fore stated amounts TO s3377S,l75 70 sOOOOOo by
the purchase Of the requisite amount OF STOCK ia mo
market. and 20 represent the aforesaid surplus by
tho issue for private distribution among the
stockhoders) OF slj000,oDO OF seven per cent
income bonds interest payable quarterly, with a
moderate provision "A sinking fund for their gradual
retirement We believe the present condition ana future
prospects Of the Company fully Justify TINS dividend ana
that the payment the interest on these bonds VIII
not interfere with the regular cash dividends to the
stockholders, which policy We understand, com
mencing from jan your board are already committed
We believe the form Of dividend have suggested
would be the most acceptable the shareholders. and
therefore earnestly request that this memorial may re-
ceive early and favorable consideration at your hands
New- York, JAN s. 1874.
1t is known that Commodore Vanderbilt, some time
ago. warmly favored the policy Of dividing this surplus
and even in the midst of the paEic was with difficulty
dssuaded from his pet project Of 20 per cent stock
dividend. Messrs. Russell Sage and other gen-
tlemen who prominent IN pushing
the memorial above quoted are understood
10 represent Commodorc's views. II is claimed in
the Street that only for some such authentic
expression OF the desire Of stockholders "a may
seem sufficient warrant for trying again on
q large scale the experiment which he made
80 brilliantly successful in New York Central.