New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-03-31
ON 'CHANGE.
WALL STREET FACTS AND RUMORs.

The imitation tendencies of Congress, ana
the positive votes of last week have given unwonfed
activity to wallst. Contradictory rumors nave
caused fluctuations in some OF the more acoso
stocks. but. with one or two eAcepe'o"''
the bulls have for several days past found specai en-
coura cement the situation. Saturday seemed 10 DO
mainly realizing day. and yesterday was somewhat
embarrassed, especially at tho Second Board, WIN
rumors from the other side.
WESTERN UNION.
One of the most active stocks been Western Union
telegraph The market was excited by the oftrepcstcd
story OF stock dividend. Thebuls confidently expectea
it to he declared before President Ortons departure
on Saturday. When finally found that Dir. orion
had sailed, and that the diyidens would re-
main in allegiance during his absence
many holders began to sell. Tho decline
was stimulated by the discovery that the pool had mar
keted about shares OF stock on Thursday anu FRI
day. all above SOi
UNION PACIFIC.
Tho strongest stock yesterday wss Union Paciho'
Retore the last annual election. when 1t was supposed
that an exclusively NewYork Board would DO
elected heavy sales were made In tni'
city for New-EIgland account mo ueoi''on
to retain control OF the direction ana tue genera
offices has created again large demand ior
the stock from the Boston directors and their menus
These purchases account for tho late advance lHe
bulls also claim that no railroad enterprise
in the country is doing well or has 80 promising
a future. Tue road has been IN operation only n'e
years. yet its net earnings for 1873 were S33oO'' OF
deducting trife over 25o0o) ntereSts on tue Dohdo
debt there is left net profit Otto be exact-ssoGi2
or nearly per cent tue stock For the current year
the bulls represent that the Director make the follow
ing estimate, in which the Government Directors
concur:
Gross earnings. ..NR0OU
Operating expenses ..-....-.'...-.. t'olp'ID
Interest Of bonded debt..........-....... J'20Oo
Net earnings .''''''''''' '''''''
Or over 10 per cent on the stock
In addition this sanguino view OF the roads pros
poets for the ensuing year, the bulls point to che landed
estate of the Company one of the largest ana most
valuable in the world They reckon the original grant 10
the Company 12000.0)O OF acres and tho tOtal
sales to date s91OCc leaving unsol1 accord
ing the exact lcongs on the 2ist OF March, lSo''
Tho land sales are more rapid than at any pre-
yous time since tho opening OF the road Last week
the sales amounted TO 5000 acres aud reazdd s3ooJ3
S. On basis OF Cue present safes th1
bulls estimate the value OF the remaining lands oil the
Company at sGOOO0O0O The directors believe TINS 10 DO
moderate estimate. and cite the results on the Illinois
Central, the land sales OF tho latter Com
pany to Jan. 1 amounting TO 2,25O.0O acres,
which had realized S2 s2O0O or an average OF over vi
per acre The following is reached as lar representa-
ton OF the total value OF the property OF the company
1882 miles Of railroad and equipment. ll,9M'Sa
Land grant notes aud cash Tor sales O Iabd zOOoVJJ
Land unsOd, at 60 per acre oI'i'io'
Making total in round numbers off,. sl8l.5escOo
This Is represented by si7OO0.COO of bonded debt,
sl of Government debt and s36oo0oo Of capital
stock, leaving a surplus value OF property over STOCK
and debt OF, say, S19.0O0Op0.
Being without competition the road ID able at all
times to charge full rates on both passengers anu
freight II runs but few trains just brought TO ac-
coumodate tho business. and those are run
slowly and carefully With these advantages.
and with the cheap coal on lts route
for fuel costing only per ton for running the road
is operated at jmarkaDly cheap rate. the operating
expenses present amOuntng TO only 10 per cent OF
the gross earnings -
The IuckIrss Erie Railroad to escape from one
trouble only to fall headlonS into another
short time since the Company was
reported financial jeopardy from which II was saved
by Mr.. Watsons timely negotiation 81 sl5OOO.VO OF
the COmpany's bonds the London market. Now
Tiers is trouble with their employees over
whom the officers of the Company seem to have lost
control The only reasonable grievance Of which
the complain Ia an irregular pay
day. To tremedy this wrong tho men
commit another and serious one. by interruptng
tho whole operations of the railroad. greatly
to the Inconvenience of the public and
the loss OF the Company Now that the treasury OF the
Company is replenished, there is no reason
why the men should not DO promptly paid.
Ii is understood that President Watson Is on his way
home, and that his arrival no Will give
pis first attention 20 the restoration of dis
cpline and the organization Of the Com
pany. which to have got out OF JOINT during
his abscace The combination Of mishaps from which
it is suffering hammered the stock down materially
yesterday
| A 0isv.lch from London dated March 81. says Tue
Morning new,papers attribute the depression In bust
ness lere to the extensive strikes of the coal aud iron
miners in stafordshrs and in othcr parts OF gland