New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-10-01

Toledo L Wabash
"WEDNESDAY, Sept So-P NJ
The railway share market has been no less active

WEDNESDAY, Sept. So-P.M
The railway share market has been no less active
to-day than yesterday. and the volume of business
from day to day is of immense magnitude. The
bull campaign seems now to be in full tide, and the
activity and advance have extended to all the shares
OF the list. A rampant market characterized the
opening Of the Stock Exchange with Lake Shore
up to 81. From the prices then made there were
later CONCESSIONS as block after block was sold to
realize accrued profits; but the subsequent recovery
was as speedy as the downward reaction, and we
may say Of the general market that it was strong
throughout. Lake Shore was the commanding
feature Of the day. and the struggle in it bitter
and well contested, the old story of an eventual
lease to the Central and the resumption of per
cent dividends was floating about the street. OF
the rest OF the list there special gossip aOat
and glance at the printed table of sales above will
evidence the importance of the days transactions
The bull movement is as apparently as strong to-
day as at any time since it's inception, and more
pervading-that u.s. it seems now to take in nearly
the entire list Of stocks For instance in to-day's
transactions there is not solitary instance in which
stock sold at the close of the Board at
lower price than it fetched last evening,
while there were only two three stocks that did
not sell higher than yesterday. How much higher
prices will 60 during this upward movement is
question upon which have no prediction to offer.
In q speculation like the present, when every one
apparently fOrgets that there is such thing rs q
top price, and that later it will be reached
leaving stocks Oh somebody's hands at high figures,
such facts as the following have no in
fuence for the moment. For the year end
ing May 81, 1873 Chicago and Northwestern earned,
over and above the interest on its bonds,
rentals of leased roads, and the per cent
dipiI ZEE, ofo or
than 81 per cent on its common stock of about
Sl5,OO00OO This year was the one of largest earn
ings since the years 1s6s-S69 Since May, 1873. the
bonded and floating debts are understood to have
both increased, but of this we do not speak with
certainty, as the Company have not yet published
reports for the year endinspMay 81, 1874. But the
Company passed the dividend on the preferred
stock for the whole year. and it is well understood
that the gross earnings of the road for some
time past, have been only 60 to 10 per cent
of what they last year at the same time
Milwaukee and st. Paul on the I'd of February last
declared dividend of per cent on its preferred
stock, and the directors voted that the next dvi-
dend be payable October Is, and thereafter that
they be PAYABLE on the 18th day of April and OctO-
Der in each year" yet by their report for the year
1873 issued in June, they acknowledged that the net
earnings lacked S27293 of the amount necessary to
pay the dividend We shall soon know if the reso-
luton of the Directors of last February is to he put
into execution by the payment of a dividend on the
preferred stock Oct. Is; but the earnings of the
road for three weeks in September show falling off
from those of last year of 40 cent there can
be but little room for doubt upon the subject. Yet
these two stocks took the lead in the early upward
movement of the day, while the preferred stocks
of those companies which would be really
cheap if there was chance of dividend being
earned upon them, scarcely moved. Therefore 1t Is
that in a speculation so wild and cratic as the
present one it is idle to predict the probable course
of prices for day or hour. The days business was
the largest of the season, reaching about $4,000
shares of which o. 800 Lake Shore. $4,000 North
Western, A. 500 Western Union, $1,000 Pacific Mail,
2s,6OO Union Pacific, $500 St. Paul, $1,000 Erie,
$500 Wabash, 1890 Ohio and Mississippi, 3,iOo
Rock Island 1900 n. Y. Central, 300 c., C. and e.
and $500 Hannibal and st. Joseph. The market
closed strong at prices slightly below the highest OF
the day The opening, highest, lowest, and closing
IN cas of stacks sold to-day were AS follows: