New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-13
FINANCIAL PROSPECTS.
HIGHER RATES INDICATED.


DEPRESSION CUT SHORT BY AN IMMEDIATE RE-
ACTIoN-A STRUGGLE FOR THE CONTROL THE
| UNION PACIFIC-THE PACIFIC MAIL SUBSIDY
WESTERN UNION EARNINGS
| The stock market opened strong yesterday,
but declined from to u per cent. under the nfiu
OF large sales and temporary weakness developed
In Pacific Mail by the nOnarrival OF the China at San
Francisco and the rumored prospect OF the repeal OF
the second subsidy act by Congress. The ground was
soon and market closed in the Of
stocks at highest prices OF the day and nearly
TO the opening in the of nearly all the rest
The leading features OF the day were Union Pacific
Western UniOn Lake Shore and NewYork Central, In
all of which there large transactions. 1t was
reported that struggle going between two or
three parties the stockholders and bondhoders
of the Union Pacific Railroad to obtain control of the
and that the representatives OF each have
been buying up stock TO use in the March election
Among in relation to this matter there is one
that number of wealthy capitalists in London and Am
serdam have united in effort to obtain control OF the
corporation and have made elaborate plans for mproy
ing the lands The present management will not reln
ouish control without struggle, and certain New-York
said to be united in an effort TO bring the
management Of the Company to this city.
PACIFIC MAIL.
Although Pacific Mail affected unravoraby by
the non-arriva OF the China, now about ten days
overdue at San Francisco the officers and directors Of
the Company feel no anxiety about her safety. They
saw that at this season OF the year delay is TO be
pected and that If the steamers machinery has become
disabled in any way, she will probably come in safely,
though slowly under sail.
H. G. Stebbins a director OF the Company, visited
Washington in December, TO consult with the Post
master in reference to the payment OF the sub
sdy of 100000 under the second Subsidy act He was
asked Yesterday his opinion Of the correctness OF the
report that the act would be repealed by Congress. He
said that Mr. Creswell had distinctly told him that
under the phraseology Of the law the subsidy could not
be paid while the service was rendered IN
wooden side-wheel steamers, though in other re-
spects the requirements OF the law were
met; but he had then supposed that when
the Company became able to meet the
requirements the law by placing iron steamers
on the line subsidy would be paid especially as the
Company had gone to great expense in building vessels
of the required class He thought 1t not improbable
however that the effort Of the Government to reduce
expenses the Subsidy act might be repealed.
Russell Sage President Of the Pacific Mail Steamship
Company told the reporter that he had heard that an
effort would made to have the subsidy act repealed
he looked upon it as a matter OF no Importance,
affecting the financial condition OF the Company. The
wooden steamers when sailing twice month had done
so at loss and 1t might be time before the
steamers could run prontably often the
oured IL might be better TO be governed by the re-
ouirements of trade than to depend upon subsidy
The General feeling among bankers and brokers
subsidy would not De W
pubo sentiment would forbid the withdrawal Of aid
from the only American line Of ocean steamers.
WESTERN UNION
The memorial TO the Executive Committee Of the
| Western Union Telegraph Company has received nu-
merous signatures Of prominent stockholders. One OF
the prominent leaders in the movement for the division
OF the surplus among the stockholders told TRIBUNE
reporter that the memorial would be sent TO every
stockhoder in the United States and that 1t would
probably 60 before the Executive Committee bearing
| names representing an overwhelming majority.
prominent Wallst operator yesterday refused 10 sell
| February calls on Western Union at 90
Gold to ll2S and fell of at the close
70 H. The Assistant Treasurer paid out 100000 on
interest account. and $4,000 redemption OF bonds IL
| was announced in the Stock Exchange that Josiah b.
Colgate, whose contracts sold "under the rule !"
on Saturday. announced In The TRIBUNE unable
10 meet his contracts and had therefore suspended
meeting OF the directors Of the Milwaukee and st..
Paul Railroad COMPANY WAS held yesterday. II was re-
ported that they had decided to declare dividend In
March.
After the proceedings in involuntary bankruptcy
against them. Howss Macy turned over their assets TO