New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-05
PRICE FOUR CENTS.
ON CHANGE.

DFVFI OPMENT OF THE BULL CAMPAIGN
STEADY ADVANCE IN PRICES OF sToCKs-PLETHoh
OF MONEY IN THE srREET-NEw ISSUE OF
MORTGAGE BONDS By THE NETWORK CENTRAL
AND HUDSON RIVER RAILRoADs-REPokTs OF
CONSULTATIONS AND COMBrNATIoNs.
The almost universal bull movement which
seems 10 have taken entire possession Of Walst on
Saturday fairly the opening Of its campaign fcs
advanced along the entire list from u to 2. aud per
cent the marked advance OF Friday. Ihey
closed the highest points touched during the
day, and bankers brokers. outside SPECTATORS enro
stone operators and ALL little and big, went home Ia the
belief that the next week TO make still more RAPID
advance. There scarcely anywhere tign OF any
existence OF bear party although II is hardly possible
that the advance continue than week or two
without the development Of some short interest.
The active bulls assign all the old and some new
reasons for their belief in strongly rising market.
These are repeated here merely AZ matter Of news
fairly representing the present current OF ieehg
and talk In the street
l. There is an enormous amount OF unemployed CAPT
tall the bulls say, which is seeking investment, and IS
sure to 60 to the securities dealt In In Wals TO find IT,
| They reckon on something like t76,000,0co OF eou-
| pons dividends etc, and count that $n~"o
OF this is 10 80 into Wallst for more STOCKS ana
bonds. There being railroad bonds on the mar
ke and nobody likely 10 touch them II there were' the
only ontet the money is with existing and approved
securities. All thtsc ltu ny Tue wv" Nc ~
Union at their head rapidly advancing IA
consequence.
The stocks themselves, at the same prices, arc
a better purchase than they we're before the panic.
The pressure OF the last months has compelled
general retrenchment OF expenses aud rigid economy at
all points Thus the Pennsylvania Railroad cuts Of 10
per cent from its salaries, and probably
saves double as much in other economies.
Smaller roads able TO do this on yet larger
scale and the actual saving OF their expenses Is itself
equal to dividend. The earnings OF the roads them
selves have meantime proved larger than was expected
This is particularly OF roads which have through
business or have been compelled TO move the heavy
crops of the Northwest. The Union Pachc North
West and st. Paul are claimed by the bulls have
ciaIly profted this way, while the Eastern lines
Lake Shore, Central Sc.haye, Of course reaped the
same benefit.
g. The bulls argue also that money Is so plenty now
that for long the rate OF interest Is snre
to be exceedingly low They point 10 the bank state
ments to the great influx of money from all quarters.
TO the Of interest already dropping steadily and 10
the fact that no special demand for money can create
pinch for months 10 come.
They still claim tina, the whole sOoeco reserve is
sure go out and that the Government VIII he 'oftu-
nate IL 1t check the imitation there
g. The number of buyers. speculative and Otherwise
is daily increasing, and very large proportion OF them
are new men, coming TO the street for investment or
speculative purchases
On their theory that railroad stocks fairly worth
more now before the panic in consequence OF the
increased economy heavy business etc., the bulls arne
that prices are still ntrnscay low, and compare inc
priees at the close OF 1872 with those at the close OF 1873
and beginning OF The comparison Is at least suH-
gestiye, Thus: