New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-01-08
BUSINESS ACTIVITY.
A MARKED ADVANCE IN STOCKS.

WESTERN UNION EARNfNGS-rHE VANDERBILT |
ACKNOWLEDGEMENTS AT THE CLEARING HOUSE |
The predictions of the bulls in stocks were
verified yesterday. The market opened ianguidy but
soon revived and remained strong with advancing
prices until the close The volume OF business was
large, Western Union and Pacifo Mail leading |
tho advance. There large transactions
also IN Lake Shore, Union Pacific, st. Paul,
Wabash. sNorthwe and Ohos. Gold declined to iios
but closed l1 tho highest price Of the day At the
SubTreasury t75000 were paid out Tor interest, ana
s21 900 In redemption Of $40 bonds further increase
OF the currency is reported from Washington to tho
amount Of 3o2 the outstanding circulation now being
t37972a,3o2
The advance in Pacific Mail Steamship stock is at
tributed by men we'll versed affairs of the street
to the general confidence felt in the skill and economy
with which the affairs OF the Company are managed
This confidence is based upon the success whlcn mas
heretofore attended tho efforts Of those who have con-
troll Of its Affairs The officers say they intend that their
steamers shall be chesply those Of any other
company and that they have already reduced expenses
from So to 40 per cent Late yesterday afternoon
dispatch was received ut the Office from the
agent in Washington stating that the quarterly subsidy
for carrying tho China and Japanese mails under Inc
first subsidy act had been paid over by the PostOmce
Department. dispatch yesterday morning announced
the arrival San Francisco of the Caena one OF the
iron steamers. after passage OF u DAYS
from New YORK. wIrn lilo CONSUMPTION OF iSao TONE
OF coal The Grenada anoher1of the iron screw steam
er left this port for San Francisco by tho Straits on
Dec 90 When these steamers placed on the emma
line the route will DO changed that the vessels Will
leave Panama and touch at San Francisco
and Yokohama ON their way to China. and
on their return. Tho company expects to
carry full cargoes each way and to make the line much
profitable than heretofore. third iron steamer
OF the Glass; the City of Panama Is completed and
would be in her dock were 1t not for the storm.
which has caused her detention at the shipyard at
Chester, the Delaware. She will leave Newfork for
trip to Aspnwa nth, and in the latter part Of
February will again leave NewY to take her place
| on the Central American and Coast line. companion
steamer the City of Caao, will be completed about the
middle of February, and after trip to Aspnwall, will
also take her place Pacific Coast Officers OF the
Company expect to have eight OF their new iron steam
| ers running by next Juno with full cargoes
Rumors current tho street in reference to
meeting OF tho Executive Committee OF the Western
| Union Telegraph Company ono report beng To tue
effect that statement being prepared by tho Com
mittee showing that the Company owns enough OF Its
own stock to cancel its funded and floating debt this
year and that 1t will be able TO dividend OF per
cent another report being nearly as possible the
reverse a. nmated that the statement would be I'M
favorable The facts that a meeting OF the Execu-
tive Committee is held every week. and the meeting yes
| terday was not OF unusual character On each OF
| these occasions various reports are submitted
| and this was the case yesterday. but no
| definite action taken by the COMMIT
| toe any proposition nor pn reference " any
future action There strong party which iavors the
division OF net earnings among the stockholders eav-
ing expenses for improvements and extensions to be
provided for from other Others differ IN opiu-
ion and nothing been settled. No report was made
| aud no statement will be proposed IN any manner
| unfavorable to the financial condition OF the
| Company. During the past year the rates
of fhA
| by the Western Union wires have been reduced an
average OF 3 per cent equaze rates over sections
covered by competing lines and those on which there Is
no competitions yet the earnings OF the Company were
nearly as great last year in tho preceding year. ana
the prospect of large and steady Increase Thought 70
| be very fatterlDg
| H. wac ,oported on the streets that the NewYork
Central and Hudson River Railroad had earned during
the past year per its capital its expenses
aud interest charges; aud that the Lake Shore and
| Michigan Southern accounts had been made up, and
found to Justify the declaration OF tho usual Feb
ruary4 per cent sem-annual dividend All the
Of well the well asoertaned facts
| favorable TO tho bull interests.
The annual meeting OF the Csaring house Association
was held yesterday az tho Merchants Exchange Bank.
j. d. Vermlye presiding An election for officers TO
serve during the current year resulted as follows:
| Chairman Charles F. Hunter; Secretary, NJ. F. Read
Robert Buck Committee on Conference, W. L. Jenkins
| Chairman W A. Falls, q. c. Williams, j. Lee Smith,
! C. p Leverich Nominating Committee. x. p Perrin,
| Chairman Richard Berry, J. NJ Morrison s. r. Com
| stock, aud j. ID. Fish.
The President took the chair, after which MI.
Camp the manager OF the Clearing house. presented his
report through the Committee, for the
fiscal year ending Oct 1873 The report showed the
Transactions Tor the year to have amounted TO s3692s
52O49 average Of s47S8 055 30 per day for the
year The total transactions OF the CLEARINGHOUSE
since its organization. period OF twenty years. amount
|
all the certificates had been retired, except to the
amount s55O0 The total amount issued having been
s96565OD or this balance. s250OO have been called in
and will bs cancelled to-day leaving only 100000 out
| standing which will be called In within week.
| The tax OF quarter per cent upon the certih-
| Gates OF indebtedness amounts TO about $4,000;
$1,000 presented tn the Bank Clerks Mutual
Benefit Association and the balance OF about sjOUW
added fund of the Clearing house, which
was $1,000 building fund, making the total reserve
3s7 900 Resolutions were adopted thanking Mr.. Camp,
the manager for his services to the Association.