New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-03-27
THE MOI. ley MARKET.
FRIDAY. March 3-P. N.

FRIDAY. March 8-P. N.
To-day Good Friday" being q Dies Non at the
Block md Gold Exchanges, and therefore present
ing 20 feature of its own for comment, IL ihaS NV
De amiss to indulge for moment IN aht''e 'e'iosp
-fion During the past three or four weeks We h"''
witnessed at the Stock Exchange wonderful Ie'o,
1pt,on in yalues-a revolution which has lnuuceu
,nnob comment from the standpoint of speculative
.nerators for the reason that the marked advance
has heen confined to so small number OF SHARES IL
has surprised the average professional 10 SEQ
the prices Of such stock as Union racine raciio
Mail and Western Union Telegraph move steauiiy
No with scarcely q reaction OF any Importance
wbi1e other stocks which had formerly been the
fayorites whenever there was movement 10 DO
made have remained almost stationary; or H.
through sympathy. they had gained point OF tWo'
soon settled back TO the starting point. But mo-
nents reflection shows that the stocks which have
made and wi ch so tenaci0usly hold this rapiu al
vance have presented reasons. backed up by figures
which have at least rendered them plausible to the
general public for the rise, while the remainder
of the active stocks have been, aud still are,
subject to adverse influences which quito likely
would have caused a decline in prices except for the
tone gwen to the general market by the sharp ana
strong advance in the specalties to when We nave
referred. Thus Union Pacific has presented soi'u
reason for the faith placed upon Its securities ny INC
promise of Immediately becoming dividend pay
ing stock and, surprising as 1t may appear inc
Company's showing of its business 1or last
year. taken together with the large increase IN It's
earnings, now over What they were then-resultmg'
rs they do. mainly from the higher rates charged
and therefore representing the increase of net earn
,ngs-scarcely admits of doubt that the road VIII
be abundantly able to fulfill its fattering promise IN
the matter of dividends Again, the Union racine
n, entirely free from the competition which so
AFFECTS rival lines east Of Omaha, and, IN fact. re-
oeiyes a positive benefit from the hght Whlch
they make over its traffic. SO the Pacihc
Mail Steamship Company, after having ap-
preached the brink of ruin through It's
attempts to compete successfully with the railroads,
finds under the order of things, its best friend
in its late rival and promises hereafter, with IN
creased rates of over IS per cent for both freghts
and Messengers, and a more economical man
agement-which is certainly possible. II we are
correctly informed that its telegraph bills
have heretofore averaged $500 per day-to do
apaying business even though ii be smaller in vol
ume and it is in this state of things that both spec
uators and investors think they find encouragement
for the buying of its stock. Western Union Tee-
graph too, which holds it's advance OF per cent
with remarkable seadneSs and tenaeity has for It's
basis the increasing business of the company
which unless its officers guilty of the most gross
Recommendations in their unofficial statements
concerning its business places the stock upon the
solid foundation of permanent per cent security
If as many people still think the movement in these
stocks has been nothing but q reckless
speculation. liable and certain to collapse as
ether speculative movements have DONE then it
must be acknowledged that seldom if ever has
speeuation been so discriminating in her ventures,
for while she has bought and successfully carried
mn the stocks named TO their present prices, where
they seem to be more strongly held than al any
previous point, such stocks as Wabash. ONO and
Mississippi Lake Shore, and Others, which ale en-
gagged IN a ruinous warfare with each other for the
limited amount of business offered, speculation has
almost entirely neglected finding abundant reason
for so doing in the bankruptcy of one and the small
earnings of the others resulting not so much from
reduction in the volume of business by the ruin
ously low rates accepted for traffic. Take Lake
Shore for an example. This road from Jan. to the
end of the second week in March, 1874 earned gross
O52 against 50 So 64 for the same period IN
1873 and has this year, as we are crediby informed
earned for the same period only about S2446OOO
But perhaps after all, the rapid advance in the
stocks to which allusion has been made, while it
has been immensely aided by manipulation has been
due less to that cause than is generally supposed,
and than the speculative public have been led
to believe to genuine outside buying by parties who
had the means of obtaining information in adj
vance Of official reports, and whose purchases
have taken considerable stock out of the
market. Certain it is that there has been much
larger absorption of stock tLan is generally be-
leved. for we hear of instances of persons selling
good interest bearing bonds to buy Union Pacific
stock when the price was down among the thrties,
which certainly at that time, if it did not indicate
knowledge, furnished evidence of faith in the
future which appears likely to reap its reward