The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-03-22
An Encouraging Business Outlook
Trade Slowly Reviving.
EVENTS OF THE WEEK.
The Operations Of the Gold Clique
and Money Market
STOCKS AND BONDS FIRM.
ALL STREET,

general market OF more hopeful feeling and
signs OF fresh impetus in trade. Indeed, at no
time since the panic has the business outlook pre-
sented such encouraging features as IL does now.
The Improvement Is reelected not merely in speeu.
lative circles and shown by the recent advance IN
various Kinds OF securities, but finds eXemplitca-
ton In the increased tralc on railroads, greater
activity among manufacturers and merchants
and larger use Tor some OF the capita! that has
been 50 long idle. True, The recens heavy failures
In England and the United States, ana others that
Will doubtless follow are calculated for the
moment TO disturb confidence and renew dis
trust; but these are only incidents in the revolu.
ton that is in process throughout the mercantile
world. They are the debris or the crisis. wrecks
VI the financial storm, that couldnot be weathered
With so much sail and little ballast, and. like
Ill mislortunes or the character. their influence
viii be beneficial IN promoting conservatism,
checking any
TENDENCY TO EXPANSION,
and super1nducing greater business caution. We
note that credit is improving. There Is fair
action In the jobblng department OF dry goods,
always good test OF revival The larger houses
report sales well up to those OF last year, though
prices are lower. ana belief that the next month
will witness condition OF trade that viii com.
pensate Tor the quiet that has been entaiied by
bad weather. The interior towns are said to be
chants are only awaiting the removal OF impede
ments 10 railroad and canal navigation to lay in
fresh supplies. Among the manufacturing INDUS.
tries greater activity Is described than has been
observed for many months. Exceptional depres-
non, however, continues TO exist in the mining
regions, owing to strikes, and In iron interests,
owing to the economy enforced by railroads. The
labor difficulty is one that must eventually ADJUST
Itself, obedent to causes that are not more within
the control OF the worklngman than is sunshine
or shade. We pointed to the iact months ago that
THE PRICE OF MUSCLE
must naturally follow the price OF merchandise.
Both have marketable value, and, according to
The supply or demand. both must adapt them.
,elves to their places in the commercial gamut.
Let wages. therefore, correspond with the decline
n breadstuffs and the shrlnkage That has taken
place in almost every commodity, and 1t will be
but little time before the workingman will find
capital searching him out and using his strong
arm once more as one OF the factors OF new enter.
prises and additional prosperity. Gradually this
change is taking place, and 1t constitutes another
OF the hopeful signs OF the hour. In the railroad
world there is much 20 attract the atten ton Of
the thoughtful observer. AS these great corpora.
lions the first TO feel the force of the panic,
10 are they now beginning to show the effect Of
recovery py
ROLLING UP EARNINGS
In many instances that are encouraging both to
stockholders and to the country at large. Taking
as an illustration eight Of the leading railroads OF
the country and comparing the gross earnings
and the operating expenses for 1873 and 1874, We
ind the following result:-Gross earnings for 1874,
5000; do for 1873. S1o5,976,000; operating
expenses tor 1874 S65,654.ooo; do TOR 1878,
$69Ool,O oo. Thus there is an increase of one per
cent IN the first item ana reduction OF about I've
IN Thu inn, Of .
same roads were, In 1874, $4l,4lO 500; in 1873,
$3d966.046, or an increase Of s4,444,453, an In
crease oil twelve per cent. An equally
SIGNIFICANT EXHIBIT OF FACTS,
proving that we have entered upon new era in
activity is presented In the siXtyseven columns OF
advertisements that are published in the NEW
YORK HERALD of to-day. A newspaper reflects
prosperity, and this journal to-day Is emphaticaly
20 map Of busy liic." Next in this connection Is
to be noticed the recent upward movement IN
stocks. Some OF 1t may have been artificial; but
Ill OF Vt has been surprisingly rapid. the bear
Interest has suffered loss, while those who were
lucky enough to make investment at the proper
time have realized large profits. This has natu.
rally attracted fresh custom, giving benefit to the
brokers and spreading the contagion OF buovancy.
The attitude OF this market Is best Illustrated by
review OF the prices or the week. The opening
was marked by frmness, rom which there was
reaction from q to per cent based on anticipa-
tons OF an unlavoraole bank statement, but at
the close, even before the bank figures were pub
lshed, Improvement commenced and the highest
prices OF the season were IN several instances es
saoished. 1t was gratifying to the holders OF
many OF the divldend.paying securities to see
them EXHIBIT additional strength and give promise
OF q further advance. Rock Island, for instance,
moved from 1857 to LOG, declined to 1045S ana
recovered to 1868.
Lake Shore improved from rs 10 74H, end.
ing at IAN. Hannibal and st. Joseph re-
covered from 22;s to 2iI but later Tell OF
to "a. Western Union rose from rex to 7S1S re-
coded to 76k and closed at 76 ex dividend, which
Is equivalent to IS. The most active stocks
we're Union Pacific, Northwest and Pacific
Nall The 1oImer advanced from 4SH to 51H,
Ine closing price. Northwest common moved
rom 43s to 463s. ending at 45;s The preferred
rained 8 per cent, from SO to So but closed at IS.
Pacific Mail sold between 37,I and sou, with the
nnal price at saI Soh st. Paul was more active.
but gained only about per cent. wabash moved
10 l4k then dropped or to liss, with recovery to
l3K. Ohio and Mississippi sold az 26js FIX, end
ing at 27X. The following were the
CLOSING PRIcEs-sATURDAY.
Pacific Mail, 39A 800 western Union Telegraph,
TX rs; Michigan Central, 745z rs; Atlantic ana
Pacific telegraph, % "a; G., c. e. and l., 63 ae5H;
Adams Express. loiS alo5; American Express,
saA 63z; United states Express 59't COX;
WellsFargo Express. 81 IS; Chicago and
Alton 1oOH alOl: cleveland and Plttsburg, 92H
a s2k; chicago and Northwestern, 45A a 45a4;
do. preferred. SIX IS; chicago ana ROCK Island,
1861 lojA; Milwaukee and st. Paul, 355s Sc;
do. preferred, sex 571I; c., q. and J. c., a
5h; Delaware, Lacxawanna ana Western,
H1X lllA Erie, 27 an; Hannibal and
St. Joseph "a a 24H; Lake Slore, 741. q Az;
New York and Harlem, l3l a 1872; New York
Central and Hudson River, 1o0h l0oT; New
Jersey Central, HOY y Ill; OHIO and Mississippi
%H 27X; Panama. 1l3 ia; Toledo and
Wabash, 10 1sH; Union Pacific 5l}s SIX.
OPENING, HIGHEST AND LOWEST PRICES SATURDAY.
The following table shows the opening, highest
and lowest prices OF the day
Opening. Highest. Lo,cest.
New York Centra...... l0Ok lO0s 100
Eric o7E