The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-06-28
FINANCIAL and COMMERCIAL.
The Events Of the Week-IlaYe We Entered
on a "Bulr Campaign
Interesting Railway Statistics
The Stock Market.
WALL STREET,

shan usual competition between the bulls and
BEARS the principal objective point OF antagonism
peing Pacific Mail From 321S, a figure at which
large short interest was created, the price has
gradually advanced, until yesterday, amid con-
siderable excitement. 1t reached AZ. During this
rise the short interest further encouraged by
many-nuctuations, but the market closed with
Just al much doubt concerning the future OF the
security as has existed at any time. Those how
ever, who are accustomed TO gauge their invest
ments by real values confess but little confidence
IN the permanency OF this upward movement, and
no not blindly follow the leadership Of the great
capitalists, who by mere force OF money and
adr0ir combinations, have demonstrated their
ability to mark prices at what notch they choose.
& is, nevertheless, TO be borne IN mind thas ac-
uvity In one or two stocks, whether forced ma
ura, by communicating its influence 70 others, is
.ometlmes the precursor or
A BULL CAMPAIGN
and the beginning OF general interest in cnesp
ecurites that were before neglected. This fact
vas Illustrated by the course OF the market yes
ierday, and even though the improvement may
De but temporary, 1t Still shows how ready men
are TO avatl themselves OF the first evidences OF
change for the better and help IL along. The
question which naturally arises is, whether the
moment 10 opporJune Tor such an Improvement
and can the latter be maintained? There are
the country il not In a better condition 10 war
rant 1t now than 1t has Tor many months
that trade is dull; long, hot summer - before
us, and there Is nothing especially encouraging in
our present commercial surroundings. This
may DO partially true, but 1t Is Offset by so many
practical facts that wetght or testimony Is in
favor OF the class who LOOK upon the future hope
July. l. the most encouraging reports have
osen received concerning tlc crops In all portions
IN nna
wheat and corn are nourishing; the lruit and veg
etable crops are unusually abundant; sugar and
rice are said to be looking vel. and there is a
prospect OF good market abroad. Under such
promising conditions the country viii surely not
- backward. With good crops there should be
A GENERAL BUSINESS REVIVAL.
2. Tne price or labor is being gradually reduced,
thus enabling the manufacturer Co supply hts
products az lower rates cheap food and cheap
manufactures lessen the cost OF living and thus
solve one OF the disturbing problems OF the day;
for by the equalization Of the earning aud produe-
Ing powers q cause OF discomfort IS removed
5. Money IL abundant-too abundant, IN fact--and
too much con1Red TO the financial centres. BuG
we have passed through the worst or our dangers
and, although confidence is plant OF slow gro Nth,
when It blooms again Il will be to give vitality TO
1ew enterprises, put In active use our idle capital
encourage investment In whatever is cheap ana
possibly fruitful, and start the country afresn
upon its forward march IN merely speculative
circles there may be many reactions before this
stage Ia reached. Prices WI see-saw az the will
or the capitalist. and We shan have ups and
downs OF market values, but these cannot inter
fsre with the progress OF natural laws and that
spirit or healthy reorganization which IL evidently
everywhere at work.
THE CONDITION OF ORR RAILWAYS
u connection vita the subject Of railways Il Is
Interesting TO obscrve-we quote tue statistics
rom the advance sheets Or .Poor's Menual:r-
That the gross earnings o. all lines Tor 1874
amounted TO $500 468,ol6 against $685. ,o35 ior
the year precedinG-a decrease u only about
per cent while the net earnings were siS9, 57o,Ss
against Sls3. 5G2 for lsTS-an increase OF over
per cenS. Tne dividends peId amounted TO
fs7 O42 942 being only $77.2o7 less tnan for Is7&n
rhis "a an important point, for It shows that,
tlking the railway system q whole II has
suffered less than other kinds OF business, and -
now in o condition. from which better results may
20 expected during the easulng year. only about
], e40 miles being opened IN 1874 against 200 in
1879, it win readily be seen that here was
salient reason for the embarrassment caused by
the withdrawal or the vast sums or money
CURED for construction-an embarrassment from
which cur iron interest has not yet begun to re-
cover. Tne gratifying TACT also stated thas 'the
tonnage transported BY railroads in 1874 exceeded
that transported in the previous year proving
that the greater portion OF our industries have
suffered no material Disturbance The editor
continues:-''The result on tie whole, cannot be
considered an unfayors5se one. The earnings or
the roads were only s5.sSS,3ie, or LII per cent
less tnan those for 1873 TneY we're $50 224 s6i OF
10 per cent greater tRan those Tor 1872
They exceeded by $I17,13S.S03 the earnings o.
ls7I. These facts show how intimate are the rela-
sfs..
business OF the country. now potent is influence
IN tho development OF It's resources and the Arm
foundation on which IL rests. Previous 70 1874 the
annual percentage OF increase Of earnings for
many years exceeded ten pr cent those OF tue
one Immediately previous. similar rate OF ig-
crease for the past year would have given an
aggregate OF earnings OF about $685., 900 600 such
4 resuit would undoubtedly have Oeen reached bat
for the condition OF our currency. That A. was
reached Is one Of the many proofs or toe penalty
we pay for delaying the necessary REFORM "Ihe
number OF miles OF railroad IN operation at the
Co.e OF 1874 was 72623 against TO6s3 at the close
or ls73--an increase OF Ia40 miles This is the
smallest number OF miles OF railroad constructed
ia one year since 1866 The total amount invested
in railroads reaches All T63,J9a. Of which
ST. 900 9oT, ls6 IL set down paid-up capital stock
and 81 $50. 100 los debt chiefly bonds. The amount
paid a. dividends was pa, or $50 per cent
on capital stock invested. TINS would leave out
or net earnings the OF sl2i, 52so!6, or 60 per
cent, for payment OF interest on Indebtedness"
THE STOCK MAEKr.
In the early part Of the week the chief interest
attached to the speculation IN Lake shore, Erie
ana Pacific Mail; bat at the close II extended 90
nearly all securities, Western Union, Northwest
and St. raul being conspicuous me nrmness Of
the two last stocks was due TO dispatches rom
rhe West reporting a large renewed movement in
Grain over these lines and mucn better outlook
for freghts. The transactions AZ times were large
Erie recovered nom the late depression, rising
from l2h to 1879. Panama advanced from 100 20
l95, ana reacted per cent a. the close. New
York Central Rock Island. Delaware, Lackawanna
and Western New Jersey Central PittsDurg ana
michigan Central advanced rom 70 per cent.