Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1881-02-11
1ancaster futri!:senrer.
FRIDAY EVENING, FEB. II, 1881.
A Sernen1.S Trcil.

Pennsylvania soil has had the distinc-
tion of being pressed by the foot of Jay
Gould, who has been to Philadelphia to
arrange with the Pennsylvania railroad
concerning its telegraph service; at
least SO it was given out. Mr.. Could Is
said to have declared that he would fix
up the matter with that company that
quick" with an accompanying snap OF
his fingers; and this is recorded as
wonderful illustration of Mr.. Gsalds S
magic power; though it does not sssm
TO have been a hcrculean task, consiises-
ing the fact that Mr.. Could controls ncsf
the two telegraplrconlpanits which wers
lately competing sor the Pennsylvania
railroad s business. Indeed there was so
little need for the presence Of Mr. Gould
to arrange a fight which, had ceased to
be fight by reason Of the union OF the
contestants, that we conclude that he
was in Philadelphia. Oh other business.
He probably is anxiouss 81 find out what
is to be done about that pl;n;sion of car
constitution which bars the n7hriage o?
the telegraph companies, that he tells rs
he has united from truly phiianthrGnic
motives. Mr.. Gould appears to ou;-
siders bull in telegraph and all other
stocks. He predicts their great rise in
value in the immediate future. AS he
is known not to be communicative
of his real opinions, the Philadelphia
brokers who hung upon his words were
inclined to read them as Il prediction OF
q coming crash in the market and TO
sell out accordingly. But perhaps it was
not safe to take it for granted that Mr..
Gould was saying what me did not mean.
lie has achieved such 4 reputation for
lying that it is possible that he some
times tells the truth to deceive. his hear
ers. 1t is not. however, likely THAT he
did so this time. lie was in a fresh
field, wherein he may have f!attered liE'-
self that it was still possible to find some
persons who would believe what he said.
There IS no reason to believe that stocks
will 60 higher very soon. Most persons
think that they are dangerously high
now. They have never been SO high,
and their extravagant valuation is out
of proportion to that Of all other market.
able things. Produce and manufactures
and land are selling at low prices. Cap.
ital brings small interest. Rail.
road earnings have been very heavy
during the past year and have
stimulated the price Of stocks, which
however, have gone up, without very
great regard to the earnings, OH g great
expectations" If those expectations
are realized it is possible that stock
prices may stay up; hut there i; little
chance of tiieir going np farther, unless
people who have inc,I"y =" crazy. The
probability is That The hi: yrectation:
formed Of railroad pros, ,Iit, and raj!
road dividends will receive :. check
because they have gone beyond the power
Of immediate realization. Unless MANI.
featuring and other industres bring Al
increased reward, the earnings Of carry
ing companies, dependent rs they ARK
upon the state of business, must suffer
a reduction. Soon there must ccinc al
equilibrium in the pro!itabienes; OF ON
business interests, and one cannot long
continue to be we'll rewarded willie an
other intimately connected with il i:
poorly paid. 1t is an undoubtcd fact
that mining and manufacturing indus
tries of every kind are now producing
very moderate profits: if railroad col:
panies are doing better, they cGnnct con
tinue to do so and if they are not doing
better, their dividends Will not justii,
their market value and tile value of thei
shares must fall when reasonable reop!.
buy them.