Year: 1874

The stock market seemed quite lively to-day after
che Jl,i davs Of the preceding week nearly all the
.pecula'Ives starting at improved prices on the
opeul0c of business and gradually advancing as the
day wore on until toward the close, when prices re-
ccded point or two on nearly all the specuatives.
WtL0-t any special reasons for either the increased
sales or the improvement in prices there was clearly
a better feeling among the smaller operators, and
with hardly an exception the list closed al higher
prices than those recorded on Saturday 1t Is more
than likely that those who claim II as
their special mission IN this life TO adyo-
cate the bull side of the stock question
Will attribute the improvement 10 the buying in of
shorts on the part Of the bears while their equally
Jealous aud perhaps equally ignorant opponents will
assert that the bulls are taking advantage of the


absence of the leading bears to lit the market up to
igher range of prices Without claiming a 1.-THE
Of the intimate knowledge Of other peoples private
business assumed be possessed by these wiseacres
we hope we may, without suspicion of vanity,
mode.tly assert that we do not believe the leading
operators had anything TO do with the more
cheerful aspect of tO-days market The
almost universal disposition Of outsiders
Is 70 operate for a rise and when the greater lights
are absent and the market is left 20 the lesser
advance IL prices is perfectly logical consequence.
Whether we are 20 have a continued rise IN railroad
share, will depend not much on putting as on the
show OF earnings hereafter to be made by the prin
cpal trunk lines. IT, for instance, the Lake Shore
Railroad Company can, from this time forward, earn
a fair dividend Its share capital and the fact
can be- made plainly manifest 10 the public,
we doubt if al the bears in Christen-
dom prevent the appreciation of the
shares Of that Company a very much higher price
than that of to-day. On the other hand if the road
l. losing money fits last statement was doctored"
If the usual repairs have been neglected in order
70 max, the better show Of apparent earnings, the
effect VIII be seen IN an increased wear and tear of
rolling stock as well as of the road itself and the
loss % tue Company will be in gradually increased
ratio, and the stock will decline. Very few ordinary
operators afford the time the expense TO make


thOrou gh investigation a. 10 the condition OF the
superstrIcture, the equipment the finances of
railway company. But the larger opera
tors doubtless satisfy themselves on
all these points before taking their position in
tne speculative arena. Among these, 1t is said there
IS strong suspicion as 10 the incorporating eapa-
cIty OF many Of our hitherto dividendpsyng roads.
II these suspicious shall be confirmed after due ex-
animation, the bear raid beguu last Springi NAV lie


expected 70 be continued through the next Fall.
But # 10 DE found that the roads are really doing
we'll 1t Will be only admitting that these heavy
speculators are endowed with common sense 70 srn-
pose that they viii be found on the bu side of tbe
market We take it that only the weak minded and
the inexperienced spectators are consti+ptionatv
either bull bear. and that the shrewd ones
are N the business to make money and not for the
mere amusement of buying and selling shares


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