New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-10-02

heavy realizing has been DONE is this unnatural
when the extent of the advance is considered. Lake
Shore continues to lead the market, and may he
regarded az the lion of the day, having advanced,
at the highest point. to 49, nearly per cent above
the highest point of yesterday while leading shares
upon the board with the exception of Lake
Shore and Western Union. had declined at the
close, compared with the closing sales Yesterday,
from to u per cent, all which may be reasonably
accounted for by sales to realize accrued profits and
it would therefore perhaps be hazardous to conclude
that the upward movement has reached it's cumina-
ting point, from the simple fact that the market
shows very general decline. But why should Lake
Shore prove exception to the decline Ii we may
Judge from the buying Of this stock to-day, at adj
vancing prices, there mus have been large acces-
sions to the beeversir The financial notion that
acorporatiOn and consequently its stock. il benefited
by the extingushment Of floating debt from the
issue OF bonded debt for 10 or IL per cent larger
amount, and q consequent increase OF in-
tercst liabilities The current stories concern
ing this Company, and the reasons given
Tor the rapid advance in the price OF
its stocks, are First That the road is to be leased to
the Central and Hudson, with per cert guaranteed
upon Its stock. This story appears to us too riCicu-
lous to require comment long as Mr.. Vanderbilt Is
large holder of the stock of the latter Company.
Second That the Company has negotiated S3,OUO,0OO
of its bonds (so-caled second mortgage,) from the
proceeds of which the floating debt will
be paid of, leaving a balance of about
$1,S0,OOO and the future earnings from it
to be applied towards dividends upon the stock
One statement runs to the effect that the $3,O0OOOO
loan was negotiated in London another that it was
taken by Commodore Vanderbilt, and still another
which not to be credited rs fromthe bears
that the bull pool in Lake Shore took the loan and
are using the bonds capital for their upward
speculation. 1t Is alleged that the gross earnings of
the road for the expired portion of the year 1874 are
IL per cent below those of 1873, but that the net
earnings are $l5O,OOO in excess of 1873 when the
Company borrowed the money Of the Union Trust
Company with which to pay its August dividend),
the inference being naturally drawn that stock
holders may soon expect resumption of the pay
ment of dividends from earnings AS to the prob
abilities of realization of their expectations our
readers will judge for themselves, and the follow
ing facts may be more useful in forming a
correct judgment than the stories told upon the
Exchange by the official report issued about Aug.
the gross earnings of Lake Shore aud Michigan
Southern compare as follows:
Jan. / to jane 80 .........s9SJi,073 s86.i.o39
decrease of 81 2l7 23i UT l2I per cent Now, every
road connecting with Lake Shore and Michigan
Southern which has continued to publish It's earn
ings, shows much larger percentage OF decrease
since July than for the six months previous For
instance, the Toledo, Wabash and Western earned :
y,sn,., to inn. 80 1891 7e3Sis sa Lifts
decrease for six months of $aa772e or 81 per cent
From .uly to Sep. li......sl, iS3Sja sl,iiiass
decrease for two months and One-half Of S29O074,
or 2Os per cent. The Chicago, Milwaukee and ST.
Paul earned: 100,
,,,,,o,..s 30 ss ls,s; s4IsIsi5
gain in the six months of S8539JG, "a per cent,
while its earnings from
,.,,,os.,. % 1871. 1884, 81 i 3, SIS
q decrease in two months and three-tourths OF
$467, l5i or over - per cent.
The business at the Stock Exchange was not 30
large as that of yesterday, yet 1t amounted to some
thing more than 300 900 shares, OF which 96JO were
Lake Shore, $1,000 Western Union, 1880 Pacific
Mail, 22,6OO Union Pacific, 1900 North Western.
IL 800 Wabash 10000 Erie 1890 ST. Paul. 11OOO Ohio
and Miss, 500 c. c. and l. Co. and 1920 Central
and Hudson. Compared with tho closing prices OF
last night and those of to-day, there decline Of
IA per cent each in Atlantic and Pacific Preferred
and Panama; II in Pacific Mail II in Ohio and
Miss; in Hannibal and ST. Joseph each in Z. e.
and /. c., Delaware. Lackawanna and Western,
Erie, Harlem and Northwestern. III Wabash,
each in Rock Island and st. Paul, each in Central
and Hudson and Union Pacific Lake Shore gained
q; Western Union Telegraph, g. and Quicksilver,
per cent. The persistent story of the failure OF
heavy shipping house, heretofore regarded as very
strong, contributed something perhaps. to the de-
cline in stocks to-day. The market closed steady at
the decline The opening, highest lowest. and
closing prices of active stocks sold were as follows
Opeaiag Highest Loye,t Closing.
Ny. Central. lOlAs lVlt IOlIs
Ene................... 1854 81 324 51A