New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-07-11

about it. for this sudden and singular flop IN the
stock movement. On the part OF the bears VINO
seem to be quite serene and undistubed about the
situation. it is alleged that fearing panic which
they do not desire and it certainly looked little
panickv at one time this morning, they came into
the market as buyers until they had turned
the tide. when certain prominent bulls took
hold of it, and by heavy purchases OF
Lake Shore, Northwestern. st. Paul. Rock
Island Wabash, and Western Union. sent
prices kiting upward to per cent The leadlhg
stock in the upward movement was Lake shore
which was no doubt materially aided in its advance
by a renewal of the story of forthcoming dividend.
Indeed it was asserted positively in the street, and
utterly without foundation, that the Board OF
Directors were in session to-day and had determined
10 declare semi-annual dividend of per cent and
so without stopping to consider the fact that the
Company has not earned any such dividend and
that il would very likely find 1t more difficult 10
borrow the necessary funds for such pur-
pose than upon the occasion of the last
dividend, which it paid, spectators rushed
in with their orders TO buy and the price OF the
stock rushed up. other leading shares following III
its wake. No doubt the upward movement to-day
was more or less aided by purchases on the part OF
the shorts to realize profits. How the prices may
be tomorrow tomorrow must determine for itself.
If the clouds could be cleared away if the Changers
would reent. if the Western Legislatures would
come to the relief of the railroad companies, II
the latter would meet the former halfway
in an adjustment of fares and freight
charges if the diminution of earnings would only
stop. if the Supreme Court of the United States
would only decide and establish the principle that
a State may create railroad corporations but cannot
interfere with their rate of charges-H all or most
of these things could happen there Is hardly
doubt that for while those who are now bears
would become bulls and We should have
continuous rise in prices of shares even
through the present heated term. As it is
il NAV be doubted if very many of the larger ope-
rators are inclined to sustain the market if TO
do so involves the adding of more stock 10 their
present large holdings. The fluctuations are of a
very serious character TO those spectators who hap
pen TO be- for the time on the wrong side but If we
sometimes treat the whole subject with what may
seem to be indifference the interests directly con-
cerned it is because deem them of no i'm
portance TO the country at large, except so
far as a correct knowledge of them teaches
that stock speculation Is poor business Tor
men who have legitimate pursuits. and fancy shares
poor representative OF money honestly come by.
The market closed dull and quiet M a considerable
advance on the closing prices of last night through
most of the speculative list but without recovering
the decline of yesterday. Ohios recovered I, Cen
tral and st. Joseph each Il Union Pacific. Pacific
Mali : Erie and Northwest, each per cent Rock
Island. Il: Wabash. /. Lake Shore. IL It. Paul.
Il. and Western Union per cent. The others
were without change. The opening highest lowest C.,
and closn. prices OF active stocks sold to-day We're
a. follows: