New-York tribune., 1874-07-17
Aud the followine for city bank shares

The present state of uncertainty and suspense ia
regard to dividend on the Lake Shore stock, how
ever dsheartenng the real shareholders gives lie
to the Wall-st speculations, and probably pleases
the professionals" much better than would either
declaration Of the dividend authoritative an
nouncement that none would be made. Witness the
comparative quietness of Western Union Telegraph
stock since the long promised dividend has become
an accomplished fact. Ii has lost its attractions Tor
quick and lively turns and Is almost as seda'e Ia l'S
movements as are the public funds. but tueio'
are holders OF Lake Shore stock outside OF the spee
latiye arena who are very desirous of knowing tho
truth and who are entitled 10 know II, from the
officers of the Company but seek for such knowledge
in vain. Therefore, without expressing any op'h-
ion as to the probabilities will endeayor, by 3F-
ing all the facts within our reach, to ana u
the forming of an approximately correct opinion
By the Companys report for the year ending Dec
81 1878 the gross earnings Sl9,ii,JjJ; opefat-
ing expenses and taxes. S13,746,599 net earnings
S5G679p Deduct interest on bonds c2~S'o9~5
interest on floating debt, S27S46 rent of ie's'u
lines S25S, ,9l3; discount on S529,ob bonds so'u o
SS9s, ,7G4 dividend on guaranteed stock, so'o'',
total 363 leaving for stock, S2l5d},i oeuu's
four per cent dividend, Aug. l. 1878, Si9'slf; "a
ing applicable for dividend for the last SN mohl'S
of the year only Sl5S,5O7. The bonded debt had in
creased during the year S5,22i.o0 by the SAFE VI
sinking fund bonds, and the balance of the co.
900 900 authorized have since been disposed oi thus
recurring SGOOOQ less the discount on the bonds Ok
this years earnings to provide for the sinking tund
The interest charge for this year will also be IN
creased about S2Oo,O00 that these two items make
a total increase of charges against the net earnings
OF about $4,000.
II il stated that the floating debt which about
81 900 900 has been reduced within the new year,
but if So it has been by the sale of bonds requiring
the proceeds of 81 600 900 bonds 10 pay of 100000,
TINS increasing the debt 100000 for every such
exchange or transmutation of floating into bonded
debt aud increasing the interest charge proper
tionately.
The Company had. from last years business
Sl5S5O7 toward the next" dividend, aud the ques-
ton TO be solved is how much has been added 10 IL
from the business of the first six months of 1874,
viz, from Jan. TO June So On this point we can
obtain bat little light from official sources and are
therefore compelled to judge of the business OF TINS
road by that of other companies who are less reti-
cent, and by well-known facts applicable and uuo
Of all railroads. After the third week in March, the
Lake Shore Company suddenly declined to continue
furnishing the usual weekly reports of earnings ou'
from JAN to end Of third week in March the earn
ugs compare as follows with last year 1873, gross
earnings S4 ell 9C9 1874 gross earnings. SS75o5So
decrease of S455S74 On the business of the hrst
eleven weeks of the year. Toledo Wabash and
Western, one of the connections Of Lake Shore, ior
the same time. compares as follows le'S gross
earnings si1ll.i6S; 1874, gross earnings, lUSSVV
decrease Sls 45S a loss " Lake Shore OF about Vt
per cent. and to Toledo. Wabash and Western " :