New-York tribune., 1876-06-16

TnrR Day. Jnne l5-P. NJ.

The stock market today may fairly be regarded
aaIake Shore market, since the transactions ~
this stock reached a larser proportion of the whole
business than probably on any previous day. bring
81 Der cent of the entire transactions; and The
cliQnes in il are entitled 20 great credit for
their display of pluck and enterprise III
daring to so boldly mark the pr G
up from the opening at Ji5sOJfl2 to 555s OF
course the very strength of the market for this stock
induced a large covering by the late bears, and 1t Is
believed that the cliques sold considerable quanti
ties Of stock above G5; but this does not d"tract
from tae credit to which they entitled, because
except for their bold buying at 5fl2053 The buyers
above that price would probably have been sellers at
54 and under The recent movement in Lake Shore
NAV be set down as the hol,lest speculation Of
the year becatse it is ind.sputaLle fact that If
the Company can earn expenses at present rates,
then at thuse prevailing last January-which were
then so per cent below the average two years ago
it could have then canned at least 20 per cent dyi-
dends on the stock of $5OO00.000 even admitting
all that Is claimed in the talk about its local business
1t may be proper to say that very large proportion
of what is called local OF way business on this
road and which enters into tie annual reports
as sucl done for both plssengsrs aud freIghts at
as low rates rer mile as is tie through" business
between Buffalo and Chicago, for very good
to as strong competition are its terminal points
The idea which is ndustr ousy circulated, 10 the
effect that the present railway war is the result Of
pure ID simple stock -jobbg operation, shows gross
ignorance Of the real business situation. The
simple fact is that New-YoIk Central was perfectly
willing TO allow Baltimore and PhIlddelpbla
to enjoy lower rate than New-York ur'il the
opening of inland navigation made 1t impos-
sible for il 10 longer control rates, and then tle
Central rsduced rates East-bOnnd freighs 10y rail
road 20 prices lower than before, still leaving
the rates on West-bound freights favorable to the
Southern cities That the latter rates to-day are as
low from New-York from Baltimore
and Philadelphia is due 70 the action Of the
Ere Railway and not to The New-York Cen
trail Michigan Central. which publishes
Its gross earnings, and shows large increase in the
over 1875 because of ts closer and more iuu-
mate connection with the New-York Central through
the Canada Southern, makes gain of only d per
cent the closing sale Of yesterday although at
one time it sold up to 4sl2 The transactions in the
remainder of the list were unimportant scnrce-
y 10 call for comment further than TO say that it was
sympathetically strong. The exceptions TO this
rule ONO and Mississippi, which was weak,
declining to l5ss but ralyng 10 1Gls,
and New-JerSey Central which sold from S2is TO
oO1s, on report that at meeting of the directors
held Monday last 1T decided to pass the usual
quarterly dividend for the current quarter If th's
report be true the has been well kept for fouI
days, and has afforded the insiders good
Opportunity to market their stock. West
ern Union and Pacific Mail, which came
next TO Lake sbore in amount Of transactions
were simply steady within range Of Z per cent.
Prominent operators in tho management Of
Pacific Mail have been giving out in a friendly and