New-York tribune., 1876-08-07
sALfs FROM 2 O'CLOCK TO CLOSE OF BUSINESS, 9
SATURDAY, Aug. 5-P. NJ.

The world moves onward, and does the science
of speculation, exhibited on the Stock Exchange.
Formerly prices rose and fell investors bought or
sold securities upon their merits accelerated TO
greater or less degree by the operations Of bull
bear spectators. But all this is changed.
When prices advance the fact is due to the Pnr-
chascs Of the public; but when they decline be it l.
or 20 per cent, the movement is attributed to bear
raid. Thus. since Jan |, n J. Central has declined
from 100 TO 81; Michigan Central from Is 10 30; y.
Y Central from III TO lo5; Delaware, Lackawanua
aud Western. from 100 to 90, and Illinois Central
from 1913 to S. all Of which we are soemnly told is
the result of beaT rads-that investors are dunly
holding their stocks, and that a terrible
tmo is in store for the bears when they
attempt to cover. Accepting this theory of the
as correct in view Of the fact that the decline in
the stocks named ranges from II to IS per cent, il
seems evident that the bears must have sold tre-
mendous quantity of stock 10 have accomplished
such a result. Perhaps it might be well enough for
the Governing Committee of the Stock Exchange 70
employ detectives TO discover the printing press
from which the bears produce the certificates OF the
stock which they sell IN such profuson. Depression
continued to be The ruling feature Of the stock spec
ulatou for the greater part OF the week ending with
to-day: but toward the close better feeling pre-
vailed owing to general clpsng up of short ac-
counts 10 realize accrued profits, which caused a
sharp rally, extending nearly through the entire
list Lake shore has been the leading stock a. TO
volume of business well As to steadlness IN price
il having been held with wonderful tenacity be-
tween 54ltqJ27s0J4l i0J33i. The most posi-
tive assurances are given. by those who are
the most sanguinc Of higher values that no pool eN-
lists in the stock and that they do not know who
supports It's price, SO that the street has become
quite muddcd concerning it; yet the large short
interest that has been closed out within the past
two days seems 10 have found no difficulty in secur-
ing all the stock required within a rise of one per
cent. Among the numerous popular BciionS that
have served 10 sustain the price Of this stock is the
supposed great value of its local" business the
authority for which is found page 10 of the Com
pany's last annual report uS75) as follows: 1T is
gratifying that the local business of the road was
larger in 1875 than ever beOre-showng an increase
of 81, 100 tons freight and 79,32S passengers, IN
both cases 2.6 per cent over the previous year"
But il should be understood that local business,
both of passenger aud freight traffic. In
cludes all business between New-York and such
competitive points the Lake Shore Road
as Dunkirk, Erie, Cleveland Sandusky, Detroit
Toledo aud other places of less note. Also that OF
passengers freight leaving New York for Chicago
via the Erie Railroad to Dunkirk or Cleveland and
| thence by the Lake Shore. In word, nothing i,
through business except that which goes all the way
| from Buffalo to Chicago or rice rersd. The idea
pronuig gated Is that the present low and ruinou,
rates on through business are Of less consequence be
cause Of the great local trade remaining intact. Tn.
best attainable authority on this Doink u TO b,