New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-12-10
MONDAY, Dec. 9-P. X.


correspondent. referring to our analysis OF the
report of the Lake Shore Railroad for the year
Anded September 80, 1878, asks if we can furnish
information showing what the report of the COM
many is likely TO be for the six months which will
end December 80, and what viii be the probable
dividend for this time. The answer is a PLAIN no.
Too many circumstances which are extraneous
to the actual business and net earnings
of the company affect this PropOSiIlon
co permit of q reasonable guess Du'
the sworn statement of the company SLOWS
that the net earnings from July to SEPTEMBER 81
we're 81 $40. 532 and this showing includes
charge to construction" of $4,000 for the re-
newol of bridge at Toledo. This item clearly
ought to have been charged to operating expenses.
Pnt accepting the statement made, the net earn
ings show an increase over the same time OF 1877
of S9O961. This comparison includes the
~iotous month of July, 1877, when the
net earnings Of the company were reduced
to Sl41, 1854. Since September 80 there Is
no inform alton concerning the business OF the COM
pany other than that of the same character whlch
pretended TO show that the August and september
business was unprecedented The results of these
months have been shown bY the sworn statement
of the company, which ought to be accepted as OF
moro value than the statements of speculative ON
eiais. But the following statistics OF receipts Oh
grain NJ New-York are suggestive OF what the busl-
ness az the Lake Shore Company has been since Sep
tember 80 Whilea large quantity of grain which ar
ryesat Buffalo by lake reaches Underwater by rail-
road we have vet to hear of the first transfer OF gram
TO the canal which arrived at Buffalo by railroad
Therefore the following comparison is favorable
rather than unfayorable to the railroads terminal
ing at Buffalo;
RECEIPTS OF GRAIN by CENTRAL AND ERIE RAILROADS
AT NETWORK.
1871 1878 Differences
5Ss a anf S SSPsb S555o8 SGoS
These figures show that the large increase
of gram movements by railroad during
August and September permitted the Lake
Shore Company to show a gain of $4,000 IN its net
earning Is for the three months ended September So
but that for the two months since the movement by
railroad has been 1S64, sos bushels less than for
the same time in 1877. For the last six months OF
1877 the Lake Shore Company paid dividend OF
per cent
The stock market to-day was little more than
series of skrmishes between the bulls and
" bears the advantage at the end beng with the
latter. Prices were as freely washed" down as
they were washed up, and with the general mar
ket these alternate diversions were the peculiar fea-
lures of the day. Seemingly the bears"
lost no stock by the operations, and the
are particularly applicable to the trading IN Lake
Shore, the Northwest and st. Paul stocks. Tie
dealings in the coal shares probably were more
legitimate, because the recent decline had en-
cOuraged q short interest which produced u
sharp upward tendency. Hence Delaware, Lack
awanna and Western, after selling at 42fD4lSi. rose
to 433s but later declined and closed al Al D.
Morris and Essex opened at 76l4 and rapidly de-
cliped to 7512 then rallied TO 76l2 and later de-
clined to 747s and closed at 1854
SO far as future combinations are concerned.
the letter FROM the Lehgh Valley Com
mittee to Messrs. Dickson and GOweu.
which is printed elsewhere, TO close the door
70 ali present negotiations But I'll probable that
before the coal season of 1879 opens this question
Will assume many phases likely to Affect the stock
market.
The day developed nothing new in relation to
Che demand of the holders OF Northwestern Union
bonds The officers of the parent company are rrti-
cent IN regard 10 the matter and refuse any expla-
nation why the letter of MIR. Ten Have was not
presented to the Board Of Directors before
the dividends were declared. In stock
dealings Wabash was particularly strong for reasons
before referred to- selling at 22SS0 I20 23's The
other low price fancies were barely steady. West,
ern Union declined from 05l2 TO 94Ss Sutro Tunnel
from ash to At, and Pacific Mail sold at 1850
12S4913.
The market generally closed weak.
RANCE THE STOCK MARKET.
-Aotnal SAlea--COsing BidG Shares
Ding Hleb'I E1ual Asked Bold.