New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-04
CLOSING rRIcrs OF rn1LApELrmIA srocKs.
THE BIG FOUR.

THE BIG FOUR"
Wednesday. Dec. 3-p. m.
The directors Of the Cleveland, Cincinnati,
Chicago and St. Louis Railway to-day declared a
quarterly dividend on the preferred stock Of l IA
per cent. and a semi-annual dividend Of 10 per
cent on the common stocks for the respective
periods ending December 81. This was done on
the actual results Of the four months business
ended October 81, and an estimate Of the result
for the month of November, without taking into
the account the possibilities Of the month Of
December. The statement for the four months
ended October 81 is as follows:
Operating eN0"n-e--. .'..-.-'.- -'S'9'I
Net for 4 months ......sl 30 90
Deduct interest, fcnts. taxes. etc. etc.""".. 97G,3os
balance for , month. SOD oo'
Add for ne, earnings Of sandussy diyision"".. 3,o'o
And for November estimates l""'"u
Total over charges tor > months .,."..,- $4,000
p'a fnciuG aiHiaf pett Gn pT' 81 STOCK 'o' " months, 10000
Leaves a balance FOR the common stock Of 95ol. oo7
" per T"c cent .n'io'.r w. NC ." .'.... 40 So
Balance s9i.752
The FOREGOING shows that in the first five months
Of the cOmpany's fiscal year 1t earned over the
full . 12 per cent half-ycarly dividends on lis
preferred stock, l.s3 per cent on us common stock,
and that the net earnings over charges for the
Li'h'h w - 49, 'HF' ''
$3.50, 600. added to the surplus of S9i.sJ2 stated
above. gives S22l, 1872 as tn amount 10 be carried
forward TO the credit of the common stock in the
next six months.
The amount Of common stock now outstanding
is So $4,000.
The purchase Of the White Water Railroad. the
st. Louis, Alton and Tcrrc IIaut", and the lease Of
the Cincinnati. SanduSky and Cleveland and the
Columbus and Springfield have been completed
After taking in these properties the fixed charges
Of the road are now per month
Ttr bond Interest -..-.-..... .......---sloj 30 SO
For proportion a. taxes .. ..-.."... .... 81 Lou "
For rentals 2'''l d"
A io:al Of .252.31, 30
While the company has added The CINCINNATI.
SanduSky and Cleveland, the Columbus and
Springfield and White River roads 10 lis system
nearly 300 miles and earning gross so. 600 per
month, the fixed charges have been increased
thereby only 5000 per month.
II was the extreme height of conservatism that
The common stock AT | IL per cent. That Is the
same amount that was paid for the same period
Of 1850, bat for the half year ended June 50.
1890, the dividend was ? J.! per cent
THE MONEY SITUATION.
Except for the serious nature Of the matter. il
now would be amusing 10 Ic-rcad tie confident
predictions of certain writers Of "a week ago that
exports Of gold were not only possible. bat prob
able, in the near future. Probably The stran2cst
thing that ever appeared in print ON the foreign
exchanges was the following in last Saturdays
" Chronicle "Our foreign exchange market has
been strong this week. The feature being The
IndlspOsltiOn III the present condition Of the Lon
don markets 10 sell long bills. For this reason
The demand IS almost wholly for short bills.
The readers of Tie Tribune who Were kept posted
on the reasons why sight sterling bills commented
al one time 10 cents more per : than long
bills could be sold for, have had their laugh
over the rumored strength fer long bills and
corresponding "wcakncSs' for hight bills The
foreign exchange market has returned 10 IT'S normal
condition and the differences now in the rates for
long and short bills have been adjusted io the
money markets, but the market is weak for both
long and sight bills. Is We did not 90 crazy Il
week ago over the prediction Of early gold cN-
ports, We do not propose 10 do 50 now over the
prospects Of immcdiat" gold imports. aiihouS one
of the most conservative banker, Of the Street
SAID to-day nat h" loo:cd for sucn "a
result before the end of this year. l.
may come al any time, bi we arc not
anticipating any important imports Of gold
till next spring. and tr"t depends upon TOO many
intervening possibilities 10 make any dcluit' cal
culations upon. II - enough for present purposes
TO explode the unwarrdnicd suppo>,tnpn If a week
ago that gold c\ ports were impending.
Simply as a reminder 10 our readers, We call At
tcntIon 10 the fact that on Friday, October II.
wc wrote OF the money market that il developed
evidences that a part of the locked mp money Na~
returned 10 general circulation, bUt that il would
count for nothing in thc bank statement Of III"
next day, and il did not, the bank statement Of
October i showing u loss Of Si.31O COO cash. All
the experts on currency movements on the succeed
Ing Saturday, Octuhrr -. reported a los, - line
banks for the week Of nearly s.. 600, 900. The sisrk
n%arlet that Saturday morning rnlcd stfon3 up 10
tie publication Of the bank statement, winch
when made. instead Of rejecting the supposed
lower condition Of the week before than tine
Of that week, and = loss Of 5000. goo
for the current week returned a loss in cash
Of only 500, 500. And Immediately on the pub
%lication Of the statement there was such a pres
sure 10 sell stocks that values yielded IN the last
fifteen or thirty minutes 3-Iu - per cent. !
I here was about s.. 900, 600 of l0ckcd-up money !
pat back in the banks on October II, which WIS
again Withdrawn 50 late in the week as 10 have
little clcct on th" averages Of that week, but
was reflected in tie money market of the next
week. ana the bank statement Of November : /
showed a loss TO tie average cash of $i,2Jt 900,
the experts had estimated the total Of the
at ~. 40O.O 900. If any one can revise the
" known" movements Of money since August 10
down 10 the present date and compare them with !
he weekly bank statements, and arrive ~ any
other conclusion than that money in very large |
amounts has been Withdrawn and is still with
held from its legitimate purposes. hc Will be
he apostle in finance that Wall Street is looking
TIE associated banks to-day issued an addi
fiOnal 81 zoo, 900 Of Clearing House certificates. |
This is only utilizing GOOD A mercantile paper
for clcarauccS at the Clearing House. II is fight-
ing with fire for the merchants interest against the
fire of large st0ck-OpcratorS, who. by their
power, are holding on the general market LARGE
sums Of legal money. They are issued for only
- per cent Of a scrupulOuSly estimated value
and are the conServat ,rS Of n nctitious situa- |
ion that has been made by power and force for
he personal benefit of n few railroad men and
heir allied capitalist; II the paper is good on
n time they will l%iquidatr themselves.
THE "a IN THE STOCK MARKET.
There WAS nothing in to-day's stock market.
d was dull and generally lower. Delaware.
.ackawanna and Western was a special feature.
md from 1870 - rose 10 1873. but closed at
30 -. against 1870 last evening. The general
was without avy special support, and