The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-01-29

the rtatemeuta % the 81. Paul and o. the q. ID.
and Quincy Company for December, becauso IN
each case the increase In operating expenses
wac nearly as large a. the increase In gross earn
ings. Similar increases may be noted in the
Cleveland. Cincinnati. Chicago and St. Louis
statement for December. and also in that OF tho
Erie Company for tho Same month. which was
published this morning. The explanation In
each case is that the companies named are
renewing their equipment and making various
repairs and improvements, which are charged TO
operating expenses instead of TO capital account.
1t 10 now thoroughly understood that the
larger holders Of New York Central stock have
Informally decided upon an issue of 800, 00O,-
600 GIG collateral trust bonds to take up the en-
tire capital stock Of the Lake Shore Company.
This operation will give the New York Central
absolute control not only Of the Lake Shore
road. but also the control OF tho auxiliary
lines like tho Now York, Chicago and st.
Louis, which the Lake Shore Company con.
trolls through its ownership OF the stock OF those
companies. The assumption that the New York
Central will benefit directly should the Lake
Shore Company earn moro than the amount re-
Quirod to pay the interest upon tho collateral
trust bonds issued for its stock 10 misleading.
for 1t was learned to-day that tho earnings
Of the Lake Shore road in excess Of the
amount required to pay the interest upon
u COllhJcThl TRUST DOnuB lnSueQ upon 1L9
stock as security are to DO used as a sinking
fund for the redemption of those bonds. It is
possible. therefore, that In the course Of time
the New York Central Company may become
the absolute owner OF its Western connection.
According to all accounts tho methods of oper-
ating the New York Central Company will be
improved and important economies will DO in
troduced that will warrant the company In
placing Its stock upon a 8 y cent. dividend.
basis. The dealings In that stock were less ex-
~tensive than yesterday. and realizing sales by
recent speculative buyers lowered the price
nearly q point. At q reaction of nearly q point
from the highest price Northern Pacific prefer
red. which led the list with respect to activity,
closed 3@4 y cent. higher than yesterday. OF tho
local traction stocks, Brooklyn Rapid Transit
received the most attention.. and in common
with others Of that group closed fractionally
lower. Union Pacific was exceptionally active
and strong. and the same observation applies to
the purchase money certificates. Sugar Re-
filming was heavy throughout and closed 1la y
cent. lower.
After the close Of business tho statement Of
the Northern Pacific Railway for the third week
in tie current month was furnished for publica.
ton. 1t shows an increase Of $s7. 462, or nearly
40 . cent. as compared with the corresponding
period of last year. For the first three weeks In
January the Increase in gross earnings was $272,-
9s2. an increase Of ALI as compared with the
corresponding period Of last year. For the fiscal
year to Jan. 81 the increase in gross earnings is
$2,671. 763. or % . cent. Trade reports for the
week are in tho main encouraging. Clearing
House payments are 7.3 . cent. larger than
in 1892 and railway gross earnings, SO
far as reported, are 11.2 y cent. larger
than were ever reported in the corresponding
period. In tho lato dealings on the Stock Ex.
rhnnna fha rnnm fradara rrpfaoaal 81 No.
fresh Importance to tho passage this evening of
the Teller resolution by the Senate. Rumors
were also circulated Of impending disturbances
in Cuba. In consequence the closing was irreg.
ular.
Final sales compare with those Of yesterday s