The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-01-28

tho absolute owner OF tts principal western con.
~nection, and would reap the benefits OF the net
earnings Of that line in excess Of an amount
equivalent to 2 cent. upon the outstanding
capital of the LAX Shore Company. Irrespcc-
two OF this transaction It Is understood that the
noxt quarterly dividend upon New York Gem
trail win DO at the rate OF 8 Y cent per annum.
1t was rumored this afternoon that tho pro
Rramme for q virtual consolidation OF tho 30
called Vanderbilt lines includes an Issue OF West
Shore dobentures In exchange for the stock Of
the Michigan Central Railroad. Thib. however.
lacks confirmation.
Tho strength and activity OF the market for
Rock Island was explained by the formal offer
ing to the public of nearly half Of tho new re-
funding 4 y cent. bonds sold by the company q
few weeks ago to q syndicate Of bankers. In
connection with the offering the President otthe
company states that tho annual saving In inter
est by the %refunding operation will be Si96,62l.
He also states that tho not earnings OF the COM
pany for the nine months ending Doc. 81 show
an increase, az compared with the correspond
ing period OF the previous iscal year. Of 81, $685.
1893. These earnings indicate profits on tho
stock for tho complete fiscal year Of about
ZIG y cent. The terms upon which the various
obligations of the company can be converted
into the new bonds arc printed in detail In IN
adjoining column. together with various state
ments regarding tho finances and operations OF
the company. that will DO road with interest by
present and prospective investors In tho COM
pany's securities. Northern Pacific preferred
was favorably affected by the fact that q
second quarterly dividend Of / y cent. will DO
declared In the near future, although the
frat one has Just been paid. It 10 understood
that the second dividend Is declared at this
time to mako the dividend periods conform to
AZ ,orknr @f tha onr,no~-t, f1n,l una
fairly large business was dono in Sugar Rein
ing. Manhattan Railway. Union Pacific. and in
tho shares Of the Southwestern trunk lines. In
this group Missouri. Kansas and Texas pre-
ferred was again tho leader. The movement
extended to some OF the long dormant members
Of tho group, notably to st. Louis. Southwest
ern preferred.
In the late dealings fresh interest was shown
in the local traction stocks. It was most pro-
nounced In Metropolitan Railway and Brooklyn
Rapid Transit. The first made q now high
record and closed at a net advance OF moro than
2 points. Unusual activity in Erie fret pre-
ferred Is explained by the statement of the COM
pany for December. printed further on in this
column. Among other favorable develop
ments was the further sharp advance in the
price Of wheat, resulting. according to good
judges Of the cereal situation. from cumulative
thtob "tii bo III " pNnANAty AZ
the domestic supply before tho next crop is
harvested. 1t is to DO noted that wheat Is still
moving to market from tho principal producing
regions, q fact that should be taken into consid-
GRAFTON in estimating the current earnings of the
Granger trunk lines. The Street was apparently
30 deeply interested in developments affecting
values already noted that It paid little atten.
tion to the settlement Of the differences between
tho various bituminous coal producing in
terests and between those interests and
their employees, which was affected at
Chicago yesterday. It 10 believed that tho
agreements now reached are sufficiently COM
prehensive as well as equitable to be perma-
nent. Should this provo to be the case. q
decided improvement in the earnings Of all
tho bituminous coal carrying roads may
reasonably DO expected. particularly in the
region west Of PittsburR. where the pro-
ducers and carriers havo recently agreed to
market their product through q central
selling agency. Tho market was buoyed to an
extent by expectations Of . strong sound money
speech from tho President at the trade banquet
this evening. Besides. the Street Is inclined to
the view that the cause of silver has been ma
terially weakened by the debate upon the Teller
resolution in the Senate.
1t 10 unfortunate that Just as q revival of
business in Wall street seems imminent the
management of tho Stock Exchange should see
at to serve notice upon its constituents that it
still adheres to its traditional retrogressive
policy. This was done at the meeting of the
Governors of tho Exchange held yesterday af.
~ternoon, when more than two-thirds of the mem
bers present and voting passed O resolution pro-
hibiting their fellow members Of the Exchange
from telephoning or otherwise transmitting
continuous quotations Of stocks to their cor.
respondents In other financial centres, particu-
larly Boston and Philadelphia Efforts were
made to-day to induce some of tho advocates of
the resolution to define what is meant by
continuous quotations" and also to explain
what they hope to accomplish by their
effort to minimize transactions between
New York and the Stock Exchanges in
other cities. Those who shape the policy of
the New York Stock Exchange are apparently
unmindful Of the fact that in consequence of
the previous free trading between New York,
Philadelphia and Boston the principal market
for Atchison and Chicago. Burlington and
Quincy securities was transferred from Boston
to the New York Stock Exchange. and that for
Reading securities from Philadelphia to this
city. Moro recently the market for Pennsylva-
mia Railroad stocks has been transferred to q
largo extent from Philadelphia to the floor Of
the New York Stock Exchange.
The Governors of the Exchange should take
one moro step to provo their consistency, and
also demonstrate the imbecility OF their policy;
they should enact stringent measures against
arbitragIng between this market and London.
There is certainly no reason why European deal.
ers in securities should DO permitted to enjoy
advantages in this market which are denied
to those doing business In this country
and particularly on the floor of tho Stock Er.
change. 1t IL common talk in the Exchange
that this last exhibition Of narrowness, for
which tho entire EXCHANGE is Of course held
responsible. In to an extent tho outgrowth
OF personal resentment on the part of Ger.
tain members of the clique that for years
has condescended to serve the Stock Exchange
with an assumption of personal possession and
of autocratic powers Howeve that may DO,
the fact remains that the policy ofthe Exchange
for the last quarter OF Q century is responsible
for the existence and prosperity of q rival or
ganization.
Final sales compare with those of yesterday a
follows:
Jan. 20. Jan. 27. Jan. 20. JamA 81.
A.TasFe. l2S l3bl Net st Ry ..l11s lar
A.T&sFep 3os 3o1I NatLcaa... 36a SO
A.. -. ona. 90 IGoxh