New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-02-18
.Ex dividend.
PONDS.
THE DAYS OPERATIONS ~ STOCKS.


The stock market strong and active dur
ing the greater part Of the day, with interest
fairly distributed among established dividend
paving shares and those stocks whose pros
rects warrant the belief that they. TOO, will make
substantial returns to their owners at no dis
tant period. OF the last named Federal Steel
issues In point Of activity were conspicuous eX-
emples. II was recently reported that some OF
the banks had refused to make loans on certain
OF the industrial stocks including Federal Steel.
and yesterday II was reported that the Federal
steel Company had been lending money in the
Street When the position Of the iron and steel
market is carefully considered II will be seen
that predictions Of good dividends for the steel
and iron stocks are not far-fetched. The gran
ger shares were prominent features. especially
Burlington. Rock Island and ST. Paul. all Of
which made further progress toward a higher
level DESPITE the storm. St Paul's earnings for
the week ending Thursday showed a gain over
the same week a year ago or the smaller West
ern companies Chicago Great Western made
fattering exhibit in January. It's statement re-
ceived yesterday giving an increase in gross
earnings Of SO 2l0 and in net earnings an in
crease Of S5O.5SS. The common stock OF this
company seems TO present great speculative pos
per cent dvdend-payer
Southern Pacific and Central Pacific were ac-
tive strong features on their constantly improv-
ing prospects and the coal stocks were gen
orally strong on buying, induced by the increase
in business caused by the present good demand
for coal Reading first preferred gained more
than one point on heavy transactions. At the
opening the market reflected for time hest
Of Oytfu m IA
the death Of the President Of France would
prove a disturbing factor in the political situa-
ton in Paris: but the failure If the Paris mar
ket to show any marked declines, with reassur-
ing foreign advices to local banking houses, soon
removed all evidence Of uneasness. prices grad
ually becoming strong and remaining 90 until
the close The rapid advance in Burlington in
the last hour induced buying throughout the
list. with the advance in prices. sentiment be-
came more bush. and at the close there We're
probably more bulls in the Street than at any
time since the January market.
The pe-sistency with which the Street clings
10 the belief that negotiations going on
slowly for a greater unifcatiou OF Vanderbilt
interests as represented in New-YorI Central.
Northwest and Union Pacific is based upon the
refusal 81 the market prices Of the stocks ot
these companies 10 recede materially from the
position established when reports were general
I that consolidation OF he roads was in process
/ Of Arrangement. Despite official denials many
| Wall Street men expect that NewYork Central
/ will be the parent company OF monster rail-
/ way combination. and that denials are technical
rather than absolute. II is not easy 70 see.
/ however. what benefit the Northwest company
/ would receive from such a consolidation. and II
/ may lie that possible refusal Of minority stock
/ holders Of that company 10 dispose Of their stock
/ on d basis similar 70 that involved IN the New
! York Central-I-ake Shore deal will make con
/ solidation dificult Il not impracticable u is
/ not clear that al exchange Of Northwest com
/ mon preferred stock FOR 81 per cent Central
/ bonds would result IN any gain 10 Northwest s
! stockholders who receive = per cent on the com
mon and { per cent on the preferred. Northwest
+ earned . per cent on is common stock in its
I last fiscal year. and this year il is earning more
/ Il would seem that bigger inducement than a
/ 80 per cent bond would nave 20 be offered Ia
/ make "A consolidation plan attractive.