The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-09

been floating in the street for the past
month or more. A dividend of IL per
| cent was declared on the common stock OF
| the Big Four. the first since the year 1893.
| No statement accompanied the declara-
/ ton OF the dividend, and It is not known
positively what II signifies. but the suppo-
sition is that IT is a regular semi annual
rate, the surplus of the company for six
months, after all charges is understood 10
! be about 81 100 600. Six months dividend
on the preferred is $3.50 600. and this pay
/ ment on the common SiSs 0Oe, which would
/ leave a surplus after all dividends of
! $500, 000. The old rate on the stock was 3
! per cent annually. The earnings on the
/ common stock last year very nearly
! equalled per cent, and so far this year
! they have much exceeded that rate, as will
! be seen. The dividend is most gratifying
T to friends of the company, though lot
much of a surprise, as officers of the COM
! pany have promised 1t.
/ The Chesapeake and Ohio statement of
! gross earnings for the fourth week Of De-
I cember and for the first half OF the fiscal
I year is entirely satisfactory. The increase
I in gross earnings for the week was S56,SSl.
I for the month OF December S77.52s. and for
/ the period from July l, s407,537. Ths net
earnings figures for December are not yet
/ available but ii is already shown that
! the company's increase in profits for the
year will be large. Both Chesapeake and
I Ohio and Big Four were inactive yester-
I day though they held their own we'll
The same may be- said of New York Cen
trail, which opened off somewhat and re-
gained a part of its early loss during the
last hour OF the day.
The anthracite coalers were neglected
/ yesterday, but they held stronger than had
been expected in view of the failure Of the
Delaware and Hudson to increase its divi-
dend rate. 1t WIS believed to be probable
that this stock In particular might be sold
off by the bears, but after opening off a
point IL recovered the loss in the few trans
actions that occurred during the session.
Reading first preferred opened of to so 3-4
and advanced a point during the day, clos
ing at The highest price, 81 3-4. The failure
of the Hudson people TO increase the divi-
dend on the stock was a surprise 20 some.
A surprise of the other kind was the ac-
ton of the Jersey Central directors In in
creasing the dividend rate on that stock TO
Ia from i per cent. The rate on Jersey
Central has been per cent annually
for several years, and, although hints of
an increase have been heard, they were
not generally credited; they were, in fact,
discredited by people supposed to be well
informed The earnings of the, company
fully warrant the per cent disbursement.
The week is TO be an important one in
the number OF companies that will act on
the dividend question. So far one stock
has been added TO the dividend list. one
dividend has been increased, and one is
continued at the old rate. As far as is
now known, the Louisville and Nashville
people will declare per cent rate on
oil NAL rf 4
per cent. There is some talk of 1-2 per
cent but there is little reason to expect
il. although the company is earning at the
rate of 9 or 10 per cent on the stock. The
Union Pacific people, it is understood, VIII
not take any action as 10 dividend on
the common stock today. This will be
somewhat of a disappointment, as in this
case also large earnings and talk OF
dividend have raised many hopes in the
street. The Federal Steel directors will
declare a dividend on the common stock,
but the rate in this case is uncertain. Talk
of ga per cent for three quarters at the
rate of per cent annually is heard.
There is also much uncertainty as TO the
Steel and Wire dividend One rumor yes
terday was that per cent cash dis
bursement will be made and the stock
put on a regular 8 per cent basis by the
declaration of Ia per cent for the quar-
ter. Such announcements as these are Of
the utmost importance to investors, and
the records Of the stock market in the
past show that they always have their eff
feet on the prices OF securities. Stock
after stock has been put on the dividend
paying list and numerous advances in
rates have been made. II is the most
substantial kind of prosperity evidence.
The outlook now is that the present year
will be one Of the most remarkable on
record in this respect
II is laid in usually well-iniormed quar-
tiers that a plan for the consolidation of
many of the independent telephone con-
Germs throughout the country has been de-
cided on and that the new company will