New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-18

Unexpectedly the first 10 follow Leuisvsns viii
De Baltimore and Ohio Illinois Central. Read
Ing and Norfolk and Western: all Of these CON-
panies have established SURPRISES far IN excess
of present dividend disbursements. while pres
ent earnings. with certainty Of continuance or
expansion warrant. II. indeed. they do not de-
mand. some distribution TO the stockholders
who have long approved the policy hereto
fore pursued. II is probable that 1905 viii wit
ness series Of melon cuttings never before
known in American financial history.
The little furry over the Presidents Message
regarding railroad regulation by the govern
ment has died away. 1t becomes quite plain
that no hasty action will be taken and that the
railroads will have a voice In preliminary dis
cussion. Mr.. Cassatt was in consultation with
the President a day or two ago on this In
pOrtant matter. and is quoted as saying that
he approves Of the principle underlying the
Presidents recommendation and that the rail-
roads will heartily cooperate in bringing about
a conservative enactment. with equity TO the
people and TO the roads. There is no doubt
whatever that this serious question can and
will be handled without disturbance 20 hnan-
cial interests The Republican party can be
relied upon 20 steer clear Of any fool legislation
Of the Steel shares. Every day for the past
week they have led in volume often amounting
to fourth or a third Of all transactions, with
buying orders from all over the country. This
company is so great, so representative. that II
may fairly be assumed that as Steel gOas 50
will the market. Steel trade development u
wholly favoTa BILE. including late reports OF new
orders for over 100000 tons OF steel rails, sd-
vanCing prices for finished steel products and
plants taxed 10 their utmost productive capac-
tty. A high authority Is quoted saying that
the United States Steel Corpora TONS business
in 1905 will break all records in OUTPUT 20 a
certainty and is likely to exceed auv prsytous
year in profits. No better barometer OF pros
perity exists than the steel business-and Il
steadily moves upward. Other industrial de-
velopment certihes TO the genuineness OF Steel
Improvement For example. the demand for
Corn Products manufactures is so great that
the company has advanced prices 30 per cent
and at this advance is iii unable 10 all its
orders Then take Interna tiOnal Paper-the di-
rectors Of this company find themselves obliged
to recommend the Immediate issue and sale OF
$0,OOO,OtO sinking fund convertible gold bonds
10 provide for disbursements increasing the
productive capacity OF the company nearly 30
per cent which increase is inperattveIy demand
ed bv growing pressure of actual orders-And.
says President Chisholm. this step is taken IN
fairness TO common stock holders. who are en-
lays.
This Industrial activity finds swift reflection
IN the condition Of railroad business, not an I'm
portant line but is sending in reports OF car
famine-equipment Inadequate TO traffic re-
QuTeInehJS ana this actual development OF
business, with the certainty that it is bound 10
grow, explains why the railroads are no longer
hesitatin6 to give orders for rails and equip
ment supplies Of every description They are
not now harassed by any doubts OF the future.
In these circumstances many important plans
long held in allegiance viii be carried out-oS
which. perhaps. one il more notable i'm
portant than the rehabilitation OF Erie. Under
progressive and stalwart mana cement Erie IA
rapidly shaping toward the front rank among
trunk lines. and announcement may be daily
expected of acquisition control by Erie of a
system which will much augment its earning
capacity.
Among minor properties. interesting develop
ments may be looked for in Kansas City South
ern, Of which the majority holdings are now
lodged In Holland. The voting trust cOntrollil,
this road expires next March; and the control
ling stockholders demand the establishment q
a per cent dividend upon the preferred stock
fully warranted by earntngs-and the assur-
ance that the common stock shall receive It's
fair share of profits.
The end of the week bank statement dscloses
heavy reduction in the loan account and ma
teriaI gains in surplus reserve These condi-
lions remove all apprehension OF money iurries
over the end of the year. II. ALLAWAY.