New-York tribune., 1905-02-12

the American woolen Company for the year lsCi
will show per cent earned the preferred stock
and between per cent and per cent earned on the
common The first half of the year proved rather
slow owing to the general business depression but
the last half showed a decided Improvement The
earnings for the common stock will be less than
in 1s03 when they were over $1.90o00 or about 61s
per cent Assuming that in 1904 the common earned
exactly 5k per cent, the surplus over dividends was
about s., 10000.
SOUTHERN PACIFIC BONDS-Of the SIS 600
Southern Pacific consolidated and refunding per
cent bonds recently sold by Kuhn Loeb & Co. and
Speyer G. Co. between S35 100000 and s4OOoo000 are
now believed to be in the hands of private in
vestors and institutions OF the balance. about
$50. .oOooo have gone abroad and the remainder
lying in the hands OF buyers who hold tho
bonds for redistribution a rising market. The
bonds are now selling in the market between 81
and 9s
RAILROAD EARNINGS IN 1sA-Tae compila-
ton of THE Financial Chronicle of gross earnings
Of the railroads OF the United States for the calen-
Oar year 1905 shows that 135 reporting roads,
with mileage of 179sSS. the receipts amounted to
t.T3,SSSSa. as compared with Sl,762 20. .391 on
mileage Of 1764a2 In 1893 Not all OF the prominent
companies made a gain over 1903. but the railroad
systems as a whole did so. THE circumstance is
certainly remarkable. The Chronicle" says, con-
sdering how heavily railroad earnings were re-
duced in the earlier months of the year and con-
sdering also that general trade dn part as a re-
suit of the Presidential canvsssl was quiet and
inactive until toward the close of the period and
that the iron and steel industry remained in a
state of depression until September. when marked
revival came. There were In addition it will he
remembered, number of special disturbing nfiu-
erces which operated reduce the volume of rail-
ROAD raf1c Tor the time being. That 1t should have
been possible TO show increase in the gross reve
nues OF the roads. notwithstanding all of these
drawbacks. evidences most assuredly marked re-
cuperatlVe power on the part of both railroad and
industrial interests"
SoUTHWESTERN EARNINGS LIGHTER
Earnings Of the roads in the Southwest for the first
week in February make as a rule unfavora,Ia com
parsons with the time year ago. Missouri
PACING. for instance. shows a loss OF s2sO0A and
Texas and Pacific loss OF over S250 000 From IAN
uary Missouri Pacifcs earnings have decreased
s317 $50
CANADIAN PACIFIC Observation-Disclosures Of
the Canadian Pacific for the first week in Fabru-
aEy show an increase Of $4,000. making from July
an increase Of s2,722oo0. comparison being made
with the same time in the preceding year.
UNITED STATES STEEL-Oficers Of the United
States Steel Corporation have estimetes that the
saving Of commissions on supplies and the saving
on prices paid due TO a consolidated uanagement is
represented by s14.000O in the annual net earn
ings of the corporation. This covers one-haIf the
per cent dividends on the preferred stock
BANK CLEARINGS.-The total bank clearings
Of ali the clearing houses OF the United States for
the week ended February IL were s26S63 6378 GA
against S2 s95; 11.095 in the preceding week and
s1,81747,2ls the corresponding week last yean
UNION PACIFIC CONVERTIBLES.-The Stock
Exchange announces that up to February 10 the
100000 Of Union Pacific convertible bonds listed
had been reduced to $67.s6SOo0 through conversion
into common stock Of which there is now outstand-
ing S128. 800
BUFFALO AND SUSQUEHANNA DIVIDEND
The Buffalo and Susquehanna Railroad Company
has declared the regular quarterly dividends Of
per cent on its preferred stock and IL per cent
its stock.
A STOCK MARKET vIEw.-Charles c. Gates &
Co. say:
The week ends with activity transferred from
the rails to the industrias. We are not surprised
at this. because industrials have Jagged for some
time past and were due for an upturn- We shall
not be surprised to see Amalgamated Copper and
the StSels ,, lead the market next week. with the
ralIroads like Baltimore and Ohio, Union Pacific
Reading Norfolk and Western and St Paul closely
following, and probably leading again before the
end Of the week. The rumors of speedy action BY
the Senate on the Railway bill together with
an unfavorable bank statement. caused q small
setback near the closing. but this was to be ex-
pected, and is probably natural. We believe that
the market is in good hands, and that intrinsic
values viii rule, and higher level be esta blished
all along the line before very long