The daily morning journal and courier., 1905-12-16
STOCK MARKET FEATURES
THERE WERE 4 VARIETY OF
 PHASES YESTERDAY.

Weakness, Buoyancy and Then Weak ness Again-Rock Islands Dividend Passing PoIicy-Peop1e's Gas Rooms -IndustriaIs LiveIy-Better Bank
 Statement To-day Expected. ! The stock market alternated between weakness and strength yesterday.
 Some liquidation was manifested at the opening, followed by renewal or strength and heavy trading Then stocks slid off from the top notches.
 Abetter bank statement is expected to-day owing to a cash gain of S4,OOV'0Oo for the week.
 In connection with the sharr recovery in Union Pacific yesterday great deal was heard about an alleged campaign against Lawson, who, according to ru- nor, was short of this stock as Well as of Amalgamated Copper It was al legged that many persons who follow the lead of that operator were also on the wrong side of the market, and had sut- fered heavy losses.
 Announcement that the dividend on Chicago, Rock Island and Pacific stock would be reduced from per cent. quar- terly to 1<1-2 per cent, the dividend on Rock Island of. passed in January and the dividends on Frisco pf. shares pass ed early next year came to the street early in the day. Previously the stocks had been weak with the common down under 23. The preferred acted as If 1t had discounted the reduction There was no forced liquidation. Ii: was stat ed that over 65 per cent. of the entire Rock Island dividend for the year hav- ing been earned after all possible de- duction in the past five months. The action is due to resoluIte policy of eX- penditure out of earnings.
 The elimination or the Rock Island pf. dividend will. leave about $l,950,OO0 8 year additional for the betterment poll icy. The Rock Island railway cash ac- count contains several millions of dol- Jars and there is said to be no floating debt.
 Interest was taken in the statement of the Southern Pacific company that, on account of various contingencies, such as competitive railroad building and the financing of new lines, it would be necessary to husband resources. This, it was assumed, means that no dividend will be paid on the common stock next year. Aboux 5 per cent. was earned on the common stock the past year.
 There is $75,0o0,000 of Chicago, Rock Island and Pacific stock, j$5400O,0O0 of Rock Island Co. pf., $5,0OO,O0O of St. Louis San Francisco list pf., and $16,- 000,000 ~2d of. The total is about $780, 000,000. The saving in charges on the new policy concerning dividends will be about $3,700,000 annually. This will go a long ways toward giving the sys- tefn the physical condition that it needs, as well as to fortify the interest on the bonds.
 News developments for the most part were unfavorabIe, but Wall street has become used. to seeing them ignored. Call money was held up around 10 and 12 per cent. most of the day, but got down to 6 per cent. fh the last hour. Brokers reported that they were able to get accommodations only with con- siderable difficulty.
 New York, Dec. 15.-An official state ment issued afser to-days meeting by the directors ot the Chicago, Rock Is- land and Pacific railroad, contained the information that the 1 1-2 per cent. div tdend is payable January 2. The pay ment of this dividend out of the net earnings leaves in the treasury of the company surplus net earnings for the period covered by the dividend of $562,- 1000. {,
 The board authorized the expenditure during the next year of $4S00O00 in ad dttions and improvements to the phys ical condition of the Chicago Rock Is- land and Pacific Railway properties This is in addition to the expenditures heretofore authorized on which bal ance of $2,00O,000 is yet to be expended
 The board also authorized the pur- chase of motive power and equipment to cost S4, ,262,000, in addition to equip ment and motive power recently pur- chased and not yet delivered costing $3,525, GOO. These authorized expendi- lures for additional Improvements and equipment total S14,5S7 ,000
 "Tn view of this programme for ex- penditures upon the property" the off eial statement declares, "it was the
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