New-York tribune., 1905-02-01
Eek dividend.
BONDS.
STOCK MARKET OPERATIONS.

STOCK MARKET UPERAIlUNS.
While there was considerable irregularity in
the early dealings in yesterdays stock market
the general tendency after the initial trading
was in the direction Of higher quotations, nota-
bly, IN the Vanderbilt issues. Atchison and Penn
sylvania- Buying of New-York Central was
heavy IN volume. and in the first hour its price
recorded a maximum gain of per cent, while
ct the close the net gain was 21s per cent. Ac-
tivity IN the Vanderbilt issues explained
in part by the developments at the directors
meeting Of various Vanderbilt roads. which
were in line with the policy of the New-York
Central of bringing all the constituent proper
ties into closer relationship The president of
the Big Four and the president of the Mich-
gan Central resigned their Offices and were
succeeded by the president of the New-Y York
Central, who is also the president of the Lake
Shore, the Lake Erie and Western and the Indi-
ana, Illinois and Iowa. 1t is understood that
there win be closer alliance between the New
York Central and the Chicago and Northwest
ern, and that eventually the Union Pacific will
bear the hallmark of Vanderbilt Morgan Hill
control
Chicago and Northwestern enjoyed further i'm
provement, its maximum advance amounting TO
3 per cent, while Of the other Western shares
St. Paul and Minneapolis. St Paul and Sault
latter stock is selling at price that returns tc
the investor over AZ per cent. as against about
% per cent for Chicago and Northwestern
and about 80 per cent for St Paul AS the
500" stocks-that Is, the majority-are held by
the Canadian Pacific. and the 800" company
IS IN a position 10 make its securities permanent
dividend payers the stock market quotations
are much too low in comparison with other high
grade issues.
All the high grade issues were in good de-
rnand, while many Of the cheaper stocks came
into prominence. as. for instance the Wisconsin
central shares. which made noteworthy ad-
Vances, the preferred rising over s Der cent
j is believed that the Wisconsin Central COM
pafy will place the preferred stock on q divI-
dend basis in the near future, probably at the
rate of per cent as earnings in the last wear
showed over 4 per cent earned while current
returns are very much better The connpanv's
financial and physical condition has improved
70 an extent that appears to warrant dfvi-
oend on the preferred stock In the afternoon
dealings there were reactions from the best
prices OF the forenoon, and in a few cases the
Improvement was entirely lost although the ma
3ority Of securities showed net gains as COM
pared with the closing Of the preceding dav
the heaviest advances being recorded by Anal
gamated Copper St Paul Northwest Delaware
and Hudson Illinois Central, Kansas City South
ern preferred. 800" preferred New-York Cen
tral North American, Pennsylvania and the
Wisconsin Central issues In these stocks net
gains averaged more than per cent
The only important weak features among the
active list at the close were Union and Southern
Pacific, which showed net declines Of "a and -
respectively. An incident of the day was the
advance in the Omaha issues. the common ris-
ing y points on small dealings, and the pre-
fsrred a points a single 1O0-share lot trans
action Both stocks pay per cent and they
certainly selling for all they are worth espe-
cially the Investment return at current quo
tat!ons is only per cent for the preferred and
34 Per cent for the common. The manipulated
character Of the rise in Big Four" from 9S
70 l02, was reflected IN q subsequent drop in
the price that left the final quotation over n
point under the last sale in Mondays market.
There was more less manipulation through
out the list.
Relative ouietness in the United States Steel
Shares doubtless was due to the uncertainty
over the probable showing Of the concerns earn
sings in the last quarter, which. it was an
nounced, would be published after the close of
business. The exhibit was I'm line with the es-
timates that have several times been made in
The Tribune. net amounting for the three months
70 $2l45SS90 an increase over the preceding
.--'-i tei oA S-oootcp-. making Tor the year of
net earnings of S73, 1885, 624 compared with
ti4l l53 in the preceding year and s133-
IG4 in 1902. After all deductions, including
rtdends, the surplus for the year was Sc. DOB.
as against surplus in the preceding year
Sl2.304.916 and S34, ,253, 657 in the year before.
Giied orders on hand at the close OF the last
arter amounted TO 4,696,203 tons Sterling
'change was quoted AT the highest price of the
gear in yesterdays market and arrangements
f.ere made for heavy gold exports by to-mor-
rows European steamer.