New-York tribune., 1905-03-04
SEX dividend.
BONDS.
STOCK MARKET OPERATIONS.


Price movements in yesterdays stock market
showed great irregularity, with the prevailing
tendency In the leading active securities in the
direction Of lower quotations. Declines, how
ever, were not important, except in few issues
an which considerations not affecting the general
market were controlling influences, as for in
stance IN the Southern iron and steel stocks,
which were weak under the influence Of the be-
lief that the proposed Southern iron merger had
struck a snag that might prove effective in pre-
venting an amalgamation Of the various prop
critics. On small sales Sloss-Sheffield declined
20 points, but even this loss did not carry the
stock TO a point that measured the actual value
OF the security. which is a non-divtdend payer
with no immediate prospect of dividend dis
tribution. Tennessee Coal and Iron, also a non
dividend share, declined to S7%, closing at a
net loss Of 5 points while the Republic Iron and
Steel issues lost l per cent for the common and
is for the preferred. Owing to the recent ad-
vance in the shares named, yesterdays decline
was not surprising, especially in view of the
character Of the stocks as investment PROPOSE
tions, and a further depreciation in their prices
would not shock the Street. The effect of the
weakness in the Southern iron securities was not
important on the United States Steel shares
while in the general list selling did not reflect
any uneasiness over the course of the Tennessee
Sloss-Sheffield and Republic Iron stocks the
lower quotations in the railroad shares being
due TO foreign sales and traders operations for
turn on the short side Of the market.
There a number of exceptions to the
downward tendency, and in the late trading the
general market rallied from the lowest. closing
above the poorest figures Of the day. The stocks
Of the Southwestern railroads were in good de-
mand in the afternoon dealings; also Atlantic
Coast Line, Erie issues American Smelling and
Canadian Pacific Efforts TO carry the price of
the last named stock materially lower were not
successful, good support was behind the is
sue, and after an early decline Of per cent the
close was only u under last price of the pre-
cecing day. The people who are buying this
security confidently predict quotation of above
100 In view of the advance in other high grade
securities and the known intrinsic worth of
Canadian Pacific, a quotation of $50 for the
stock would not be dear. New-York Central
which pays 8 per cent and Yields barely 2 per
cent, and. in fact most of the first class issues
are selling higher than Canadian Pacific while
they are returning less to the investor This is
market inconsistency that in time will be ad-
9usted Losses Of ! per cent and a fraction were
made in the active list by Union Pacific, Soutf-
ern Pacific, Reading, Baltimore and Ohio ana
New-YOrk Central
Gross and net reports of railroad earninge il,
January show in the greater number of cases
extremely gratifying results. the returns being
particularly noteworthy. owing to the had
weather conditions that prevailed in most narts
OF the country in that period. The statements
OF the Union Pacific and the Southern Pacific
1or January, which were received yesterday.
make hattering comparisons with the corra-
spoholhg tme IN the preceding year. Union Pa
cihc's gross Increasing $37S. .22S and net in
sir
gain in gross OF $4,000 and a gain in net Of
SolcJ5. 1t is interesting to notice the progrees
Of the Union Pacific company in the last fau,
years, as its increase in earnings from wear to
year has furnished striking evidence of the
growth OF the country served by the Union Pa
ctc lines, and has reflected the excellence of tbe
management Of the Union Pacific system In
the first seven months OF the fiscal year in the
ISU2-'O3 period the gross earnings Of the COM
pany amounted 10 S29,3S7. .294; for the same
period in the following year the amount rose to
Soo,y26OlS; in the next year to S4OS5 1G5. and
IN the last seven months of the current fiscal
year TO $36.O05,375. In the first seven nontbs
OF the fiscal period Of 1902-'03 net earn
ings were $14,430,2O4 while in the last
seven months ended January 81 net earn
ings amounted TO Sl9141 63S The earn
Ing power Of the Union Pacific is bound TO
increase In the next few years. and there is
therefore good reason for the belief that n &c a
matter Of short time only when the common
Shares viii be placed a higher dividend bas,s
Local money market rates remained easy in
yesterdays market, and. despite an estimate
based on the known movement of money IN tba
week showing loss OF nearly 100000 there
appeared 10 be no expectation in banking circles
OF an Immediate advance IN quotations for loans
Receipts OF currency from the interior ,vere
slightly in excess of shipments. the reduction IN
cash being due TO a loss on operations betxveap
the banks and the sub-Treasury. While in the
last month there was decline in the anount ~
money IN circulation in the country. the gain
IN circulation on March /, as compared with
the same time year ago. was s57 132 s15
made up IN great part Of a gain In gold and
national bank notes. The increase in the
amount OF money In this country has kept mace
with the growth of the industrial life of the
nation and the ease IN money rates in the las,
year demonstrates that there is an ample SUD.
ply OF funds in the United States to take care
of ell the legitimate requirements of trade and
speculation