New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-03-19
The Financial World.

We have hal market reactions this week
None have been severe. The ret result pr5-
notes the markets heaIthfulness. Money mar
ket rates stifen little-signiicant OF moth
ing disturbing. Business conditions improve
throughout the country. every branch Of trade
showing improvement.
During the week important progress has been
maze IN the rounding out of those plans whereby
observation-disclosures Hartman railway inter
ests come into intimacy What Wall street is
pleased TO call the New York Central-North
western-U Union Pacific deal is much nearer CON-
pIetion than popularity appreciated OF excep-
uohai consequence In this combination viii be
the recognition Of value given 10 the Vanderbilt
Junior properties. Three C's notably. WIN ba
prohted- Reference was made in this review,
last week to the extraordinary de,,slonh,ar+
plans already arranged for that propertv-u-o-
Nluihs us own double-track entrance into Chi
caso and giving it through DEVELOPMENTS f.,
southern Illinois an Immediately profitable coal
traffic. Of such volume as will Of itself Civ. +bs
property vastly increased earning power. Tbe
great improvements proposed as forecast =,
this column last Sunday. were yesterday an
nounced officially in Associated Press DIS
patches; and these developments make pertInen.
an analysis OF this cOmpany's financial status
The Cleveland, Cincinnati Chicago ana 6.
Louis-the Big Four or Three C's. as the prom
erty Is popularity called-is destined TO become \
second Michigan Central In the vanderb1r a..
gregation All indications point that wav-
growth In earnings expansion IN PROFITS station
airy totals OF capital and fixed charges. peru.-
nent dividends
The Big Four since 1897 has shown o., =,
crease Of less than S5OOOOOO in f+s +o4o1 -,
tal1zation such increase as has taken place YER,
largely due TO refunding measures Since IS,-
hxed charges have not increased. but show a
decrease, $2s6I.221 for 1904. against 50 $50 aos
Tor le9i- In the seven years since 1907 H.
share capital has remained without cHanza- a.
fact' there has been no change in this item, 20.
fourteen years. Since 1897 gross earnings ba,.
increased 1882 S43 or 6O63 per cent last ,ssa-,.
total being S21O69954 Net earnings bav.
gained 55-45 per cent, and during the current
hscal year nave made rapid progress For the
seven months ending January 81 while tba
gross earnings of the Big Four increased 81
31f,012- the net secured S1.O194ST OF this the
Indication being that the policy OF rnaIi7s g.
traoFdinary charges for improvements against
current revenues is modified The a,a-,g.
monthly gain in net earnings will increase tbs
total SI,f4i.692 over 1904 and show ga per cent
aodltlonal earned for the common stock In
stead Of so per cent for expenses the cor,,a,,,
should be able TO operate for sc per cent IT,
ing last years gross. adding thereto the ss,-a,
months gain and allowing for no further I'm,
provement. the roads potential net earning now
er is thus demonstrated:
Gross earnings .... -
Expenses Go Cent............ ~
Miscellaneous S'9 9a5 a ~
Total net income 81 ~ -oe
''A'ssS '--'.'-,..-''-........... 2s67.22I