New-York tribune., 1905-03-22
WALL STREET AND EXCHANGES.

1900 shares in the local market evenly divided
In London consols were stes dy. and the improve
rnent in Russian bonds gave some points TO the
peace rumOrs generally current. One failure
the London Stock Exchange was announced
that of trader in the West Australian mining
market. Money in very moderate demand
abroad and is not likely to harden except mo-
mentarily this week.
DEVELOPMENT OF ST LOUIS SOUTHW EST
ERN.-The growing earnings of the st. Louis
Southwestern have attracted attention to the mar
ket position of the companys securities, and from
the character OF current trading in the stock IT is
safe to predict material improvement in the quota
items for the shares. The recent falling off in
conditions in the company's territory the severe
cold interfering seriously with the transfer of
freight and passengers by boat between Gray's
Point and Thebes. and at other places along the
company's lines The company is constructing
bridge (Which will be completed on April u over
the Mississippi River. between Gray's Point, Mis-
souri, and Thebes. Ill. and this new avenue OF
traffic will add greatly to the company's earnings
as 1t will give it direct rail line from St Louis to
the Texas points of the system without the de-
lays incident to the transfer by boats at the places
named. AS at least % per cent Of the cotton crop
is still to be moved. the company's earnings also
will be materially increased from this source. Since
its last annual report the company has paid off all
its floating debt and has retired all of its car
trusts thus reducing fixed charges about 100000 a
year It is estimated that the company will show
least per cent earned in the current fiscal year
on its preferred stock The outlook for all the rail-
roads in the Southwest is extremely promising.
TENNESSEE COAL & IRON DIVIDEND.-The
resumption of dividends on the common stock of
Tennessee Coal & Iron at the rate of per cent a
year decided upon at the meeting of the board
yesterday. This is the first dividend on the COM
mon stock since November 1900 when per cent
was paid the stock then being on an per cent
basis Since dividends were discontinued in 1900.
the company has spent several millions of dollars
in betterments. The great improvement in the iron
and steel business has resulted in increased earn
ings and then the board felt that the earnings and
the bright prospects fully justified the distribution
of a conservative rate the common stock.
MISSOURI PACIFIC.-The January earnings of
Missouri Pacific showed a decrease of about per
cent in gross and 80 per cent in net The net fell
considerably below charges for the month. The
February statement will, OF be much worse,
both in gross and net. These abnormal showings
due almost entirely to the weather conditions
prevailing in the Southwest and to the disturbed
state of the grain traffic Southwest. In March
there has been sharp recovery Traffic held back
has come on in great volume, and earnings have
reflected the movement. There is not in the pres
ent situation. anything to cause uneasiness TO
Missouri Pacific security holders.
AMERICAN TELEPHONE BONDS.-Subscrip-
tions to the S25.OOO,OOO American Telephone Der
cent bonds offered by Eidder, Peabody & Co and
Barring Bros. & Co. opened at 10 o'clock yes
terday morning and Immediately closed. The bonds
oversuhscribed. Nearly $10O0.O0J were taken
abroad This is the first time in the history of the
company that any considerable amount of its Sc
curites have been taken in Europe. The bonds
sold abroad taken by investors
PIG IRON CERTIFICATES.-Pig iron certificates
at the New-York Produce Exchange opened steady
and inactive. Quotations on the call follow: Cash.
SIS 4OQ$1: March, sic Asa SIC 50; April SIS 80
May, SIG 5Ods6 50; June. $l7 asked. On the second
call prices were steady. There sales.
Closing quotations follow: March. $l6 556S16 50 ;
April SIG 5OG$16 SO May. SIG 5d$6 9O June. SIG 5O9
SIG 80; July. $6 5Ol$16 so.
CORN PRODUCTS REDUCES DIVIDEND
The Corn Products Company has declared divi-
dend of l per cent the preferred stock payable
April 10 to holders of record March 81 This is a
reduction of "a of per cent from the last preceding
payment In explanation of the action of the board
in reducing the dividend on the preferred stock,
President e. H. Matthiessen has issued the fol-
lowing circular to stockholders:
During the greater part of last year the general
depression in business and increased competition IN
the starch and glucose industries seriously affected
the earnings Of the companies from which the
Corn Products Company derives it's income. Elk
these companies Cannot be furnished until the
auditors have nnished their work, when statements
will be mailed TO each shareholder as usual. the
receipts of the Corn Products Company for the
year amount 70 SlSO,2oo anu ,e :, so rI
TO SllblZ5, leaving net earnings OF SleSS ioo ne
combined net earnings OF the various companies
part are estimated 80 10000 before writing OF
the interest bonds ana expenditures for repairs
bonded debt of all the companies In which your
company is interested exclusive of the New York
Glucose Company is 100000. against
S7.5S,000 one year ago. None OF the subsidiary
companies owe any money except for current bills
The Corn Products Company's indebtedness Of
S5o0o0o. reported last year, has been reduced to
S4c00Oo amply secured by the Glucose Sugar Re-
hnug Companys common stock.
EXTRA COTTON EXCHANGE HOLIDAYS
The members OF the New York Cotton Exchange
yesterday voted 10 close the exchange on Good
FRIDAY and the following day April q and % re-
spectiveiy.
sOID-The 100000 4 nar cent gusrantaaA ho,aa