New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-07
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market trading was moderately active
throughout the day on a movement of values
that generally tended in the direction of lower
prices. Sentiment was depressed on account OF
the poor showing of the United States Steel
Corporation in the last quarter Of the year just
closed. while the persistent rumors of war in
the Far East and the heavy European selling on
the local exchange were also factors in de-
pressing speculative spirits. Wall Street rushed
20 the conclusion that the decline in the net
earnings Of the big steel company foreshadowed
a collapse in the general industries Of this coun-
try and that a foreign would be followed
by serious liquidation of European holders of
American securities. The best informed men in
the financial world do not look for a break
, down in trade this year. while they do not be
(lieve that a war between Russia and Japan Will
have a disastrous effect the United States.
At time like this however. makes
good material for the people who intent
on depressing prices. The days rumors that
war had been declared in the Far East came
from such responsible sources that traders in
stocks. cotton and wheat believed that the long
expected outbreak OF hostilities had at last
were demoralized. selling down many points
from Tuesdays high quotations. while in the
wheat market sharp advance was recorded
In the steel stocks losses of over per cent were
made in both the common and preferred on deal
ings aggregrating over $4,000 shares. Western
houses we're active sellers OF these issues, while
they also were active the selling side
throughout the list, their operations being in
fuenced TO q considerable extent by the advance
in wheat. which they considered a safe indica-
ton Of war between Japan and Russia The
heaviest losses were made in Amalgamated Cop
per. Atchison. Canadian Pacific the Alton is
sues, St. Paul. Metropolitan Union Pacific
Tennessee Coal and the United States Steel Sc
curities. in which declines ran from TO per
cent In the last hour marked weakness devel-
oped throughout the list. but in the final min
utes Of trading efforts were made to rally prices
without, however, much success
The reduction in The dividend on the common
stock Of the American Car and Foundry Com
pany is in line with the conservatism that has
always marked the Official actions Of the direct
ors OF this company in matters affecting the
welfare Of the property 1t has always been the
policy Of the management TO pay dividends on
the common stock when earnings warrant such
a distribution. and the stockholders therefore
have no reason for complaint because OF the de-
cision reached yesterday TO cut down the divi-
dend rate. II is well TO recall that this concern
started out with no extravagant promises re-
garding what II would do for the holders of the
common stock The management before de-
claring any dividend ar all on the common stock
decided 10 accumulate a large working capital
cut Of earnings, and it succeeded so well that
pric- TO the payment Of the first dividend the
company's books showed a working capital Of
above 100000 which since that time has
been increased to S15.0O0O00 The preferred
stock is considered assured dividend payer
just as long as the American railroads continue
10 exist 1t is figured out that even in the
poorest Of business years net earnings of the
American Car and Foundry Company will be
large enough TO meet the requirements on the
preferred stock. which call for only s., 100000
year on capitalization Of S30o00O00. Orders
for new railway equipment show falling off as
compared with this time year ago. but the
indications point toward an increased number Of
contracts IN the current year. Railroad traffic
continues heavy, and the healthful reaction that
IS now under way in business throughout ule
country has as yet had 10 material effect on the
srnings Of the various railroad companies
Returns of earnings received for the last week
IN December and for the month show in the
greater number Of cases a heavier volume Of
freight than ever before recorded in a corre-
spending month In December. 1902 earnings
ahead of ali preceding December records
yet in December. 1903, enormous increases We're
recorded Missouri Pacific. for instance, pre-
sents a gain for the month Of $500 600 making
for the year an increase of over S5eD0OGO while
Southern Railway Shows an increase for the
month OF $4,000 and for the first half OF the
fiscal year an increase Of nearly $1600010 All
the roads in the South and Southwest make
noteworthy exhibitions of earnings, and accord
ing 10 the position Of affairs IL that part Of the
country the volume Of earnings ought 20 be
satisfactory throughout the year.
THE DAYS OPERATIONS I'M goNDs