New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-03
BONDS.
STOCK MARKET OPERATIONS.

Transactions in yesterdays stock market were
light in volume irregular movement Of
values. with more net losses than gains at the
close Commission houses were not factors in
the days dealings. while there was no evidence
OF activity on the part OF the more substantial
speculative interests. except IN a few stocks. as
for instance. Consolidated Gas. United States
Steel preferred and Pennsylvania. In the last
named stock efforts were made to bring about
lower Level. but the refusal OF genuine holders
OF the issues 90 sell prevented an important re-
action 81 fits quotation. It was thought that the
compauy's poor showing OF earnings for April,
which were published yesterday, would induce
liquidation IN the stock to an extent that would
exert an important influence on its price A few
holders offered fair amount OF the security,
but It was quickly taken by operators who are
n0t ct al spprehensive regarding the future of
the Pennsylvania property. The statement for
April was poor. expected gross receipts
showing falling OF the lines east OF Pitts
burg Of SS99,500 while net earnings presented a
decrease Of SAL. 100, comparison being made
with the same month a year ago. For the first
four months Of the calendar year gross earnings
on the lines east Of Pittsburg show loss Of
S1S90.1O0 and net earnings loss OF S2.311. 200
On the lines west Of Pittsburg gross earnings IN
April decreased S17S.z00 and net earnings $751;
700 making Q net loss from January l Of
S1.1e1. 400. which. added TO the net loss on the
lines east OF Pittsburg. makes reduction in net
earnings from January Of S3.502. 800. At this
rate the company viii not show the 6 per cent
dividend on its stock but the chances are that
the company's policy Of instituting economies
VIII be effective IL reducing operating expenses
10 point that Will a more favorable
showing IN net earnings in the rest of the year
The decline IN Consolidated Gas was not ex-
planned by news developments affecting the
nd he h. -
cline IN Delaware and Hudson, which carried
the price Of that stock over two points under
the closing Of the preceding day. In the current
market offerings Of stocks Of this character are
likely TO bring about a marked decline owing
to the fact that there are no active bids for the
issues, and, as a consequence. sellers are com
PEELED TO let their holdings go at sacrifice prices
In yesterdays dealings, however the decline in
Consolidated Gas and Delaware and Hudson
may have represented nothing but manipula-
ton The absence Of active speculative inter
est in Wau Street was reflected in the ouietness
OF the Wabash securities which In ordinary
times would have been features on DEVELOPMENTS
affecting the intrinsic value of the company's
stocks and bonds. The fact that the Wabash
Railroad ran its first train into Pittsburg
Wednesday had absolutel- no effect on the Wa
Dash shares The significance Of the entrance
OF the Wabash company at Pittsburg will be an
situation IN that part Of the country and tba
wonderful opportunity that the Wabash road
now has for increasing its traffic Work has
not been suspended on the new line. which VIII
give the Wabash an Atlantic Coast outlet bv
way OF the West Virginia Central and the West
ern Maryland
Money market conditions showed no fr,portant
change but there was an advance Of 10 points
IN demand sterling, bringing the rate TO a level
at which It VIII be possible to export gold coin.
There was little demand for exchange. but the
market was practically bare Of bills. II the
Assay ONCE were able to supply gold bars
heavy Withdrawals Of GOLD for export doubt-
less would be made. Gold shipments. however
nave ceased 10 attract interest in Wall Street
The sharp decline in the cotton market had no
lnnuence on the stocks, but It caused jnnDrove-
rnent In sentiment 1t was thought that event
ualy lower level for this staple vyouId he an
enecuVe influence in bringing about higher
never Tor securities In the afternoon DEALINGS
selhng pressure was reported in United States
etsei preferred. traders attacking the stock on
the poor reports from trade centres REGARDING
the iron and steel industry. 1t is lizelv tbat
from now on the question Of the next dividend
on the United States Steel preferred shares win
occupy prominent position in Wall Street dis
cussion-