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

Transactions in yesterdays stock market were
light IN volume on 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 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 IN its quotation. It was thought that the
company'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 fits price A few
holders offered q fair amount Of the security
but It was quickly taken by operators who are
not at all apprehensive regarding the future of
the Pennsylvania property. The statement for
April was poor, as expected, gross receipts
showing falling of on the lines east OF Pitts
burg Of SS99.8O0 while net earnings presented
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
81 $50, 100 and net earnings loss Of S2,311, 200
On the lines west Of Pittsburg gross earnings in
April decreased S17S,zO0 and net earnings $751;
700 making Q net loss from January 1 Of
S1.1e1. 400 which. added to the net loss on the
lines east Of Pittsburg. makes reduction in net
earnings from January Of $3.502. 800. At this
rate the company will not show the per cent
dividend on its stock but the chances are that
the companys policy Of instituting economies
VIII be effective IL reducing operating expenses
10 a point that Will cause 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
company. and the same may be said Of the de-
cline in Delaware and Hudson, which carried
the price Of that stock over two points under
she 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 rnanipula-
ton The absence Of active speculative inter
est in Wall 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 ap-
preciated by people who understand the railroad
situation In that part Of the country and the
wonderful opportunity that the Wabash road
now mas 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 fmportant
change' but there was an advance of 10 points
IN demand sterling, bringing the rate TO a level
at which It Will be possible to export gold coin.
There was little demand for exchange. but the
market was practically bare Of bills. If the
Assay ONCE were able to supply gold bars
heavy Withdrawals Of COLO for export dorbt
less would be made Gold shipments. however
have ceased to attract interest in Wall Street
Inc sharp decline in the cotton market had M
lnnuence on the stocks, but It caused improve
nent In sentiment. 1t was thought that event
ually lower level for this staple vould he a,
enecuve influence in bringing about higher
leVel TOT securities. In the afternoon DEALINGS
selhng pressure was reported in United States
steel preferred, traders attacking the STOCK ON
the poor reports from trade centres reeardtne,
the iron and steel industry. It is likely that
from now on the question of the next dividend
on the United States Steel preferred shares win
occupy a prominent position in Wall stree+ de-
cussion.