New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-05-04
BONDS.
STOCK MARKET OPERATIONS.

Transactions IN yesterdays stock market were
light in volume irregular movement Of
values that showed more net gains than losses
at the close. The slight improvement as com
pared with the preceding day due to COW
ering OF shorts rather than to an outside de-
mand for securities. Commission houses were
again inactive while there was no indication Of
activity the part of the more substantial
speculative dealers. nor was there any great
interest in the market the part of the foreign
firms. London prices failed to show weakness
the result OF the Russian defeat in the Far
East except in the Russian securities which
were under pressure. In the early dealings
metropolitan Street Railway exhibited contin-
ued weakness. declining a point below Mondays
final price on a light volume OF trading which
was not accompanied by adverse news develop
ments affecting the property. The other trac-
ton shares We're little Influenced by the weak
ness in Metropolitan. Activity was confined to
Amalgamated Copper. ST. Paul. Erie, Rock Isl
and, Union Pacific, United States Steel preferred
and Pennsylvania
Pennsylvania stock was heavy on selling In
duced by the company's extremely poor state
ment Of earnings for the month Of March and
for the first quarter of the calendar year On
the lines east OF Pittsburg gross earnings showed
a falling off. compared with the same month
a year ago, OF S514.2O0. and net earnings a fall
ing off of S6I36OO operating expenses increasing
Slo9.4O0. Including the lines west OF Pittsburg
gross earnings for the month showed a decrease
of S6I3,6OO and net earnings decrease of 81
104,SOO. making for the three months a net
loss Of S2.903S00 In studying these earnings
it should be borne in mind that comparison is
made with n period when earnings broke all
preceding records. or course. II the present
percentage OF loss IS maintained throughout the
may he 80
decreased dividends on Pennsylvania stock
The management of the company. however. evil
IDENTIFY is not looking forward TO n development
OF this character az the remarks Of people close
ly identified with the company do not suggest the
possibility OF n future change IN the dividend
rate.
The early weakness in Pennsylvania shares
was recovered before the close thei- final price
showing a small net gain. While PENNSYLVANIA
showed considerable loss IN earnings many Of
the Southern railroads exhibited for the same
month increases. as. for instance. Norfolk and
Western. Nashville. Chattanooga and ST Louis
and Louisville and Nashville. In the last few
weeks. however, the returns Of the roads in the
South and the Southwest have not been as
favorable those reported in the earlier
months of the year. Total sales I'm stock
amounted 10 290612 shares while in the bond
market dealings We're in value less than
100000 There was fair demand for the
United States Steel sinking fund bonds, but IN
the preferred and common stocks heaviness was
again reported. Tho selling I'm Steel preferred
appeared to he purely speculative in character
Money was easy throughout the day. while
sterling exchange showed decline of five points
for demand rates. There were further en-
gagements Of gold for export. but this was not
significant of any change in the outward move
ment Of the metal. there is no French
steamer sailing to-day. Sentiment in the Stree.
was favorably impressed with the success of the
city bond sale. which subscribed seven
times At prices near to 101. The fact that
a city Offering of 81 per cent bonds to the
amount Of S37,O0O.O00 has met such splendid re-
Spouse indicates that there is no lack Of money
for investment purposes and lack of conf
dence on the part of investors in conditions
underlying investment values