New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-05
BONDS.
STOCK MARKET OPERATIONS.

Transactions IN yesterdays stock market
were light in volume on an Irregular movement
OF values that showed more net losses than
gains ct the close, with the chief changes IN
Colorado Fuel and Iron. United States Stee.
preferred Analgoma;ed COPPER, Delaware ana
Hudson and United States Realty and Con
structlon preferred. among the active Issues
Trading was made up almost entirely OF the
operations Of THE professional element, com
mission houses having few orders for outslce
account while the more important market IN
terests were not factors IN the days dealings
At various times strong efforts were made to
bring about good sized declines. bat there was
no rssponse from genuine holders OF securities
and losses were generally confined 10 fractions
ID the hnai dealings the whole marZet soio
OF on reports that hoStiities had begun In the
Far East In the early trading United States
Steel preferred rallied easily on the shorts
while Pennsylvania exhibited a tendency 10
recover after the slightest pressure Tansac-
tons in this issue amounting 70 larger total
than N any other security, supplying over lV0.-
900 shares out 81 The entire business In al
stocks Of upward OF $4,000 shares. Its
closing was \ under the preceding days
final figure Weakness 81 Delaware and
Hudson was due TO selling Induced by the
couspany's proposed new stock Issue, trad
ers operating on the theory that the COM
pany would subject Itself 10 adverse criticism
IN Issuing 100000 Of : per cent stock 10
retire 100000 q bonds The company re-
duces its nxed charges and affords its stock
holders an increased opportunity 20 share in the
profits and as the extra s.. 4Do0OO gUes into per
manert Improvements that Nlh bring the road
a GOOD return on the money. adverse criticism
Of The plan does not appear TO be well founded
Railroad earnings received yesterday for the
fourth week in January did not as a rule make
a favorabl COMPARISON with the same time a
wear ago. but they showed. nevertheless. sub
stantial gains over other years, and reflected
large volume OF freight on the greater number
OF roads IN this country. In considering the re-
turns OF earnings IN the current year Il should
be borne IN mind that comparison Is made with
q record breaking period year ago. and wtth
s period an the year before THAI NJ 10 the time
broke all preceding totals FOR heavy traffic. II
is not unlkely that traffic receipts IN 1904 win
show q falling from 1908. but from al present
Indications the various companies viii not be
forced to consider the IDEA OF dividend re6uc-
ton as a result Of decline in net receipts The
country is not going to TIE dogs this year be-
cause Of a Presidential campaign or the con-
panies reporting gross and net earnings for De-
csmber. statements OF which were received yes
teyday. the southern Pacific makes the most
noteworthy showing. presenting gain In gross
returns OF S6,l3. fS6. and gain IN net q S627.-
O92. Tbs conrany has expended n the last
few years an enormous amount Of money on its
property. and as q consequence IL Is now in
position 20 show a large percentage q its gain
n gross In net. with the prospect OF soon being
able 10 pay a dividend % It's stockholders. Louis
vile and Nashville, for the six months ended
December 81 1904 presents IN its net earnings
q reflection q the policy OF American railroads
IN the year. to spend their Increase IN gross
earnings on physical bette-ne1ts. gross earn
ings decreasing s. -365o35 and net earnings only
S1T95SN gross amounting 10 SiSsS go and net
20 S6032e09.
There vas no change Of Importance IN the local
or foreign money markets, and, despite the war
like appearance % Affairs IN the Tar East the
loan market in London and az Continental CEN
tres exhibited only slight fluctuations, and In the
foreign securities marlets price changes were
insignificant. War news. however was factor
Ia both the grain and cetton markets. which
were active and excited tllro1gho1; the day.
cotton in the fast zen minutes Of trading de-
cliuing Too rcTts on report that war had
been declared between Russia and Japan. Wheat
and corr ~ the local and Chicago markets were
strong end higher As Car a. cotton IS concerned,
the bulls IN the cc1Aon market make hight Ct the
decline Of the last few Jays, sticking to their
probation that a price Of % cents e pound VIII
be recorded.