New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-09-13
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market values made no important prog
ress in either direction in yesterdays market
until the last hour. when declines were general
throughout the list. Trading light. and
confined In great part to the transactions or
professional operators commission house bust
ness showing further falling off from the rec
ord of the preceding days of the week. The
current course of values reflects no disposition
on the part of the larger interests TO encourage
an active bull movement in securities, but II
presents ample evidence of sound technicai
conditions and confident expectations IN specu-
lative circles of higher prices after the money
market returns to an easier basis. 1t now ap-
pears certain that there will be no disturbance
in the money market this fall. Tenders of bonds
amounting TO upward of S10.Uoo,OOo Will be
made TO the Secretary of the Treasury for New
York account this week. while arrangements
are being made ii is said. to secure other lots
that will bring a further considerable amount
of money into the local market. 1t is unfort-
innate however that methods of this sort have
10 be adopted so often to relieve the money
situation at this centre. The Sub-Treasury sys-
tenn certainly needs reforming.
Uncertainty over the dividend ST. Paul
stock was the chief influence in the early trad
ing According to the discussion in brokers
offices the fate of the industrial and financial
situation apparently depended upon the action
OF the St Paul directors, and the refusal OF
the latter TO increase the dividend or declare
an extra dividend created ridiculous alarm
among the light WASTED fnanciers who keep
their eyes glued TO the tape from 10 o'clock until
3. Criticism of the St Paul directors is now in
order but the chances are that the men com
posing the board will survive any attacks thai
may be made upon them. OF course, the earn
ings of the company in the last year justified
from the outsiders point Of view, an increase III
the dividend rate and spectators will naturally
want TO know why the investors In st. Paul
stock have not received a bigger share OF the
conpany's surplus. The solicitude Of the mar
gin Encounters" for the actual investors is
truly magnificent ST. Pauls capital stock. ii
may be well to bear in mind was increased last
spring by 10 per cent, and the decision of the
directors TO declare only the regular semi-an-
nual rate Of per cent wholly in line with
the wise and conservative spirit that has con-
trolled the company's policy in the last few
years.
On the decline good buyers took st. Paul
shares and the entire list was well supported
The decline in Republic Steel issues was due 70
selling by holders who have wrong impress
sion regarding the company's ability to make
money AS matter Of fact, the company is
now earning at the rate Of over S2O0,Ooo net
month and as its labor question has been salts
factorily arranged for the year there is no rea-
son 10 expect a repetition OF the losses that oc-
CURED last year through the closing Of the
plants on account of labor troubles. 1t may be
interesting 10 stockholders to know that the
company has available assets Of SIloo,63o
against liabilities of only S221310s, and that Its
ore and coal mines and plants are at the lowest
valuation worth over so, 100000. The preferred
stock that came on the market yesterday wa:
taken by substantial interests.