New-York tribune., 1901-01-30
BONDS.
THE DAYS OPERATIONS IN STOCKS

A comparatively small volume Of business
pgas done IN the stock market yesterday. Prices
were Irregular. without decided tendency in
either direction although the close there
were a few more net gains than losses Uncer-
tainty over the dividend question affecting
American Steel and Wire common stock, and
further reports Of collapse Of the ST Paul
deal, checked commission house trading and
left the Street in mixed and unfavorable
state OF mind at the close. Rallies in the after
noon represented little beyond traders covering
purchases. Southern Pacific furnished nearly
one-third Of the total dealings while Sugar Re
nnng supplied only few thousand shares. Else
where IN the industrial list transactions were
important save in American Steel and Wire
and Federal Steel 81. Paul was weak through
out the day, and next to Southern Pacific pre-
scented the most striking feature OF activity.
Trading was duh in most stocks. poorly dis
tributed and as a rule wholly professional The
money market continued easy. and arrange
rnents were made in foreign banking houses
for exports OF gold to Paris tomorrow.
Insiders in American Steel and Wire Com
psny having had ample time to adjust their
stocks, announcement was duly made at
o'clock yesterday that 10 tion had been taken
on the dividend question on the common stock.
but that efforts Were 10 be made 10 amend the
could be paid. This doubtless means that no
dividend VIII be paid American Steel and
Wire common this year. II the investment
community could believe that conservatism
prompted the Steel and Wire directors to pass
the dividend the common stock hard
words would be said against the company's
management. But the brief history Of this COM
pany has convinced the Street that the affairs
Of the concern have been used by certain inside
interests for some Of the most audacious stock
manipulation ever recorded IN speculative cir
cles. If the management OF the American Steel
and Wire Company had followed sound bust
ness principles year ago the common stock
would not at that time have received the ex-
travagant dividend Of per cent. Investors
who held the stock al that period Immediately
sold, for they knew that conditions would not
always be as favorable as they We're then, and
that the American Steel and Wire Company
could not always maintain dividends Of per
cent on each class OF stock Modern day man
agement OF railway companies should be fol-
lowed in the management Of Industrial con
Germs. Several years ago extravaganza in rail-
way management, coupled with stock jobbing by
railway officers and directors, was responsible
IN part for many railway bankruptcies
No corporation will be able long TO prosper If
& keeps at its head men whose knowledge Of
acquaintance with and practice Of questionable
speculative operations in Wall Street II is
therefore 20 be hoped that the efforts making
to reorganize the management Of the American
Steel and Wire Company viii be successful
The company has a big field for the profitable
workings Of its energies. but its securities will
not command investment confidence as long as
spectators handle its affairs. II has been
ported at times that the Federal Steel Company
would eventually secure control Of the Ameri-
can Steel and Wire Company. This would be a
happy development for the legitimate holders
OF Steel and Wire securities. The Federal Steel
Company is managed by business men, and its
Board Of Directors is made up of OF the
most eminent and conservative financial inter
ests in the country. The American Steel and
Wire Company needs a guardian such as the
Federal Steel Company would be. The general
situation in the steel trade indicates an amicable
settlement OF all the differences that recently
developed and active trade throughout the
year