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

STOCK market values made 10 important prog
resE = either direction IL yesterdays market
until rhe last hour. when declines were general
throughout rhs list. Trading vas light, and
confined Il great parr 70 the transactions Of
professional operators. commission house Dusi-
r.ess showing further falling Of from the rec
ord OF the preceding days q the week The
current course q values reflects 10 disposition
OF the psrr Of the larger interests 70 encourage
Il active bull movement il securities. but il
presents ample evidence OF sound technical
conditions and confident expectations Il specu-
Iative circles q higher prices after The money
market returns 70 an easier basis II Tow ap-
r,ea-s certain that there wil D. 10 disturbance
n The money market his fall Tenders q bonds
amounting 20 upward q 100000 viii De
maze 1o the Secretary q the Treasury for New
York account this week. while arrangements
a-e being made II Is said % secure other lots
that VIII bring z further considerable amount
Of money into the local market. L Is unfort-
,yrate. however. that methods Of this sort have
20 % adopted 50 often 70 relieTe the money
situation q this centre The sub-Treasury sys-
ten certainly needs reforming
Uncertainty over the dividend OF ST Paul
stock was The chief influence in the early trad
ing According 70 the discussion in brokers
o4ces. the fate q the industrial and financial
situation apparently depended upon the action
q the ST. Paul directors, and The refusal u
the latter 70 increase the dividend OF declare
al extra dividend created ridiculous alarm
among the light WASTED hnanciers who keep
their eyes glued the tape from 10 O'clock until
2 Criticism q the 81. Paul directors is ROW in
order. but The chances are that the men COM
posing The board viii survive any attacks that
rnav Be- made upon them Of course. the earn
trgs q The company in the last year Justified
from the outsiders point OF view, increase in
the dividend rate. and spectators Will naturally
want 70 know why the investors IN St Paul
stock have not received q bigger share % the
conpany1s surplus The solicitude % the mar
gin --accounters" FOR the actual investors is
truly magnificent ST PauFs capital stock. II
may be well 70 bear in mind. vas Increased last
spring By 10 per cent. and the decision of the
directors 10 declare only the regular seui-an
nual rate q per cent was wholly in line with
the wise and conservative spirit that has con-
rrolled the coEnpany's policy IN the last few
years
On the decline good buyers took 81. Paul
shares and the entire list was well supported
The decline IN Republic Steel issues was due 20
selling by holders who have wrong impress
sion regarding the conpany's ability 70 make
money AS z matter u fact. the company IS
rloTy earning al the rate of over $4,000 net z
month and as It's labor question has been salts
factorfly arranged for the year there is no rsa-
son 70 expect q repetition ~ the losses that oc-
CURED last year through The closing Of the
plants on account u labor troubles. II may be
interesting 70 stockholders 20 know that the
company has available assets % sI.1J66So.
against liabilities Of only s227310s, and that It's
ore an6 coal mines and plants are at the lowest
valuation worth over s95,oooooo. The preferred
stock that came On the market yesterday was
taken by substantial interests.