The times. [volume] (Richmond, Va.) 1890-1903, 1901-10-01
PRICES FlAL
!Nl!ARIKIE WEAK
Great pointment Over Action Of
Wall Street.
STEEL E:. KINGS MEET TODAY
-- -
Usual Dividend is Confidently Expected 0pin
ions of Financial Experts ON General Con-
diIions-chemicui Company Meeting.
Produce Market Gossip.
STEEL KINGS MEET TO-DAY
Usual Dividend is Confidently Expected pin

Local stock SPECTATORS were very
much disappointed at the manner in
which the market acted yesterday. They
had expected It to open strong. At the
close Saturday there were many things
in evidence that indicated strength. The
bank Statemenit had been very good, and
the copper kings had said that 81 the
bad evidence in regard to the copper in
dustry was in and that the copper situa-
ton was not as ugly as painted by the
artistic bears OF Wall Street.
But the expected did not happen. The
market opened in London yesterday
morning weak and listless. While there
was just cause for feverish activity
among the English SPECTATORS, the vol
uIne cil trading was small.
NEW YORK IN SYMPATHY.
When the New York market apened
later Wall. Street appeared to act in sym
pathy with London. There was a loss
OF about one point on the general ltst-
with very few sales. There were q few
slight rallies during the afternoon. but
not enough to dispci the overhangins
gloom, and the market closed weak, at
ter day without features Liquidation
was in evidence 10y big interests, but only
professionals were in the game. the pub
lie being conspicuous by its absence.
STEEL STOCKS.
On tho strength OF the meeting Of the
directors ofsthe United States Steel Cor
poration to-day, at which it Is fully ex-
peoted that the regular dividends of ga
per cent. on preferred and l per cent
on tbs common stock will be declared
and a good financial showing will be
made, it is thought that steel securities
will advance slightly if these eapecta-
tions have not already been discounted.
Wall Street will receive a terrible shock
if these dividends are passed. Some go
SO far as to predict panic in such an
emergency. Semi-ofticial statements
have been given out which have led
every one to expect the regular dividends,
out some pessimists claim that the cop
per officials practically gave a like prom
Use and then failed to act accordingly.
Discussing this subject the New York
Financier, in its issue of yesterday. said:
INDUSTRIAL COMPANIES.
The intrinsic worth; of an Industrial
stock is not to be measured by the
amount of surplus which the corporations
finds itself able to tiisburse IN dividends
during years of exceptional prosperity.
although many people have been led into
that method of arriving at an estimate
of real value. Stock market quotations
over the last week or two have revealed
tlc ttiiISSi VI ILLS iiJNc VI
Fluctuations in industrials. however.
while based on unfavorable reports. are
not caused by entirely new conditions
which are confronted in the trade world;
rather they reflect long existing condi-
lions newly discovered.
The Republic Iron and Steel Company,
for example, reported to it's stockholders
that its earnings had fallen off about 5 1-3
millions of dollars during the year ana
that the last dividend practically had
been declared out of old surplus. In like
manner the Linseedi Oil trust lost 81, 400. coo
iE twelve months and Standard -iope
and Irvine not quite half as much. Now
the Amalgamated Copper Company has
passed is usual extra dividend, and the
investment world IS awaiting. with ILL
concealed anxiety, 20 hear from other and
more pretentioui corpo: atfons.
There s no mTstarS, therefore, in the
reluctance of the public to accept piece
meal statements of earnings given out
from time to time. The Republic Iron
and Steel Company did not lose 9 Is
millions in a month, but who knew that
it had been running behind over the year
period? None but the insiders could have
been acquainted with the facts, and they
took good care to create an impression
of prosperity. That is why ,he stock re-
flected no great fall in value. but at the
same time that is exactly why the stock.
not only Of this, but Of other corporations