New-York tribune., 1903-07-22
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The movement of values in yesterdays stock
market presented little announcement for the
advocates OF higher prices. While there were
periods OF strength In the day quotations as
rule moved IN the direction Of a lower level,
final figures showing net losses in the greater
number of issues. In many stocks new low rec
ord points We're made notably in the high priced
investment issues. Selling in United States
Steel carried the price TO a point under the
low level recorded in the Northern Pacific panic
Of 1901 and although a certain set of insiders
attempted to support the stock the quotations
showed little disposition TO rally. The position
OF the iron and steel industry in this country
does not warrant the pessinistic opinions that
are now being expressed in Wall Street circles
regarding the future of the iron and steel trade
but in times Of stock market insanity trade con-
ditions have little effect on sentiment. The
United States Steel Corporation is earning
largely in excess of its dividend requirements.
Whether not it will be able to maintain divi-
dends in the course of the next few years is a
question which present no one is able to
state with any degree of certainty The com
mon stock of the United States Steel Corpora
ton returns TO the investor at its present price
over L per cent, yet holders Of this issue ap-
pear anxious to liquidate their stock al panic
prices United States Steel preferred Will
doubtless always be fair Investment propo-
sition
There were no developments in news circles
responsible for the movement-of values in yester-
days stock market. Reports from the crop ter
ritory were generally favorable while railroad
earnings and reports from industrial centres
were all IN favor Of bull enthusiasm in the
securities market. Conditions affecting the
actual worth Of securities, however. had no
effect on speculative sentiment While there
were a number of advances in securities at GER
tain times in the day, there was no indication
OF change in the character of speculative tenn
permanent Every one in Wall Street apparently
looked on the dark side of life making noun
tains out Of molehills and distorting real con-
ditions to an extent that was calculated to de-
ceive the weaklings of the Street into believing
that the end Of this country's progress and de-
Velopment had been reached Liquidation of
securities undoubtedly represents sales for the
account of interests who have been seriously
affected by the decline of the last nine months
but it does not reflect adverse developments in
the industrial situation in the United States nor
does it foTeshadow period of business depres-
sion. People who are uneasy because Of the
current extraordinary decline in the stock mar
ket would better forget Wall Street for time
and study conditions in the general business
and financial situation. No one can tell with
any degree OF certainty when the current liqui-
dation Of the stock market viii run its course
but II is well to note that in this decline sub
stantial investment interests are accommodating
securities
1t is interesting TO report that, despite the de-
cline in yesterdays market. Atchison, Canadian
Pacific, ST. Paul. Illinois Central, New York
Central and Pennsylvania closed at fractional
net gains