New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-10-09
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Stock market values were weak IN the greater
part OF the day moderately active volume
Of business. Lower prices IN the London mar
ket doubtless were effective factors in inducing
bear sentiment at the opening Of the local eN-
change but the main influences, however, in
the days decline in quotations were the re-
nevyed active selling in the securities Of the iron
and steel companies and the disclosures made
IN the ShipbuIlding case. Extreme weakness
developed in the United States Steel shares, the
common declining 10 the low point made a week
ago. while heavy loss was sustained by Ten
nessee Coal and Iron and by all active indus
trial issues. Selling Of the Steel issues in the
current market is. OF course. due TO the declin-
ing earnings Of the United States Steel Cor
poration- set forth in its report for the last
quarter. The fact that the surplus showed a fan
ing of Of u per cent as compared with the same
time year ago. naturally creates the impress
sion that the volume Of business in the iron
and steel industry in the course Of the next
year will show decided contraction as com
pared with the preceding twelve months. Wall
Street referred yesterday to Mr.. Carnegie's
statement, made several years ago, that the
steel trade was either king or a pauper. Ac-
cording 10 the opinions expressed by reprssen-
tatfve men in the iron and steel business. the
outlook does not suggest business insolvency
IN this line OF trade: it does suggest. how
ever a lighter volume Of business and smaller
earnings. The country is in a position to stand.
ithout injury to underlying conditions
..,,riod Of business reaction. The foundations Of
he country's industrial activities are intrinsi-
cally sound. and even Il there should be set
back in business in the next year. solid invest
nent institutions Will not be forced to withdraw
their prime securities from the dividend list.
The reduction by the Steel Corporation in its
dividend on its common stock does not fore
show similar action by well established. ably
managed and prosperous railroad and industrial
concerns. It is generally admitted that Steel
common should never have been placed on
dividend basis.
Mistakes that have been made by many in
dustrial organizations in the last few years
are reflected IN developments, such as the re-
duction in the Steel dividend. in the collapse Of
the Consolidated Lake Superior Company and in
the disclosures IN the hearing IN the Shipbulld
ing case. Developments of this sort, however.
ought not TO create an unfavOrable opinion on all
industrial companies, as there are sound com
panfes organized within The last three years the
securities Of which are as safe as the so-called
safe railway investments. On the decline yes
terday there was no attempt 10 support
the market. but fl the better class Of stocks
offerings were taken by substantial buyers.
Much Of the selling represented the opera
lions Of professional traders. Commission
houses had few buying orders for public &C
count, while the more important banking inter
ests were not active factors in the days opera
lions In the active railway list declines were
/ per cent and above in Atchison, Baltimore
and Ohio. st. Paul, Erie. Missouri Pacific. Rock
Island Union Pacific and Reading. ArnaiSa-
mated Copper was the weakest feature in the
industrial list. selling being accompanied by
reports OF a dividend reduction or suspension
Last prices were above the lowest.
There was no important change in the local
money market. rates for both cali and time
fund ruling at the level that has been quoted
for the last Few weeks Sterling exchange re
manned at unchanged figures The Bank Of
England made no change in its discount rates.