New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-15
BONDS.
THE DAYS OPERATIONS IN STOCKS

stock. were weak throughout the day on
volume of business much larger than last weeks
daily average. The Street professed TO be upset
becsus. Of reports of frost in the corn belt ana
t.o,u.. ~ speculative weakness in the European
markets. the declines abroad apparently oeihs
du. 10 the troubles in the Balkans and TO the
fear tina. Germany would soon begin to he an
sct,v. bidder for gold While traders exhibited
great mental perturbation over the possibility
- damage by frost 20 the corn crop they d.
-ected much 81 their attention 10 the local trac-
fion shares. which represent companies that DO
not depend on tho grain crops for their traflo.
Crop failures VIII not cut down the earnings OF
Manhattan. Metropolitan or Brooklyn Rapid
Transit. Wall Street. however. is inconsistent.
and especially so at present. Trustworthy re-
ports from the corn section Of the country stated
that the cold weather that is visiting the North
west Is confined to the north Of the area included
in the corn territory.
Discount rates IN London. Berlin and Paris
were higher. while in the local market cali funds
developed stronger tendency. Foreign capitals
evidently competing for money. but this
fact ought not cause uneasiness in New-York.
Conditions abroad are generally sound. and the
demand for money does not represent weakness
in the foreign business situation or foreshadow
an inquiry at this centre for funds for European
account. Higher rates in New-York may be ex-
pected in the rest OF the fall. owing the ship
ments OF money that must be made from this
city 20 finance the movement of the crops in the
West and South: but there is no reason 10 be-
liRve that disturbance viii develop in this
market Operators in stocks who are inclined
toward the bear side see however in the cur
rent situation and outlook enough uncertainty
or minor importance to justify. in their opinion.
raids the stock market. Values may decline
still further, but the common sense view of the
market suggests the opinion that any setback |
that may develop in trade IN the next year has |
been thoroughly discounted by the decline in |
securities IN the last twelve months It is con-
tended that even n the United States Steel Cor |
porstion should decide 20 suspend dividends on |
its common stock. there would be no justihca-
tion Tor further decline in this issue. which |
made q new low record price yesterday at 19l. |
Selling Of United States common was not due |
20 developments affecting the company but 10 |
tho desire Of some holders 10 close their ac-
counts in this issue and to the disposition 81
the professional element TO depress the price Of
the steel shares PittsburE advices on the steel
shares extremely bearish and il is interest
ing 20 note that substantial Pittsburg interests
are active sellers 81 the United States steel
securities. Pittsburg in proportion 70 its size
is one 81 the richest cities in the United States
IRIS capitalists are not ignorant regarding the I
sctusl value - securities. and when the steel
snd iron business is concerned they are able 10 |
give more actual information regarding the po-
sition ~ The trade than any Nev-Yorl< capital
give. and as a consequence their opinions 1
rho steel and iron industry are Of exceptional
interest Consumers are buying only what their 1
requirements from week 10 week suggest and /
result tonnage moving is light. while prices 4
arc lower than they have been for two wears. /
b il maintained by the bears on the steel shares
rhaf while the iron and steel business IS not
eoirE 10 Tho eors. the company win not be able I
10 maintain dividends o. the common stock IN 4
rhe event ~ any reaction IN the iron and steel /
industry. Yet IL was announced yesterday by I
= news bureau on what was said 70 be Official 4
Information. that the dividend on steel common I
due next month would be declared. ~ the usual
1ate
Arpalgan1ated copper. Atchson. Baltimore /
emo Ohio she local traction issues St. Paul I
Erie Missouri Pacific Pennnsylvsnia. Reading |
Rock Island. Union Pacific and the United
States Steel supplied the bulk of the deal
ings IN these issues losses were generally
above ] per cent. with the heaviest selling
pressure on the traction shares. Atchison. Union
Pacific Reading and Missouri Pacific The at
tacks on various issues came in great part
from professional cliques. Reading Tor instance.
being heavily sold by the so-called We'll crowd.
d was said that the Standard OH interests were
active sellers. hut then these interests are al
WAYS said 10 he sellers or buyers according 70
the course OF the market. The chances are that
the real Standard oil interests are not engaged
In market operations at present. II a bear
day IN stocks. and bear prices were near the
lowest.