New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-17

BONDS.
THE DAYS OPERATIONS IN STOCKS

Adverse weather reports from the crop sec
ricn OF the country. heavy selling OF the United
states per cent bonds and the bad effect on
sentiment OF the conditions responsible for The
passing of the dividend on United states Realty
preferred were leading factors IN yesterdays
declining market While afternoon dealings
showed al times rallying tendency. the general
level OF values al the close was well under Tues
DAYS last quotations. with the heaviest losses
sn Sugar Refining. St Paul. Missouri Pacific and
Rock Island United States Steel common made
p new low record al 1875 losing for the day
nve-eighths In the refunding bonds there was
a decline from - 20 737s hut the loss was ie-
covered before the close. AT these low figures
these issues showed decline Of p points un-
der the price at which they were offered to the
stockholders. The extension OF the stock con-
aversion plan ~ the United States Steel Corpora
zion Is apparently responsible for the current
disposition Of holders 10 part with their Steei
securities Many subscribers TO the syndicate
are trying 10 figure out their chances Of coming
,,,, be+,er AZ the expiration 81 the time. nine
months hence for the termination Of the synoi-
cate than on the basis 81 present valuation. hut
me current course Of the market does not en-
,.ouraee the expectation Of wonderful results
next July Brooklyn Rapid Transit was again
under pressure. declining pa points. recovering
however. most OF the loss in the late raolhs
Selling could rot be traced 10 people idenuheo
with the company. despite Wal Street reports
,bAt insiders were selling. The rally in the
s1nsl dealings was due almost entirely - cover
sng OF short contracts.
The animal reporr Of the Missouri, Kansas
and Texas makes q showing that ought 10
prove extremely gratifying TO the holders Of
she counany's securities. After charges there
was n surplus a 81. O99 91s. or more than double
the amount that would be required to pay 1
rer cent on the S13.O00,O0O Of preferred stock
comparing with q surplus Of S9OSS4O in the
preceding wear and an average surplus for the
last Eve years Of S761. zoo, equal to nearly b
rer cent on the preferred. While the manage
rnent has followed the policy Of putting earn
Sings into the property, II would seem as II
holders Of the preferred stock were now entitled
10 a return on their investments. There is no
official information warranting the prediction
that dividends viii soon be paid. but It appears
easona bic 10 believe that the directors VIII take
This matter into active consideration at no re
mote period and decide that in Justice 10 the
owners OF the preferred shares dividend should
he declared. The road has improved wonderful
~ IN the last few wears in its general physical
condition owing TO the large expenditures that
have been made on the property, reflection or
this being shown IN the amounts spent mile
in maintenance. In 1899 this amounted 70
NLb mile against SA-fOE u the Aaol lleDdA
wear Many companies that are now paying
dividends viii be able TO MAINTAIN them in years
OF business depression. as the large expenditures
that have been made on physical condition IN
recent years have placed the properties In
position to make large earnings even In hard
times without being compelled 10 make big
OUTLAWS on roadbed and equipment. The general
railroad situation is sounder than II has ever
been before and there is no occasion for un-
easlness over the prospects for the railroad
business in the next few years. Earnings con-
tinue TO show large gains over the record break
sng period OF a year ago.
The movement OF currency 10 the South has
begun 10 earnest S55O0OO having been trans
1erred from this centre to New-Orleans this
week Money movements. however are not en-
tirely against New-York. as transfers through
the Sub-Treasury at San Francisco. representing
gold arrivals 81 Pacific Coast points for New
York account. continue. Gold TO the amount Of
81 100000 viii soon arrive IN San Francisco
from Australia. and Il VIII Immediately become
available in the local market. II is thought that
Secretary Shsw's plan OF depositing internal
revenue receipts with the banks in the South
and West viii have an important bearing on
the outward movement from the local banks.
Money market rates showed no change yester-
day. but sterling exchange was slightly higher.