The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-06
FINANCIAL AND COMMERCIAL.


The stock market to-day was given over
to the traders and fluctuations in prices
represented almost entirely the operations
OF spectators OF this kind. Such opera
lions largely consisted in sales Of stock
to secure profits that had accumulated
upon purchases made at the low quotations
which prevailed a week ago. London
operators, also actuated apparently by the
same motives, sold stocks rather freely.
The net result was fractional decline in
the prices OF the more prominent issues
on q greatly reduced volume Of business.
all stocks yielding about equally to the
general tendency. The pressure Of liquida-
tion was not heavy and In no way partook
of the forced character witnessed last
month. The days market, though very
dull, was broad and absorbed with ease
the stocks that were offered. 1t was a
natural and healthy market in every re-
spect and its undertone was firm. Such
news as developed was not at all unfavor
able The banks are faring we'll in their
transactions with the Sub-Treasury, and
the price OF corn. wheat and cotton and
all the staple articles, generally, continues
to decline on evidences Of large sur
plus supply. The weekly traffic returns
Of the leading Western railroads were
extremely satisfactory. showing an in
creasing movement of grain to market
and no diminution in the quantity Of west
bound merchandise. The rumor mongers
had two small innings during the day,
one in story that the President Of the
United States had been assassinated, the
basis therefor being the arrest of lunatic
in Washington as detailed in the afternoon
newspapers, and another q revival of the
trouble stories that played such prom
inent part In the market two weeks ago.
Both these actions were taken at their
true worth. Sterling exchange was easy
most Of the day, although the rate ad-
vanced somewhat at the close of the market.
Money rates were also easier in the large
Europeancities. Some little interest attached
to the rather persistent buying of certain
stocks that are not ordinarily bought and
sold by the general public and in which
activity usually indicates the beginning
Of pool or syndicate operations. That
there are those who consider the time
propitious for such transactions Is, there
fore, a fact Of some market importance.
Ono matter that contributed very much
to hold the market In check to-day was I'M
certainty as to the action that will be taken
tomorrow by the directors of the United
States Steel Corporation respecting the
quarterly dividend on the corporations
common stock. There was not only much
diversity OF opinion as to the probable
course that the directors would see fit to
pursue, but varying estimates as to the in
depreciation that would be popularity placed
upon each and any policy that might be
adopted. Judged by ordinary Stock E1-
change analogies, the very considerable
tons common shares and the low price
level at which the shares now stand, indi-
cate that at no very distant date the divi-
dend on the stock will either be reduced or
passed; and while, as stated, there are
differing views concerning the matter held
In the financial community, it is fair to say
that the judgment Of the majority OF in
telligent people is that II those to whom the
rule in the Steel Corporations affairs has
been committed should either temporarily
discontinue the dividends on the common
stock or measurably reduce them, they
would not be lacking either in conserva-
tism or good Judgment. This much, at
least, can be said without fear Of con-
tradiction, that any man who buys
stock yielding him, as do the COM
mon shares of the Steel Corporation
| at their present rate, q return Of nearly
rs per cent upon his investment cannot
expect much commiseration II that invest
ment return Is, for instance, cut in half
There is, of course, no doubt that the full
dividend has been earned upon the Steel
Corporations common stock but whether
It would be good business judgment to
distribute all, at any rate, Of the large
sum of money required to pay this dividend,
In view OF the more or less unsettled condi-
ton of the iron and steel business, Of the
rapacious scale upon which wages have
been established by the labor unions and
of the difficulty with which all large cor
porations are confronted at this time Of
securing by means Of bond issue requisite
sums Of money for necessary improvements
upon their property, ia very difficult
and a very serious question. Whatever
the result may be, the fact remains that the
directorate Of the United States Steel Cor
poration is body composed Of the strongest
and wisest business men Of our country
and there is little fear that they will not
look at the present matter in all its aspects
or arrive at decision that will not be for
| the best interests of the permanent stock
| holders of tho corporation.