New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-18
BONDS.
THE DAYS OPERATIONS IN STOCKS.

With the exception 81 few issues changes IN
stock market values in yesterdays trading
showed little difference from the closing hgures
OF the preceding DAY. Early strength was followed
by weakness in the afternoon, which In turn was
succeeded by moderate frmness in the final
transactions Actual developments affecting the
sntrinsic value Of securities were as rule IA
..oyable hut the Street paid little attention 10
.r,S+v-orrhv news items. preferTing 20 base its
market operations on its own ideas regarding
.he situation 81 affairs IN this country and IN
other parts ~ the world. News reports showed
y tetter outlook IN the crop section OF the coun-
~. no change in the foreign bank rates ana no
seduction in the prices by the steel billet pool
',cotu.ithstanding the fact that the prices TOT
,teel bilets VIII not be reduced az present there
"a. further active selling Of the United states
~s,eel issues the common stock reaching a ne"
low record price al 1Sis. Il was reported IN 'he
dav that Nj Prick. who occupies high poslloh
A. .bo ,-on and steel Industry. had intimated
.-bs, The position 81 the iron and steel trade ID
she next few years would warrant a continuance
=. s,,ssends on the common STOCK Of the United
States Sfeel Corporation. A. various times
,yi,hin the last few months similar remarks
he f,eer made by people actively identiheo
-,.r the trade but despite their optimistic fore
rasis regarding the dividend future 81 the steei
ro-poration. stock market traders refuse 10 oe-
,ie,.e that the corporation viii be able 10 MAIN
,stp ai,tdeuds for any extended period on the
common shares II dividends are ID be PAID III
she nert Few wears the stock al its present price
cm prove a rare bargain for people Who are
willing 20 buy 81. At 1Siz. its low price in yes
iprday's market. this issue yields upward OF -
per cent
According 10 -erorrs received from trade cen
,res the production Of iron IS running in excess
~ the demand The demand. nevertheless is
extremely heavy and in some quarters II Is
.bouCbt that the inquiry viii improve to an eN-
tent that will soon overtake the present heavy
output In The Iron Age" for this week y Is
,eported that while more pig iron is being pur-
chased at present than at any other time since
early IA the spring. the demand IS not sufil-
GENTLY heavy 10 absorb the large production II
s. generally believed that the situation In the
building trade. especially in that department
where structural iron enters so largely VIII
show marked Improvement from now on, owing
10 the coIlapse OF the building strike which for
the last few months has paralyzea the building
industry in this country. Many building prof.
cots which have been held up for weeks viii
now he rushed TO completion. while new vent
ures. according 20 the opinion Of people inter
.~ted In the building trade. viii he undertaken
on a large scale The general outlook IN the
business world is extremely encouraging. de-
,srife the approach - a Presidential year. II is
quite likely however that in the course Of the
,text twelve months industrial activity viii be
checked TO certain extent. although it is not al
eli likely that the reaction Of this character in
frade win reach proportions that VIII warrant
dividend reductions and lower prices for secUri-
sies. The decline Of the last year In ste has
undoubtedly discounted any setback IN business
'hat may develop in the course Of the next
twelve months Prices may, OF course. he forced
20 lower level but people who buy the sound
investment issues at present quotations purely
on investment account viii obtain excellent bar
Fains
The declining tendency in United States steel
affected the price OF Tennessee Coal and iron
stock TO the extent Of net loss OF 3i2 points.
Total dealings showed a moderate increase over
she record Of the preceding DAY. the heaviest
transactions being in Amalgamated Copper,
Atchison. Baltimore and Ohio, Brooklyn Rapid
Transit Erie Missouri Pacific. Pen0sylVanla,
Beading Rock Island. Tennessee Coal, Union
Pacific and United States Steel There were
more net losses than gains AT the close. Money
market conditions showed no important change.
except IN the foreign exchange market I'm which
sterling rates advanced sharply from 20 20 $50
points over the preceding days close. In The
European markets the chief point Of interest
was supplied by British cOnsols. which sold at
the low level u the year. the decline apparentiy
icing cue TO selling induced by the situation In
the Balkans. There was no change in the dis
count rate 10y the Bank Of England by the
Imperial Bank or Germany.