New-York tribune., 1903-10-06
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Prices in yesterdays stock market were un-
6e- the control of professional operators who
were the predominating factors in speculation.
Commission houses had few orders for so-called
public account, md the leading market inier-
ests were not al all active in supporting quota
tfons their disposition not TO work tor hlgher
figures doubtless being based on the theory that
the tine is not yet ripe for a vigorous DUH
campaign in securities. Opening quotations
were under Saturdays closing. while throughout
the dav the tendency was generally toward a
lower level. There were no serious declines
and. no evidence Of urgent liquidation. but there
,,,era however. indications Of confidence among
the bear element that the recovery in values
last week would not hold. There was much
hear talk about the United States Steel divi-
dend prospects, OF trade reaction and OF money
market requirements, but brokers reported ut
tie selling by investors. Efforts are uEdouot-
edly being made TO convince the world in gem
sral that industrial conditions in this country
are on the verge Of Generalization, but sensl-
ble investors viii study facts and hold their
stocks. irrespective Of the tone Of spectators
fulrnfnations. Neither the country nor the
Stock Exchange will go out Of business, and
people who can hold their sound securities
sbo,la do so rather than sell them At a loss
Sesnite the possibility Of a year or more or
business contraction.
The fact was pa-aded forth yesterday that
stocks in 1886 were far under the present level
and from this fact il argued that current
,,,i,es ought TO decline still further Such an
,r.y-,r7lert Is not worthy Of attention save lor
frf reason that il may be accepted by un-
thinking or poorly informed people as sound
-oasor for sacrifcinC their investments at pre-
,-aflirle quotations 1t is true that Atchson' Tor
instance. sold at 112s in August, 1896. but this
stock. a non-diyidend payer at 113s was DIFF
ferert rropositiou from Atchison per cent
issue at its present price Of about 63. and its
high price for the year at Sli.. St Paul sold
as low as 6Sls in 1896, against its current price
OF l36. but in 1896 the road paid dividends Of
rer cent. against per cent at present Missouri
Pacific was quoted as low as l7la in 1896, when
1t was not in the dividend column. To-day 1t
sells under 30 and pays dividends Of . per cent
while there is no prospect that the company VIII
even be forced TO take its stock from the divi-
dend column. Il is absurd 20 base an argument
for lower prices on a comparison Of the quota
ton level Of to-day with that Of 1896. Stocks
may 60 lower, but they already, in the greater
number Of cases, are selling under their in
trinsic worth and unless there should be finan-
-cial and industrial disruption Of violent pro-
portions OF which there is now absolutely no in
dication. the actual worth OF investments based
on dividend returns viii not be lessened in the
next year.
The directors Of the United States Steel Cor
poraticn viii meet to-day TO take action on
the quarterly dividends. Steel common closed
at us yesterday and the question Of the con-
tinuance Of per cent rate naturally the
foremost topic Of discussion in the Street Its
present price would naturally. suggest a suspen-
sion OF the dividend on this stock. yet 1t is be-
neved IN many well informed circles that the
5tx6erd for The last quarter Of the wear will be
paid and that in the coming year the issue viii
be taken from the dividend column II is doubt
ful whether the price Of Steel common viii be
affected much by the action Of the directors on
the dividend. as the stock is selling a non
dividend paying basis. while if the dividend is
declared il Is not likely that there viii be much
bull enthusiasm, owing 10 the uncertainty of
what win be done on the dividend question in
1904 United States Steel new IS closed at a
small fractional gain, while the common and
preferred ended small fractional losses. st.
Paul was weak al net loss Of l% points; also
Baltimore and Ohio. Erie, Nezv-York Central,
Pennsylvania. Reading, Rock Island and wab-
ash preferred and debenture B bonds. the last
named losing two points. New developments
OF the day We're Of favorable nature Sterling
exchange was weak and near the gold juport
point railroad reports showed heavy gains in
earnings, money was easy and the grain mar
kets were lower on good crop reports and ex-
pectations Of heavy yield Of corn