New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-08-05
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading showed increased ac-
fivity at the expense of values. Opening prices
were under the closing figures of the preceding
day, while throughout the greater part of the
I'VE hours of business the tendency was toward
a lower level final quotations showing many
material net losses. Heavy selling in the United
States Steel shares and evidence of forced liqui-
dations in number Of other industrial issues
encouraged bear pressure and induced sales by
recent buyers who were doubtless fearful of a
repetition Of the Generalization Of ten days ago
There was. however, no sign of Generalization
and nothing in the character of selling that
foreshadowed a renewal of panicky conditions
The weakness in prices naturally disap-
pointing. but on the decline stocks appeared to
be taken by substantial interests. even the steel
shares finding ready buyers. Wall Street was
bearish, however, on Steel common the theo-
~ that the retirement of Mr. Schwab would
bring more to the front in the management of
the company interests who favor the placing Of
the money in the property that is paid out
in dividends on the common stock. Logically the
preferred shares should have advanced this
line Of reasoning, as their position would be
strengthened by taking the common from the
dividend column in order to increase the value
of the conpany's plants.
An official estimate of the United States Steel
Corporations net earnings for July place the
total at S12,2O0,OO0, which is about 100000
larger than in July year ago. Earnings of this
character may warrant the continuation of
dividends on the common stock, but the course
of the issue the Exchange certainly encour-
ages the belief that certain interests in the cor
poration are working for a reduction
pension of dividends The stock closed at 211k
after touching 81, the lowest price on record
Ind 21z points under Mondays last figure. The
preferred lost 21s points, closing at 50. Virginia
Carolina Chemical which heavily bought
in the ffties and sixties several months ago.
broke points to %, while the preferred sold
down 16I2 points to S211. There was no news
regarding the property. the selling apparently
representing drive against the stock the
appearance Of urgent liquidation The COM
pany, which controls most of the successful
manufactures Of commercial fertilizers from
Baltimore to Atlanta, pays s per cent its
preferred stock and IA quarterly on the COM
mon. For the year ended June Is earnings
showed a balance after dividends charges and
expenses of $27.693.
The United States Realty shares were weak;
also Consolidated Gas. which lost ~ points,
selling being due to the proposed new issue Of
stock. Pressure was marked in the granger
shares, despite favorable crop reports and an
active volume of traffic business. The eXtraor-
binary amount of traffic being handled in
this country is reflected il the earnings of the
Pennsylvania Railroad for June, which show a
gain in gross of 81, 231 500 and a gain in net of
$122. 800 on lines east Of Pttsburg. and a gain
in gross of SSSS, 800 and a gain in net of $1,000
on lines west of Pittsburg. comparison being
made with the corresponding period last year.
Money remained easy, with call loans averag-
ing Ia per cent. The monthly statement of the
amount Of money in circulation shows an in
crease over this time in 1902 of S121, 412,3 61,
and a net gain in July of 50, 642, 2SS. due to the
gain in new gold. Although within the last
twelve months this country has sent large
amounts of gold to Europe, current gold hold
ings exclusive of the amount held by the Treas
ury, has increased 6142S 1871. Foreign ex-
change was weak. The monetary situation is
growing stronger as far as conditions con-
ccrned, while rates show no disposition 10
harden. 1t will doubtless be a long time before
an advance of consequence takes place. The
banks are still gaining the interior cur
rency movement. but the course of domestic ex-
change on New-York suggests a gradual change
against this centre.