New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-21
STOCK VALUES
THE WEEK IN WALL STREET.


were not accompanied 10y startling developments
sfectiag the actual value OF securities. There
were few adverse factors in the trade situation.
an6 there was no indication Of a setback in
business large enough To upset the dividend Of
nrst-Class investments but there WAS. however.
enough uncertainty over The condition Of the
crops and over the future OF United States Steel
common as a dividend payer 10 restr1in oct
siders from dealing IN stocks and TO encourage
active professional attacks on prices. The big
hull pool that is operating in corn worked its
rImor factory overtime in the week IN its ef-
forts 10 convince the world that adverse
weather conditions ruined this years crop, but
st the end o. the week trustworthy reports from
the crop district showed little damage 10 corn
by frosts. late vegetables being the chief SUI
ferers. or course. there is yet a chance OF kill
ing frosts in the corn belt. end the possibility
OF such a development naturally works IN favor
81 dull and sagging stock market.
Wall Street processes 10 be alarmed over The
position OF the country's Industries. but trade
reports show a generally sound situation. There
may develop a smaller volume Of business, but
this fact would not necessarily mean that The
foundations Of commercial strength would
orumble. and that the oountry's industries would
become insolvent. II is quite likely that some
concerns that are wholly dependent for their
existence on boom days in business may be
forced to slash dividends or so into liquidation.
several instances Of which have already been
recorded. but the man who banks on return
% the business mortality Of the 1888 period
VIII undoubtedly be disappointed. The boom
days are apparently over for the present. A
collapse IN business IS not foreshadCwed by cur
rent conditions, and the greater number Of bust
nesc men ir the country src confident that there.
viii be many more months Of general CONNER
cisl prosperity. AS q leading interest in the
froa and steel trade said last week, We can have
prosperity without boom, and a good business
sn iron and steel without high prices and a de-
1nand for consumption that cannot be met by
production.
The demand for fra and steel AT present is
heavy. but it is NY the production, and the
ability o. the United States s u Corporation to
maintain the price 81 steel billets at So a ton
and steel rails al SOS a Is seriously cues
tione5 In many quarters. II may be well TO re-
cali the fact that the Amalgamated Copper Com
pany tried. IN the face Of a falling demand. 70
holo the price Of copper al i cents while its
competitors were accepting less. and that Il
was finally ',rced 70 readjust its quotations TO
trade conditions TIE copper trade reacted. but
II did not 60 TO pieces. and the same conditions
are apparently developing In the iron and steel
trade. In the week much transformation was
circulated regarding the nosition OF the steel
trade The decline In United States Steel shares
was accompan O b. various reports that had
their origin 81 the Offices OF stock manipulators
but the pos utility of the corporation being able
- maintain Indefinitely its common stock divi-
oenos was 81 course, seriously discussed. and
naturally II vas eve in indu ng sales Of
concerns issues steel common is selling at
what '- considered a non-dividend price. AL
tholgh a. SITS current low figure il viii return
upward OF ~ per cent II the next dividend IS
paid 70 present buyers. Many people ,elieva
mat lie Dece-ab dividend viii be maid t,,.
that thereafter disbursements -- she cor,r,o,
VII cease. AS 10 tn position Of the trade. the
ioiio ing remarks by a director o. the r-ritas
States stec corpora ION are of Interest.
~ TIRE s, Is no good cause FOR uneasness in regard -
Ynsr, ~ In ~ ths country which has received as
during tbe ,g--s Ji. last four months as il did
-, oloefs have been cancelled buj most 81 -,
ies ano have been made up hv
shut down ec- " ~ our llttsburg m Is have been
ooa tiet We have caught Nd with ne ,,-es -
genera however, our mills are -r.e-s-s,, Is -.
ahead a"1 we are booking large orders
me decline in United States Steel securities
eo'eo inc entire Industrial list. and bear trad
-, 'ooA "u'eI'lage OF the absence Of gooo mar
et support 10 attack the car ana looo,,o+i,o
Ouiiolng company shares and varfous o-bsr 6
sues that are closely related 10 the ir,r rs -,
BUSINESS. There was no valid reason fo,- ~. -.
tack on American Car and Foundr, sta-os b..
ne uaolng element advanced the novel tbao-,-
mat the decline in United States Steel cor,-no,
nae SCI new standard Tor Industrial iss,,as
ana mat per cent stocks as well as r,oD-,5i,-t
oent paying issues, must decline 10 20 ny ,,r5o-
Ano and per cent stocks 10 co on the decline
'uslaefs We're active buyers Of American Car
enc Foundry. and 1t WAS stated by officers OF tha
1aF -
oeo month. and was a lender OF money in ,ba
street The preferred stock is looked ,,rop t,-
conservative financial interests as an absolutely
safe investment Dividends on the common
stock are now paid az the rate OF 1 per cent and
1ne future dividend position Of this issue viii
oe governed entirely by the compauy's conserva-
I'VE policy a adjusting dividends 10 sc,,sr
earnings rather than 10 prospects This co,~e-,
accumulated large working capital r,e<,vo 81.
palo anything on its common stock the working
capital coming entirely from earnings
Money market conditions foreshadowed M ee-
peciai disturbance this fan The hanks are
sfaoualiy losing IN cash holdings. owing 10 the
Drain Imposed by Federal Treasur,, reoeints q,
This centre, and 20 the development Of a, o,,+
Of town demand FOR currency The latter. how
ever. is not yet heavy Secretary shaw fe ,7,s-
tributirg United States DEPOSITS ia co,,,r--,,
banks, and IL Is thought that this policy viii la
effective In materially reducing the usual fan
shipments % funds from New York Money Sc
moving 20 Aew-Orlesns o. fair volume. and col
ton is moving 10 port. bat tho labor troubles IN
that city have checked cotton exports the fnap-
snce o. which Is reflected in current strength
In the foreign exchange market. Both cotton
and grain bsls are scarce. but the receipts must
soon he heavier and IL is therefore not likely
that the advancing tendency in foreign exchange
. ID rrla r-fe ~