New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-11
BONDS.
THE DAYS OPERATIONS IN STOCKS

Stock market trading was dull throughout the
osv On q movement OF values that gradually
tended in the direction Of lower prices Com
mission houses were not actively engaged IN
speculation. and. as a rule. operations repre-
scented the dealings or the professional elemept'
especially in Atchison and United States Steel
common. There is absolutely no reason for In
Vestrnent sales of Atchison and. while the bear
element may be able 70 depress the price OF the
security the decline viii not represent depre-
ciation in the actual worth Of the issue. The
oompany's annual report which viii he maoe
-a,tl,o tomorrow. will present. it is said most
Hatterfnr exhibit. showing. despite a heavy in
crease IN operating expenses. due IN great part
20 large expenditures on the property. an en-
couraginr surplus above all dividend require
,nents United States Steel common supplied
she chief roiut OF interest in the days market,
,,otb as regards activity and price fiucruation.
Oneninr Al Dis this issue sold down 20 DOS.
g r-ice /. Of per cent under the low level re
corded ir the dernOrslized market Of August -
The ostensible cause OF the pressure on the stock
vas the further reduction in the pirce of pig
iron which was taken 10 indicate possible con-
traction IN the volume OF business In finished
rroducts Trade reports were not pessimistic.
although the returns received yesterday Of the
weekly output as Of September showed de-
crpase in production as compared with the sum-
rner's maximum and an increase in unsold sup
plies steel common now returns upward OF Is
Der cent on the investment. but. ~ course many
people believe that the present price OF the stock
foreshadovs reduction Or suspension ~ the
dividend
Brooklyn Rapid Transit was also weak
feature. losing for the day over per cent
Pressure on the stock appeared 10 be due en-
20 dislodrc another speculative element, rather
shan 10 ans development affecting the property.
The outlook for the Brooklyn Rapid Transit
stock as a possible dividend payer is steadily
growing brighter. and The fact that the leading
interests IN the company are constantly adding
~ their holdings ought 10 encourage confidence
in the security In the afternoon there was an
exhibition Of moderate strength. especially IN
the granger shares but the buying power was
100 light 10 bring about permanent Improvement
IN values. Call money showed no particular
change hut sterling exchange was weak de-
nand rates falling 70 4 Sci. loss of 4 cent
since Wednesday. Foreign bankers thought
that the declining tendency would continue
owing 10 the falling m in the demand and the
prospects Of increased offerings against grain
ana cotton exports.
Deposits OF lawful money AZ the federal
treasury Tor the retirement OF national bank
note circulation are restricted 20 100000 a
month. and arrangements have already been
made for the retirement Of this amount in the
current month. Since August 81 the United
States per cent bonds have advanced from
1861 d107 10 1851 d1091z. and as a consequence
many hanks are Withdrawing circulation in or
der 10 sell their bonds held against their circu-
lation. The advance in the price OF government
bonds has been due 10 the demand for these Is
sues from banks that are anxious 10 secure
government deposits under Secretary Shaw's
plan OF increasing public deposits in national
hanks 10 the extent OF S400o0OOO from seere-
gated internal revenue receipts. Banks that
are retiring circulation IN order to take advan-
tage OF the rise IN the market value OF United
States issues are offsettng the new deposits Of
government money with national banks as an
influence on the volume Of money in circula-
tion, and, as a consequence. the scheme OF the
Secretary Of the Treasury 10 increase the
amount OF money outside the amount held in
government vaults is IN a measure being de-
fested. The fact. however that not more than
S30oo.o00 can be retired in one month viii
lessen the danger Of a complete failure Of secre-
tsry Shaw's plans