New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-12
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Tho encoura sing outlook Tor the wheat and
rorn crops OF 1909. as presented In the govern
uent's report showing conditions as Of Sep
Telnber I. failed 10 create enthusiasm in yester-
days stock marl,et While there was a fair
degree Of strength in the afternoon prices. there
was no indication 3f an outside demand based
an the favorable crop situation. Early quota
sions were generally under the closing Of the
preceding day. and despite the upward tendency
81 che last two hours OF business. final figures
showed more net losses than gains. according
- estimates based on the government crop re-
port. the Weld Of corn this year viii. barring
severe froSts IN tho present month. be the
largest IN the history Of the country. with the
cvceptioE ~ last years bumper crop. Wheat
VIII doubtless equal last years favorable her
YES. and as a consequence the country ought To
enjoy a large export movement Of this cereal
The importance Of hountiful corn and wheat
harvests as factors affecting the prosperity Of
She United States is FULLY realized by thoughtful
operators in stocks but the bright prospects for
shS years yield are Tor the time. oversha dovyed
10y money market uncertainty and The fear on
'he part ~ the general public that stock values
vii work toward lower level before a general
advance may De expected. There is little in the
market that warrants lower prices for securi-
ties. Most issues are cheap az present prices,
especially the solid dividend payers.
Tinted States Steel common was again under
pressure although SIS early loss was recovered
before the close new low record price al
1875 was recorded. but even az thar figure out
side Interests were not disposed 20 buy the
stock. doubtless on the theory that the issue
would soon cease 10 he iu the dividend column.
There is official information that the div
dend on Steel common viii he PASSED or re-
duced. but many people apparently believe that
the low price Of the stock forCsha dows the end
OF dividends on this issue II is conceded that
rho iron and steel business is by no means on
The down grade bat it is contended in some
quarters that the United States steel Corpora
zion VIII pass its dividend on fits common stock
Hs matter o. policy. based on the possibility
~ a material falling of in the demand for con-
sumption Ga finished products Holders Of
United States steel preferred arc rot worrying
over tho course 81 the common stock. and they
believe that suspension Of the dividend on tho
latter viii be followed by rise IN the market
value OF tho preferred. United States Realty
shares We're weak features the common decn-
inz 20 Ga and the preferred 70 3Jis. selling
doubtless representing liquidation Ivy interests
identified with the unGcrv ritiuC syndicate This
syndicate was dissolved yesterday. and the
members we're forced 20 take a loss Of about ~
Ter cent on their original investment
Atchisou stock was ir good demand az adj
Nancing prices in the AFTERNOON dealings The
arnual report Of the Atchison system VIII he
found in another column. and a careful study
or the results for tho last fiscal year ought TO
convince the critics OF the road that their ad-
verse opinions regarding the real value Of the
Atchison securities have not been based on
dear knowledge Of the companys actual posi-
sion ST. Pauls annual report, which is also.
published to-day. shows most satisfactory re
tults earnings after an interest charges amount
ing 10 about 10 per cent on both classes Of stock
There was a moderate buying movement in 81.
Paul. Without material change in its price.
Hiso in Union Pacific and Pennsylvania. Read
iug. Rock Island and Missouri Pacific. with the
stocks already named. supplied the bulk 81 the
days business. There was no important change
in money OF sterling rates. According To the
known movement % money in the week. the
local hanks have lost upward OF SC90 GOO in cash
holdings In the week ended yesterday.