New-York tribune., 1903-07-31
BONDS.
THE DAYS OPERATIONS IN STOCKS

THE DAYS OPERATIONS IN STOCKS.
Declining values in yesterdays stock market
represented in great part natural reactloh
from the advance of the preceding days OF the
week There were no adverse news develop
rnents affecting the actual worth Of securities.
Professional traders however, realizing that
the market was ripe for a speculative setback,
put forth various rumors regarding certain
properties end endeavored TO create alarm over
the reported cuts in steel and iron prices. There
was a large increase in the borrowing demand
for stocks in the loan crowd. and the prepon-
derance Of selling operations for the decline
was reflected in the general course Of the days
market Vigorous efforts were again made 10
depress the price of Atchison stock, but at the
close its quotation was only fractionally under
the preceding days final figure, the last price
showing a recovery from the low point of the
day Of IA points. The Atchison property is
sound but certain people who have been over
loaded with Atchison stock have lost money
St Paul AZ one time sold rs per cent below
Wednesdays close. but its final net loss was
fractional Considerable support was given to
Missouri Pacific on all recessions. In the gen
eraI railway list the average maximum decline
failed to reach a full point There were num-
her of erratic movements among the specialtes
Evansville and Terre Haute opened up a point
but gradually receded per cent. and the pre-
ferred stock suffered a sharp decline from the
last preceding sale Pittsburg, Cincinnati Chi
cago and St. Louis broke sharply, while Des
Mones and Fort Dodge, after early weakness,
rallied sharply. In the industrial group Anal
ganated Copper opened fractionally higher, but
then declined "a per cent, half Of which loss
was recovered at the close. Liquidation in Vir-
ginia- Carolina. Chemical carried the price down
; points with a late recovery of over per
cent A fresh attack made on United States
Realty preferred, but the stock subsequently
recovered most Of the loss. Colorado Fuel and
Iron moved erratically over space Of about
points North American huctuated violently but
with an upward te~dency. American Cotton
on declined sharply small sales the last half
hour. There a general rush TO cover shorts
and the market closed strong, with irregular
changes from Wednesday nights final figures.
The Wall Street situation is rapidly assuming
ri ? normal condition and spectators and in
y vestors are beginning to discuss the outlook
with intelligence and cheerfulness The failures
Of week ago, the crash in values and the gen
eral decentralization in speculative circles at that
time undoubtedly marked the end of Wall
Streets long period of liquidation and falling
values great change has come over Wall
Street sentiment in the last few days Instead
Of the pessimistic predictions regarding the in
dustrial situation in this country which were
heard a few weeks ago there is now disposi-
tion look forward TO another year of expand
ing business a year of heavy exports and
year Of stability in all departments of trade and
commerce. According 10 the reports received
from people who identified with the larger
industrial concerns in this country, the outlook
for business in the next twelve months is
couraging as il was al this time year ago.
especially in the iron and steel trade. The fact
that prices have weakened to some extent in the
iron and steel market encourages the expecta-
tion Of a heavier demand and a reduction in the
volume of imports. which in the last year for
pig iron aggregated $4,000 tons. Much ire
sponsible talk is heard regarding the posi-
tion Of the United States Steel Corpora
1ion and its ability to continue to pay
dividends on its common stock. Discussion
cf this character has, as a rule, not been
based on the condition of the trade the
earning power of the big steel corporation
Earnings are far in advance Of dividend re-
auirernents. and. far as the preferred stock is
concerned. there is practically no chance of a
dividend reduction at any time in the future
OF course, the time may come when the condi-
tion Of the trade may warrant the passing Of
the dividends on the common stock, while even
before that time the management Of the
poration may adopt the policy. which many peo-
ple believe should have been adopted a long
time ago. of using surplus earnings for the i'm
proveraent Of the property and other purposes
that will help TO build up the company's bust
ness At the moment however. there is no in
dication that a change viii be made in the
dividend on the common stock, unless it may be
assumed that the heavy decline in the market
price Of this issue foreshadows dividend reduc-
tion.
The easier tendency in the time money market,
especially for long time loans, has created most
favorable IMPRESSION in Wall Street circles and
brokers are urging their customers TO buy secu-
rites on the theory that money market condi-
lions will be easy for many months to come.
y NAV be well 70 bear in mind. however, that
while in other years at this time predictions have
been made for an easy money market in the fall.
The demand for money has always been active
and rates have always advanced Fortunately
The outlook is more favorable this year than II
vas year ago. owing to the enormous liQuida
tion that has taken place in the stock market
and 10 the preparations which the financial in
stitutiops have made for meeting the interior
drain on their resources Congress will doubt
less take action at the special session in No
veunber on the currency question, but legislation
enacted at that time viii have no effect on
bank holdings until long after the interior re-
ouirements for money have been satisfied. Ex-
rectation, however, of favorable currency re-
form legislation will have good effect on SEN
tirnent Sentiment plays important part in
uosFbilifv Of