New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-09-22
BONDS.
a IA s g ssIo.
- a . RI A. =
THE DAYS OPERATIONS IN STOCKS

While early prices in yesterdays market were
generally strong. the movement Of values in
the greater part 81 the day was in the direc-
ZION % lower quotations. There were no new
,sevelopncnts affecting adversely the intrinsic
worth Of securities. indeed, general develop
rueuts IN the news line were al in favor OF
higher prices for stocks. Reports from the
,-rop section Of the country were good. and con-
,iitions indicated by tho government weather
map foreshadowed no uufavorahle change in the
,o-n belt London prices were higher, although
there was little disposition Oh the part OF for
.ign operators to deal extensively in Ameri-
can issues The higher range Of prices abroad
vas doubtless responsible FOR the early strength
IN The local market In the initial dealings The
greater number Of Western railroad shares
showed Improvement while iu the INDUSTRIAL
list decided strength was presented by United
States Steel common and American car and
Foundry common Both Of the last named Sc
ourities however. developed weakness before
the close OF the first hour and steel common
made q new low record price at los. Tho
steady decline IN the price of this stock to-
sotber with the signs OF weakness in other in
.iustrial issues. is naturally causing uneasiness
IN speculative circles, and until the movement
IN Steel comes 10 an end il Is hardly likely that
outside factors affecting the true value Of in
,-sst,7,euts win receive sustained attention ia
speculative quarters. The officers and direc-
tors Of the United States steel Corporation are
not charmed over the downward course Of the
steel securities and the men Who arc willing 10
10 quoted are quite positive in their statements
that the dividend on the common stock viii not
re passed II the dividend is not 20 he passed
for the last quarter OF this year, and II diNi-
bends are 10 be maintained in the coming
wear. Steel common al its present price provides
one 81 the most remarkable bargains ever re-
corded iu the history of the Stock Exchange
Notwithstanding the fact thar steel common
Yields over . per cent al its present price Wall
street refuses 10 believe that the corporation
viii bo able to pay dividends indefinitely. and
Sd is asserted By bears on the stock that the
price is now being adjusted to trade conditions
shat win develop in the course Of the next year.
while the decline in the stock may possibly
f0reshadow a change in the dividend on the
common stock. IL is believed IN well Informed
quarters that forced liquidation has been gong
on iu this issue by people who have been COM
PEELED % raise money 10 protect their interests
elsewhere in the market IN outside affairs.
Weakness in the industrial stocks in the last
fer days has been accompanied by many ru-
uors raEardiug various properties. but in The
greater number OF instances these rumoIs have
lseea wholly without foundation. This has been
particularly truc Boz rhc case 81 the American
Car and Foundry COMPANY. which. according 20
malicious rUmors that were manufactured iD
chicago. La= been forced t. borrow money and
90 suffer from rlncoila-iou ~ contracts from
various railroads. The company is not borrow
irE money IL las or hand large available
cash balance. 81 i- lending money On tho Street
and none rs abe orders placed with 10 have
been cancelled. The preferred stock Of this con-
oe.a iz extremely scarce for speculative pur-