New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-09-10
STOCK MARKET OPERATIONS.

In the two hours of trading in yesterdays
stock market prices in the greater number OF
issues moved toward lower level Commission
houses were not important factors in the trad
ing, although in few stocks sales for the So
called public were reported these operations
representing as a rule, the turning into cash Of
paper profits. The fact that there was no urgent
demand from the outside naturally encouraged a
selling movement for the account of the poaro
room element and despite the publication Of a
relatively favorable bank statement in the last
half hour of business prices ended the day near
the mornings low point. Among the active
issues losses Of 1 per cent and more We're com
mon. Owing to a large contraction IN loans the
associated banks were able to offset in great
part the large decline in cash, so far as reserve
above legal requirements was concerned, the
latter item showing a decline of only S66l,o2o'
against an actual decrease in cash of $10,95S,-
800. The banks called loans IN the week and
also transferred loans to the trust companies,
and in this way were able to show reduction IN
their loan item of over S3O,OO0,0O0- Deposits
declined more than S41,OOO,OO0. The leading
financial interests are not at all alarmed over
the present condition of the Clearing House
banks especially as the current outlook faVors
gold imports from Europe. At the close of the
market net losses were reported in the greater
number of issues.
REPORTS from the commercial agencies state
that the conditions affecting business IN the
United States unusually promising Tor TINS
period of the year Ii all lines healthful ex-
pansion is under way, particularly in the iron
and steel industry, in which the output Of the
various furnaces is totally Inadequate to meet
the demand. There is every indication that In
the current fiscal year the iron and steel COM
panies will make greater profits than ever before
recorded, and as a consequence of this expected
activity it is quite likely that the iron and steel
securities will be prominent features on the
United States Steel Corporation reports for the
ness for any month in the history of the con-
Germ while, according to the information re-
ceived from men closely connected with the
company there is little chance of a setback in
the course Of the next twelve months. 1t is be-
lieved in the most conservative Wall Street cir
( ces that United States Steel preferred will sell
many points above its present price before the
end of the year. and in expectation Of higher
quotation for the security the larger financial in
terests are buying the stock all reactions.
They are not, however buying the common
stock. There is no chance of a dividend the
latter issue in the near future. and people who
buy the issue in the belief that dividend will
be declared Will make a most serious market
That a dividend will not be declared
the common this year or next year is known to
every who is we'll informed the affairs
of the United States Steel Corporation. The
United States Steel Corporation made a mistake
in placing the common stock on dividend basis
several years ago, and it is not likely that the
who now control the concern will pay out
any money on stock which to a great extent
represents what is known as Wall Street water.