The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-06-03
FINANCIAL AND COMMERCIAL


proof that many of the stocks sold during the
last week or ten days have been absorbed by
substantial buyers The volume OF trading
was not large the total transactions being only
little more than half a million shares. but the
Improvement in prices was general and con-
tnuous. and left nearly the entire list ma
terially higher than yesterday. Early In tho
day the demand for stocks came chiefly
through commission houses. London was
also n moderate buyer. IA IL has been
for some time past. In tho afternoon the
short interest unuucstionably became alarmed.
The business was fairly well distributed. and
the railway list received fully as much atten-
tion as the Industrial shares. In tho last
named group Sugar Refining was dealt In
most extensively, but the greatest net ad-
yances were recorded for the iron and steel
stocks. namely. American Steel and Wire. Fed
eral steel common. Tennessee Coal and Iron.
Colorado Fuel and National Steel. The net ad-
yances in these stocks. however,. were exceeded
by those in tho local traction issues. which
closed 81 to 8 e. cent. higher than last night.
The existence Of large short interest In these
stocks vas chiefly responsible for the sharp
advance in them.
The announcement that ore million gold
will he shipped to Europe tomorrow by an
Institution that has recently entered the for
eign exchange market had no effect whatever
upon the speculation in securities for the reason
that the Street regards the transaction as an
exceptional one and not warranted by the pres
ent condition OF the foreign exchange market
Moreover. n decided change In speculative sem
timent has taken place. chiefly because prices
are recovering in a natural way. after decline
extending through several weeks. The
market for the Industrial stocks was
undoubtedly Influenced by the dividends
that will DO paid upon many OF them
during the next thirty sixty days
The International Paper Company has Just
announced the fifth quarterly dividend at the
rate OF g u cent. upon its preferred stock and
the third dividend ut tho rate OF a cent. upon
its common stock. The American Mailing
Company declared to-day the seventh quar-
terly dividend OF Ia y cent, upon its preferred
stock and It is understood that the company is
earning something more than 3 q cent. upon
its common stock. American Car Foundry
preferred was added to the dividend paying
list to-day by the declaration OF IL g cent.
Next week the Sugar Refining Company will
in NIL probability declare the usual quarterly
dividend OF 3 = cent. upon Its common
stock and little later the American
Steel and Wire Company will declare
the second quarterly dividend upon It's
preferred stock and the first dividend
upon its common stock. Excellent information
Is that the first dividend upon the last named
IL
quarterly dividend OF Ia = cent. upon Federal
Steel preferred and first dividend Of X a
cent. upon the common stock will also be de-
clared this month. Another addition to the
dividend paying list that vii! be made in the
near future is American Smelling preferred.
These substantial proofs Of the earning capaci-
" Of some Of the recently organized industrial
combinations are likely to have considerable
weight with investors. particularly as regards
the preferred stocks of the corporations. Many
OF these last it is 10 he noted. are preferred as
10 assets as we'll as to dividends and in num-
Der OF cases the dividends are cumulative.
Absolute confidence will not, however be
accorded the Industrial shares until the man.
ayers of the various corporations make n radi-
cal departure from their present method OF
treating their shareholders. The Street is full
OF semi official statements and authoritative
assertions as to what this and that Industrial
company is doing; but very few of them fur
nsh their shareholders with explicit and Of
fetal statements of their operations. 1t may be
true that a commercial enterprise cannot with
out prejudice to the business make as complete
showing of its operations as those required
by law from railway ompanies. but 1t certai nly
lie possible to furnish much more information
than has yet been given the public by any OF
the Industrial companies. current illustra-
ton Of the value OF such statements has been
furnished within the last week or two by the
United States Rubber Company. which pub
lished its annual statement just before
the extreme decline in prices took place.
1t is generally understood that in that
statement the company did not show
its full financial strength; sim it showed
earnings OF about 3 r cent. upon the
common stock. In consequence Rubber COM
mon did not suffer as severely as other Indus
trials in the downward movement OF the last
week or ten days and has recovered more
rapidly than any Of the others. II those who
are interested in manufacturing and distribut-
ing Industrial securities wish to win the sup
port of tho investing public. the sooner they
treat tho public with justice and frankness the
better It will be for all concerned. The closing
OF the stock market was strong, at about the
best prices.
New York stock Exchange-SaIes juno 2.
UNITED STATES AND STATE BONDS TN ST O0Os>.
3uS35. r.......lOOil IUS4s. C. leo7.ll34
4 IS. c.....,lOo2s GUs+s,c. ls25l3l
closing PRTcLs OF UNITED STATES BONDS
b'd. asked, Bid. Asked.
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lto'.....l 13% ll49 l924DC.llSa
RAILROAD AND OTHER BONDS IN 81 OOOs).
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