The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-14
FINANCIAL AND COMMERCIAL.
SATURDAY, June

SATURDAY, June IS.
Prices in the stock market to-day opened
slightly below yesterdays close, rejecting
the general feeling that the recent advance
had been too rapid. After a little time
they strengthened considerably under the
lead of the Baltimore and Ohio and Reading
shares, especially the former. and thon
after the publication Of the bank statement
again fell of, so that in most instances
quotations showed net declines for the day
The bank statement was fully as favorable
a. was expected, and the selling move
ment that set in succeeding 1t was very
disappointing to those spectators who
mad hoped that the statement would stimu-
late the market and cause strong open
ing" on Monday. at which time, 1t Is need
less to say, a great many stocks would
probably be for sale. The bank statement
showed an increase in cash OF 81 1852 7OO
or quite little less than previous estimates
had made out but also exhibited a crafty
ing decrease in loans Of nearly Sl2,OOOOOO
Net deposits decreased to almost exactly
the same extent. Surplus reserve in
creased "a, 70l, 525. Considering the enor-
nous liquidation Of the week the decrease
in loans does not seem large and its value
10 inc IIluThel 10 ulLllIllsIlcA ny VIC 'oN'
that the loans OF the Clearing House insti-
tutions still hold at figures well above net
deposits Probably the selling Of stocks
to-day was about equally divided between
profit taking on the part of those who had
made purchases in the last two days and
the renewal of bearish operations, The
two strongest stocks since tho market
turned have been Reading and Baltimore
k,,,r - haze oh "a
has been Of character to suggest Nsqueez-
ing" Of shorts rather than any other force.
Transactions in the Hooking Valley stocks
attracted some attention by reason OF the
rumor, for which it is understood there is
good basis, that the Hooking Valley prop
erty has been leased to the Lake Shore
road 1t is also not at all improbable that
the Pennsylvania Railroad will share in
the arrangement. Union Pacific and Cana
dian Pacific were stocks that were espe-
cially weak both declining sharply from
the high figures recently touched by them
Taking a general review OF the market
occurrences Of the week and Of the condition
OF the market at the end Of the week, fair
observation seems to be that prices are now
pretty nearly in a state Of equilibrium and
that a further pronounced Pavement in
one direction or the other m7st depend
upon whatever specific developments the
future has In store. The market is undoubt-
edy weakened by the elimination Of very
large share of the short interest. The great
majority Of the professional spectators
are still pessimistic in their views and will
probably not hesitate to attack the market
again if they discover that after the rebound
in prices the public manifests no desire 10
carry the upward movement further. The
word usually heard from the large banking
interests Is that they would like to see the
market rest where it is for while and that
they deprecate any great speculation either
for the rise or for the fall. SO far as general
precedent is concerned, its indication Is very
clear After such a decline in the market
as has been seen there Is usually sharp
rally in prices lasting few days, followed
by a period Of dulness which usually re-
suits in bringing prices by slowly sagging
process back to the low point previously
touched by Them This procedure Is OF
course, not invariable. There have been
times in the markets history when the re-
bound in prices has lasted for weeks and
m 1nths instead OF days, but these were
occasions, for the most part, when there
was very sudden and manifest clearing
away OF the difficulties In the markets
path. At any rate. the market has now
reached point where prediction as to Its
Immediate future course becomes more than
ordinarily difficult and uncertain.