The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-06-21
yYy4Nes4l Am COMMERCIAL.

.>...... SATURDAY, June 20
Saturdays security market is seldom
one OF exceeding importance. and IN the
summer time II In apt to be market very
nearly neglected To-day's business on
the Stock Exchange was no exception 10
tho general rule. Dealings. however, were
characterized by the frmer tone that mas
prevailed In the market for ten days past
and gave continued indications OF change
for the better in the general speculative
temper London prices again came lower.
and houses with foreign connections soio
about 10000 shares OF stock. liuuioatio',
developed In the American Smelling ana
Refining shares. quarter OF the marke.
that has held very steadily Throughout
tho recent decline. and the weekly bank
IAatement was disappointing Ncvertheiees.
the market remained entirely compose"
and speculative operations during tine oav
still favored the buying side. Inc ia'i III
the price Of the American Smelling ana ne
flung common stock was ascribed 10 the
recent reduction in the price OF lead ana 70
the fact that the directors OF the smelling
company at their meeting yesterday ola
not declare dividend on the common
shares. Few intelligent persons expected
that any such dividend would be declared
at this time. as the policy OF the company
in the matter has been well settled
upon and publicly announced. 1t Is
or should be thoroughly realized thar
the Smelling company has done Tor the
mast year and is still doing the most profit-
able business in its history. and hat its
surplus profits are now very considerable.
II is the intention OF the management OF
the company to allow these profits to &C.
c,,mulate until they reach large sum.
somewhat in excess, probably, OF 81 ,5OO,O Oo.
and then the question OF dividend on the
common stock will be taken up. There
has been a great deal Of general buying OF
the Smelling shares based upon the favor
able state of the companys affairs, and
rot n little pleasant surprise has been mani
tested that the Smelling stocks have. up
70 this time, withstood the liquidating
tendency OF the market 80 stoutly.
To-day's bank statement was disap-
rsointinp. not that II was bad, but that 1t
was inexplicable. Prices of stocks, 1t is
true, have not greatly changed during the
week. but there was small reason. never
,he,ees. to expect an increase IN bank
loans of 81, 1855, 100. Estimates OF the cash
movement. too, indicated gain for the
hanks of between $500. 900 and IS 100000
s'o.day's gain in cash reported was but
$3.50, 800 The increase in surplus reserve,
therefore, was but 1922, 400. Perhaps the
withdrawal of money by individuals for
vacation purposes and by trust companies
in consequence OF the new Clearing House
rules, accounted for the failure " the net
gain in cash to-day to rise to the antioi-
pated figures. 1t Ia understood that two
from
their deposit banks during the week.
After the publication of the bank state
ment. the market. which had been dull
but strong, sold of slightly. but again re-
covered q good share Of the loss, so that
the closing figures were little changed
from those Of last night. Only few OF
the smaller room traders showed any desire
to sell stocks, and they, for the most part.
endeavored to recover them before the
close Of the market. Among the events
which have lessened the confidence OF
speoulators for the decline is the realiza-
ton Of the fact that the stock certificates
representing the Pennsylvania Railroad
Company's new capital issue will not b"
delivered to their owners until August.
although in the meantime the company
will be in receipt of by far the major por-
tion Of the proceeds OF the new issue. giving
it's negotiable receipts therefor to the sub
scribing stockholders. But these receipts
will not be Stock Exchange delivery upon
sales Of Pennsylvania stock. The desired
opportunity. therefore, which Is awaited
by those who had sold Pennsylvania stock
short, with the idea of repurchasing it on
terms made supposedly favorable by the
enlargement Of the floating supply Of
Pennsylvania stock in the market. will
be prolonged for two months further. This
creates what Wall Street knows as -tech-
meal" short interest. 1t Is speculative
position, which Is, nevertheless, wholly
real and which might become uncom-
Portable II the market before the end Of
August should advance rapidly
New York Stock Exchange Sales. Juno 40.