The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-31

NEW YORK March 30.-The announce
ment this morning Of the valuations ly the
special tax commission upoa the franchises
81 the local companies utilizing the streets
OF this city. was followed by very sharp
initial decline in all Of the local traction
shares at the opening Of business. Sub
sequently, however, these stocks recovered
IN part or in whole their early losses.
although the dealings in them reflected a
feverish tone throughout the day. Except
upon the theory that the taxes to be paid
by the companies involved in the valua-
items announced viii unuuestionahly be
contested in the courts. and perhaps with
some hope Of success, it was difficult TO
account for the recovery in those stocks
except upon purely technical lines On
account Of the deductions and offsets
allowed the companies under the new law,
and also on account Of the probably ten
tstive nature Of the valuations announced
today, ii is still difficult 10 ascertain even
approximately TO what extent the -omna-
mics net profits will suffer from the new
law Wall Street seemed TO take the view.
however, that the period at which the law
would become actually effective was still
remote. and at all events there was an
extensive covering OF short contracts in
these stocks on the familiar speculative
theory that with the announcement Of an
expected event, the consequent move in
the stocks eliminated.
Probably the same idea governed the
days dealings in Sugar Refining which
recovered very sharply from its opening
prices The dealings in Sugar Refining
continued in large volume and the public
at large was without any information re-
frar iug i'm,
trade. That sane business men should.
however, elect to conduct unnecessarily a
tremendous business at staggering losses
for an indefinite period was a little too
much even for the Credulity Of Wall Street
and this idea was also expressed in con-
nection with the dealings 10 Sugar stocks
Aside from Sugar Refining the Industrial
quarter Of the market was not particu-
larry active. but 8 firm tone prevailed
there. There were pronounced advances
in the Tobacco stocks. Tennessee Coal and
Iron, Colorado Fuel and Iron and steel
stocks, notably Federal Steel and Ameri-
can Steel and Wire
More optimistic views regarding an ear
ly settlement Of the labor troubles in the
West were contained in advices from that
section. Other pronounced movements in
this quarter Of the market were in Peo-
pies Gas and Anaconda Mining
The railway list was firm and fairly
active. The AtChisOn issues were CON
spicuous, and in connection with their ten |
dency a rather premature report was in |
circulation in view Of the fact that the /
company has not as yet paid the fun divi- 1
dends to which the preferred is entitled |
that a dividend would soon be declared !
upon the common.
The grangers were also firm, and there |
were pronounced advances in Cleveland.
Cincinnati. Chicago and ST. Louis. Chesa-
peake and Ohio. Norfolk and Western.
Baltimore and Ohio and Wisconsin Cen 4
trail common and preferred. The rise in |
the latter stock was accompanied by re- /
ports that 1t would soon enter the dividend /
paying list upon a 4 per cent basis and 1
that that rate had been earned upon the 4
preferred during the first seven months of /
the fiscal year.
London houses again dealt actively IN
The local market and the trading for that /
account resulted IN the purchase on bal 4
Hnce Of about 15,000 shares OF stocks
Sterling exchange continued steady and 1
money market conditions were virtually /
unchanged.
To- banks have made a substantial net
gain in their transactions with the Sub
Treasury this week and this with the 1
Easy money market was taken as fore
shadowine another strong showing by the |
banks in their weekly statement tomor-
row. Aside from this mornings announce
ment regarding the new franchise assess
ments. there was little that was new Of
interest bearing upon the general market
Dr. particular stocks.