The sun., 1900-03-31
Franchise Tax Figures Caused
a Mild Shock in the Stock
Market Yesterday.
lNDUSTRIALS TAKE A BRACE
Most Notable Movement of the Day
Was a Vigorous Upward
Movement in Sugar Ger
tificates---Gossipo OF
the Street.

A mild shock in the form of the pub
icasion of the franchise tax figures dis
turbed the stock narkeb at the opening
yesterday, but its effect vanished abous
as quickly az ID came, and the only i'm
prsseieA made spon prices was In the
stocks dirsetly concerned by the new
law. Metropolitan Street. Railway
dropped poiats, then gained 5, while
Manhattan fell 2, Brooklyn u and Third
Avenue i but all met su pport and were
lifted above last nights figures. when
the furry ended, she rise in the railroads
was renewed but there were few az
ceptions to the rule. The most notable
movement Was that in Sugar eertifica sss.
From the start a vigorous upward turn
set in and carried the price up nearly 12
points. This braoed the whole industrial
division.
| The franchise assessment bore hardest
on Metropolitan, the increase in whose
tax amounts to about 81 200, 00O year.
The increase in Manhattan is about
500 600 and in Brooklyn Rapid Transit
$6O0,0 These estimates are made
figuring the tax as 100000 OH every
"a, 100000 of assessed franchise value
These are certainly much heavier bur-
den than had been commonly expected.
This probability with the uncertainty in
sugar caused some further decline in
railroad which have advanced more rap
idly OF late. The majority in the street
have been expecting some decided re
action for several days, and on the first
sign that the powerful manipuations
which has been in the market for some
time was being Withdrawn outside pur
chases would be shocked and there
would be heavy outside realizing in
stead.
As to the recent activity in Western
New York and Pennsylvania Company's
securities, il reports in circulation are
bassd upon facts, the Psnnsylvania mnst
sooa decide whether ID will buy or lease
the Nsstsra New York & Psnnsylvania,
er psrMit some other intsrsst to acquire
coatrol, 90 IL 10 said there 10 an under
standing whereby the Pennsylvania has
until April 2 TO determine upon ils &C.
tion. This, ths New York Commercial
says, means one OF two things-either it
has an option to take the securities at.R
certain price, or else the two other com
panies agreed not to interfere until the
expiration of the date named. Repre-
sentatives of both companies maintain
strict silence upon the subjects
| Local money market authorities are
unanimous in saying that indications
point to continued ease in money, and
predictions are made that today's bank
statement will show big addition to
cash and surplus holdings. Some
authorities contend that the large
amount of interest money to be paid the
| first of the month will have an influence
for easier money. Others say this feature
is valuelees and point to the fact that
during the panic of '9S predictions were
made that the 100000 or more interest
payments OF July would tend to make
money easier, but, on the contrary, rates
were advanced coincident with that
date. The spirit of the present market,
however, is that money will be lower
from now on. Signs of this are shown
in the general reduction yesterday of
rates, for mercantile paper. The ruling
price is now 49 to 5 per cent. The de-
mand for time money is still light, es-
pecially for the longer periods. Time
funds rule nominally at Al per cent. al
though some institutions assert they are
not lending money below s per cent.
Call money is quoted at to Al per cent.
Dividends have been declared as fol-
lows:
Continental Cotton Oil Company, Z
per cent. on the prefarred stock, payable
April /; and per cent. ON common
stock, payable May l.
The streets Stable Car Company, quar-
terly per cent. on common stock, pay
able April %.
Lackawanna quarterly, II per cent,
payable April 20; books close April 8,
reopen April 20.
II is semi-officially announced that the
common stock of the Northern Pacific
Railroad Company will be placed on 4
per cent. basis.
While no official announcement has
been made, it is generally believed that
at the coming Atehison meeting the
common stock will be placed on q divi-
dend paying basis, and that the preferred
will be placed on q regular 4 per cent.
basis. Both are selling at the highest
prices on record.
| In view of the controversy over the
franchise tax and it's effect upon New
York stocks, the subjoined table, show
ing the difference between the last assess
ment ou tangible property of New York
cisy corporations and the new assess-
ment, including the franchises hitherto
unassessed, AS made by the State Tax
Commissioners, will be found of interest:
| Corporatio 5. Assessment. Valuations.
Brooklyn Heights sys-
asa,,.n ssm SseoS go S see 20 70
| Metropolitan eystem.... 5,030.00O s., ,06S $50
/ fntrd avenue system. 2,lH,756 1928 09O
| Harlem Steam. ......... l75,000 1912, 900
| Brook IN Union Cas-. 2,665.000 95l8,17o
| Consolidat<r Gas. ........ B.63500 1883, 600
n I a