New-York tribune., 1900-03-31
BONDS.
THE DAYS OPERATIONS IN STOCKS.

There was a noticeable decrease in the volume
Of business on the Stock Exchange, compared
with that of the preceding days of the week.
but the movement of values indicated no
change in sentiment regarding the bull side of
the market. Prices were strong the greater part
of the day, with final net gains in the majority
OF issues In the opening dealings the local cor
poration shares sold off sharply on the heavy
assessments of the franchises of the city gas
and traction companies, but the declines were
followed by recoveries. which. in most cases, ex
tended to net improvement at the close. Wall
Street believes that the valuations compiled by
the Tax Commissioners will not be sustained,
and 1t is generally understood in banking circles
that united effort will be made by the COM
panies concerned to have the Franchise Tax
act declared unconstitutional. If the assess
ments remain as published the tax on the prn-
cipal local gas and transportation companies
will average more than per cent on the com
panies stock. and in the of the Metropol
itan Street Railway. the S62,Vo.ooo assessment
will call for an amount equal to nearly 3ih per
cent on the stock 1t will be some time before
the tax matter will be definitely settled, and
meanwhile the local stocks will doubtless be
subject TO many wide price fluctuations.
The franchise tax will not affect the value OF
general railroad securities and the destructive
sugar war Will not alarm investors VINO DO not
hold Sugar stock. The factors named may be ex-
cellent reasons for bearishness on the local gas
and traction issues and on Sugar REFINING Stock
but they have no bearing upon the general rail-
way or Industrial list. This view Of the stua-
ton is general in we'll informed circles. and 1t
is believed that the advance in values of the
last week will run on, despite possible bear ag-
gressiveness in the local corporation securities.
There does not appear TO be room for general
decline All markets are uncertain quantities.
hut the current stock market possesses more
elements Of bull certainty than have been re-
corded in a wear or more Throughout the deal
ings yesterday the buying came from a sub
stantial class of operators. and the falling off
in the volume of business doubtless represented
temporary hesitation on the part Of the public
on account of the franchise tax assessments. 1t
was naturally assumed that an active campaign
against local stocks would be made, and that
incidentally the whole list would be sold. While
an attack was made, 1t was not successful, ow-
ing no doubt to a stronger technical position
than had been expected and to the substantial
supporting orders throughout the list
Sugar Refining stock supplied the sensation OF
the day moving as usual in direction opposite
to that OF general expectations From 9S IT
rose to III it's course rejecting manipulation
against the shorts, who trusted in trade condl-
tions to carry the price to a lower level. Trade
conditions against Sugar stock and com
mon sense suggests its sale on all rallies. But
the stock moves contrary to common sense ana
trade conditions and its movements furnish
perfect example of what Wall Street calls
beautiful manipulation" The traction stocks
closed at substantial gains. and the industrials
especially Tennessee Coal and Iron, exhibited
pronounced strength. The dealings in Sugar
stock made up about one-third of the total
transactions In all issues.