The times. [volume] (Washington [D.C.]) 1897-1901, 1900-03-31
A FURRY IN THE MARKET
Traction Shares Slump, But Quickly
Regain Losses.
The Announcement of Franchise
Assessments Disturbs the street
Sharply a Few IndustriaIs Adj
,nnce-The Railway List Firm.

NEW YORK. March 30.-The announce
ment this morning of the valuations Ivy the
special tax commission upon the franchises
Of 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-
lions announced will unquestionably be
contested in the courts, and perhaps with
some hope OF success. il 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
tative nature of the valuations announced
today, it is still difficult TO ascertain even
approximately to what extent the compa-
MES 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-
garding any actual developments in the
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 in Sugar stocks.
Aside from Sugar Refining the Industrial
quarter of the market was not particu-
larly active, but a 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 full divi-
bends TO which the preferred is entitled
that 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
trial common and preferred. The rise in
the latter stock was accompanied by re-
ports that II would soon enter the dividend
paying list upon a 4 per cent basis, and
that that rate had been earned upon the
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
ance of about 1900 shares of stocks.
Sterling exchange continued steady, and
money market conditions were virtually
TIE banks have made substantial net
gain in their transactions with the Sub
Treasury this week, and this. with the
easy money market, was taken as fore
shadowing 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
or particular stocks.