The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-24
FINANCIAL AVID CoMnxnc1Ar.
TRunspAr. April q.

L
II must be confessed that the stock mar
ket to-day withstood very satisfactorily
rather severe test Of combined dulnees an
movement in prices that has recently beer
witnessed. After an advance Of over 8
q share In the price OF the active stocks
this succeeding two months decline Il
values, profit-taking sales are in order
and. as a rule. intending purchasers nc
wisely at such times In deferring thei
purchases until small recession. at least
occurs In prices. At such times, too, tn.
large spectators who have undertaken
the campaign for the rise usually halt their
operations 80 as to check any undue haste
In the upward march and the room-tradins
element attacks the market more or less
vigorously upon the theory that sthere
ought to be resction.' The market
showed the effect Of these influences to-day
and 1t would not be surprising II the effect
was somewhat moro pronounced In the
immediate future. Yet the action Of the
market demonstrated that the foundation
for the advance has been well laid and
that those who desire to make any money
out Of speculation for the fall will need
good deal more than the usual agility
required for such transactions. >
The Bank Of Englands weekly return OF
its condition was very strong, and although
the Banks ratio OF discount still remains
uncovered, there are plain indications that
the rate will be reduced In short time.
In the English House OF Commons the Chan
cellor Of the Exchequer announced to-day.
as was expected, a reduction In the English
income tax, and also proposed, as was unex-
pected, the abolition OF the war duties"
on grain. The latter fact was. OF course,
greeted with enthusiasm on our Produce
Exchange. The curtailment Of the English
income tax is greater than had been looked
for, and 1t will put about 81. 900 900 more
loose money In the pockets Of the British
taxpayers. The investing power Of the
nation will be increased to this extent. and.
therefore. the matter is of considerable i'm
portance to our own ma rket. In conse-
quence Of these announcements, English
consols advanced full point. Our banks
have gained q. Isl, 900 from the Treas
ury 40 far this week. and the Sub Treasury
was a debtor at the Clearing House to-day
in over 81 600 900. Time money continues
to work easier, and there was more call
money offering to-day below 3 per cent.
than borrowers desired. The opinion OF all
judges is that for sixty days to
come, At least, money rates at this centre
will be comparatively low.
The dulness Of the trading to-day was
most marked in the stocks which have
been the leaders. namely, Mis-
souri Pacific, Baltimore and Ohio. and the
ike. Certain other stocks. however. were
'ery strong, notably the Rock Island shares,
,ecause OF the belief that closer relations
,etween the Rock Island Company and one |
" both Of the great Mexican railroad COM
,anies are impending. The Atchison shares |
vere sympathetically affected by the samc |
ause. In the early part Of the day all |
he Reading issues were heavily bought |
'ecause OF the understanding that the
leading Company's forthcoming state
nent OF earnings for March will be ex-
remedy gratifying and the general belief
hat the present investigation of the BUSH
ess Of the coal-carrying railroads by the
Commerce Commission Ia OF
icayune character. The shares of several
the industrial companies were also
ought by interests connected with their |
An exceptionally large gain
'as made by Consolidated Gas. following |
upon the adjournment Of the
egisleture after tho passage OF the bill
ermitting one Of the subordinate corpora-
ons Of the company 10 operate In all the
,rritory Of what was formerly Long Island
ity. and also after the defeat of the bill |
roviding for the establishment Of a mu.
icipal gas lighting rlant. The Chicago
Mon Traction shares declined sharply
pom the news OF the appointment Of a re-
liver for the company. although il was
nown that this action was taken by the
reflective committee that las long had the
fairs Of the company in charge. and 1t IL
Understood that Il is simply a strategic
Iovement by the company 10 its contro-
ersy1 with the authorities Of the city Of
hicago over its franchise.