The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-29
FINANCIAL AND coxxERclAL
TupspAY. AMI %,

Now that the long uncertainty " over ~
to whether the courts would or would not
uphold the law passed In this state four
years ago imposing q special tax upon
corporations using public franchises, the
only remaining vantage ground OF the
spectators for the decline In prices who
have been active in Wall Street for the
last week Is the precarious and doubtful
one Of alarms over sporadic gold exports.
The character OF the present stock market
was thoroughly illustrated In the course
taken by IL to-day after the news OF the
decision OF the Court Of Appeals In the
franchise tax case became public. Instead
Of -breaking wide open.- as had been con-
fidently predicted, prices rallied and tho
entire market became strong. IL would be
rash. perhaps, TO assert that the effect OF
the decision in Wall Street has been fully
discounted, but 1t certainly looks a. II It
had been Some Of the companies in
volved may attempt to carry the case to
the Supreme Court Of the United states,
but there IL Trustworthy authority for the
statement that some Of the largest and
most important OF them will not do so,
and that they will submit to the law "a II
stands. The stocks OF the Manhattan
Elevated Railway and the Metropolitan
Street Railway companies particularly,
inasnuch as tho proper y OF these COM
panies has now passed into the hands OF
lessees. are entirely unaffected by the de-
csion. 1t may be stated az fact that all
the companies concerned have made ade-
quate financial preparation for the con-
tingency OF an adverse decision In tho case,
and II may not be generally recalled in
Wall Street that of all the corporations In
the State subject to the special Franchise
Tax law only those located in this city are
at the present time in arrears Of taxes be-
cause Of IT, Probably more financial dis
turbancs would have been caused by a
decision Of the Court Of Appeals holding
the law to be unconstitutional than by
the one that was handed down to-day. The
amount Of the different tax assessments
levied has. OF course. yet to be settled In
the usual legal way. People ordinarily
well informed did not expect the decision
in the franchise case to be handed down
to-day. but. nevertheless, they fully ex-
pected that the decision would be I'M
favorable to the corporations when II came.
To-day's market was weak and sagging
until 1t rallied after the news from Albany,
as described The export Of $500 900 in
gold was announced for the account ola
bank in Philadelphia which does large
exchange business and is said to have been
forced to cover some OF its transactions
by a gold shipment. Authorities on the
foreign exchange situation In this city
say that It is not improbable that from
now on for a couple Of month";. II money
remains as cheap as 1t does now, small
gold shipments will from time to time. be
made. This is a season Of the year when
such exports are natural, and as long as
call money il pressed to a loan here at ~
per cent, and time funds are offered in
large sums for practically all periods at
" Der cent, there seems to be no reason
to a sane observer why the matter should
depress prices on the stock market. II
will probably be found that these ship
ments-and there Is quite a diversity Of
opinion as to whether there will be any
shipments or not-will end with the. pay
ment Of subscriptions to the forthcoming
Transvaal loan in England, All authori-
ties agree that II metal shipments do take
place they will be Of trivial quantity. Up
to the present time those whose influence
has been paramount in our exchange mar
ket have been enabled to make the desired
remittances abroad by purchasing exchange
bills UP to the gold export point and have
then renewed foreign loans. This process
will be easier II anything. in future, than
II has been In the past owing to- the WE'LL
established fact that our foreign indebted
meas is at least SO per cent less at this time
than 1t was year ago Exports Of mer-
chandse from this port this week were
Al 10000 more than last week and sur
passed the large figures for the same week
last year. Aside from the incidents to
which allusion has been made. there were
no important developments in to-day's
news. Nobody except spectators OF the
scatter-brained sort paid any attention
to the so-called war news from Europe:
and the weekly Government crop report
was not unfavorable. Most active stocks
closed at small net advances. At the COM
paratively low prices made at one time In
the day. buying Of the best character was
noticed in tho Atchison and Missouri Pa
cific shares. and the Mexican Central and
Mexican National issues were conspicu-
ously strong upon purchases by brokers
usually acting for the great banking house
interested in the properties. Correspond
ents Of London houses estimate that In
the last week London has sold in this market
about $4,000 shares Of stock. or about all
the stock purchased by London operators
on the recent decline In prices. With this
liquidation completed. WITH large short
interest In the market built simply upon
the basis that there ought to he a reaction,
and with the full normal reaction from the
recent rise in prices matter OF record.
the market Ia obviously In far better con-
dition TO respond TO operations for the
rise than II has been at any previous time
New Yosx stock Exchange SAFES. April a.
(rSuIp stsrs, AND STATE sosDs ~ 81.
USEr. 1901 Observation-Disclosures. on
CIoy1N1 ,-iCns ~ rNtrko srAHes uoNDa
Bd Asked. BID Asksd
$50. 100 Ioe. lsss:. ..ise 1877 p
q sac SEE -'.
1880 .... o6 lco,i iszS. ...l37 las ?
UsNt uSAt .'.F .
Ieo-p.io7n iosK ,so4. ..ioaA 10 sA
Us&o. JSb.c. 10.
iss,,..ios 100 in...:.,oss io4x
USAL US s.ess,r -r.
1907. iox lii,4 is,LDcl 81
U sNe .. ..