The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-19
LONDON MARKET HOPEFUL.
IMPROVEMENT IN THE FIN.fN-
CIAL SITUATION ExPECTED.
Relief That Income Tax VIII He Cut ana
S3S. 200, 900 Thrown Into the Market
Strong Tene In Dealing In American
shares-S0uth African Securities Dull.
Idi Gable Despatch 10 The SUN.


Strong Tene In Dealing In American
shares-South African Securities Dull.
Special Cable DespaieA 10 The SUN.
LONDON, April 18th sensitiveness OF
me stock market to the movements In the
value of oonsols was clearly indicated by
ne slight=css Of thu outside trcmor,
which was enough to start the downward
movement. The chief causes of the latest
oppression have been the withdrawal OF
part OF the Paris support. which has been
invaluable here for many months, and q
revival of the discussion Of the features
Of the forthcoming Transvaal loan. The
disturbing news from the Balkans has been
relatively an unimportant factor In London,
which has suffered therefrom only through
the effects In leading Continental markets.
1t is expected that the Transvaal loan for
$4,000 600 will be issued Immediately after
Mr. Richie, the Chancellor of the Ex-
ohequer, presents his budget to Parliament
on April %. The loan will probably be In
the form OF per cents, issued either at
osI, or s91,. This will be followed, proba-
bly,. by reduction In the Bank Of England
rate Of discount. There is an expectation
that toward the end Of April the Bank will
be sufficiently strong to warrant a reduce
ton Of its rate from 4 to ~ per cent. II 20,
money will certainly be more plentiful and
cheaper this summer than II has been for
. long time past.
But the paramount factor In the market
for investm securities "a the expectation
that material reduction In the income tax
will be announced by Mr.. Richie next
Thursday. II, as Is expected, he shall
reduce the tax from f5d. TO I'D. In
the pound II will give decided encourage
ment TO the markets. Such q reduction
would mean that G. yooo. 900 would be left to
the business and professional community
which at present the tax gatherer seizes.
Much Of this would certainly find its way
into the investment markets.
Business In American railroad sharos IL
largely oonfinsd to dealings on New York
account. although some Continental buy
ing continues. There L., however, q de-
oidedly strong tone here in the American
market. Much uncertainty Is stin felt in
regard 70 the financial situation In the
United States. although the enormous de-
cline in values In recent months has been
borne by Wall Street and the New York
money market much better than at one
time was deemed possible.
Foreign government securities have
moved irregularly. The principal feature
was the weakness OF Spanish bonds on
French selling and on the ciodng OF large
account on the Spanish Bourss.
Few chanRes have occurred In industrials
apart from the strength OF United States
Steel Corporation stocks. which improved
in sympathy With American securities
and slao on the publication Of the recent
balance sheet. which the Newspaper printed
In sxtenro here this week.
Budnsss In the copper market has been
subdued. consumers here being appre-
hendve Of tho tension In American financial
circies- Influential purchases. however.
have impaired hardening tendency. a.
though . leading European oonceru L. re.
ported to b out Of the market 1t present
The consumption trade In Great Britain 10
still allow. although some works are thought
to b rather short Of mstestal The outlook
for copper In Germany 10 encouraging.
Business In the South African mining
market remains very slank