The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-28
FINANCIAL AND ooxxERcrAE
MONDAY. April "a.

FINANCIAL AND OVAASHO1AA
T MONDAY. April ~.
To-day stock market was dull and weak.
In the earlier part Of the trading the pro-
fessionsl element was not inclined to press
sales for the decline, and. rather, showed
. desire to repurchase the STOCKS solo
on Saturday; but In the later trading
they protested great disoouragement
over the lack Of outside interest evinoed
In the market and laid especial stress In
particular upon what they held to be an un-
favorabls statement OF earnings OF the
Atchison system for March. This statement
showed an increase In gross OF to3,042
and Q decrease In net Of S143Sh For nine
months the Atchison's gross earnings have
increased $3.50 sos. but it's operating ex-
penses have also increased S,o6i ,sN. II
10, OF course. perfectly veil understood BY
those oopversspt With the, facts that FULLY
q, 900 900 Of this increase In the expenses
Of tho Atchison system In the period stated
IL duo to expenditures for permanent i'm
provements rather than for operating ex-
penses proper, and that the earning ca
pacity Of the Atchison system Ii. a. a matter
Of fact, far greater at this moment than II
has been at any time. These extraordinary
expenditures will. In the nature OF things,
cease at no very distant date. and the
Atchison system will be in position to enjoy
fully the benefts Of the enormous winter
wheat crop which Ia now all but assured
along it's lines. Nevertheless. the traders
to-day maintained. as they always do when
IN q bearish mood. that anything stamped
met decrease IL = bad thing, and they.
therefore, vigorously attacked the Atchison
shares and the general market when the
Atchison state meht was made public. An
other matter which also deferred many
would-be purchasers Of stocks to-day from
acting upon their convictions. and was &C
corded great deal Of prominence by specu-
lators for the fall, was the expected de-
cision Of the Court OF Appeals IN the fran
chise tai cases. As has been heretofore
pointed out In this column, there Is abso-
lutely no assurance that this decision will
soon BE- handed down, and that, indeed, the
probabilities are that the decision will not
be announced for some weeks yet Since
the decision in the Northern Securities case,
however. market operators are inclined to
believe that all court decisions In casee
where corporations are concerned will be
unfavorable to corporations. Hence, the
more adventuroIs traders are inclined to
take chances upon the fact that the action
OF the Court OF Appeals In the present cases
will be In the nature Of Q .bear" argument
and also because the uncertainty as to the
matter hurts the stock market anyway.
Tho general news OF the day was not
against values. Sterling exchange was
stronger. and the sterling rate is now close
10 the point at which gold can be exported;
but gold exports under present circum-
stances are still improbable. and even
II metal shipments should be made the
fact would be due simply to the pronounced
fall in money rates in this market 1t lie
very clear that the strength Of sterling
in the last two weeks has represented merely
the repayment Of maturing foreign loans
which has been made desirable by the
eheapnees Of money here. It was rumored
among the correspondents Of foreign
houses to-day that the Transvaal loan
about to be brought out by the British
Government had been deferred for a time;
and this fact. taken In conjunction with
the maintenance OF the Bank OF England's
although tlre banks condition clearly
justices . reduction OF at least per cent.
In the rate, points to the probability that
Enslish financiers are DESTROYS of strength
ening their resources before the Transvaal
loan Ia brought out. This matter, OF course,
may have some bearing on the question
OF gold exports from this side, but how
IL can unfavorably affect our market, in
view Of the low money rates which now
prevail here, 10 puzzling. At any rate,
the difficulty, II It proves to be . difficulty.
will be of short duration.
Very many favorable reports OF rail:
way earnings were received to-day. and
developments In the agricultural sections
arc still Of the most favorable character.
II IL now admitted that for the first time in
years there will be no extensive strikes
OF laboring men In the building and allied
trades over the country on the LIST Of May.
The banks have gained $50 900 from the
Sub-Treasury thus far this week, and the
borrowing OF both call and time money
was on easier terms thu ever. Despite
the pessimism which ha1DAsain overspread
ultrs-speculative quarters In Wall Street,
II Il worth while recalling that the market.
even judged from . merely technical point
act after the sharp and sudden rise In quoted
values which has recently occurred. Prices.
indeed, have not yet had the normal re-
action which II due After such an event.
New Yssx seek Exchange Sales. April ~.
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