The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-26
FINANCIAL AVID COMMERCIAL.
SATURDAY, April rs,

SATURDAY, April 20.
81 Dealings upon the Stock Exchange to-day
were comparatively small. Nevertheless.
the room traders took advantage OF the
good bank statement and the professional
character Of the market to sell stocks.
and they succeeded In getting the prices
OF the active issues down a little less than
point in most cases. Before the pubh-
cation OF the bank statement the market
wss dull and inclined TO sag. The Metro
tk.s.tsn nueet Railway shares declined
IpIee points because Of the curious action
of the District Attorney at the hearing
nj the case In which the company's affairs
q un, concerned before a police magistrate.
as reported In the morning newspapers.
The movement. however. was really I'm the
nature OF -scalping" raid upon the stock
made by spectators. The matter served
:, to slightly unsettle the market. The small
trouble between the Great Northern Rail-
way Company and it's employees was also
larpsd. upon. Rumors, which were OBJ
viotisly of the most fugitive and unsub-
stantial character. continued 10 circulate
that the decision Of the Court Of Appeals
in the franchise tax cases would be adverse
10 the corporations and would soon ts
o. handed down The marked strength OF
Consolidated Gas to-day hardly accorded
with this theory. IL Is said that the cash
surplus of the Consolidated Gas Company
il SO large that the payment OF the years
special franchise tax and of the back taxes
that have accrued will not trouble the COM
d, paDy greatly, and that the contemplated
removal Of the company's manufacturing
plants to Long Island and the consequent
sale of much Of its real estate in this city will
be so profitable that the franchise tax ques-
ton becomes In comparison a small matter
Most unprejudiced observers, however,
will conclude that the payment Of few
millions of dollars is not small matter
to any corporation. and that the people
who have been buying Consolidated Gas
of late would not have done 10 il they were
impressed with the idea that the special
franchise tax law would be upheld.
- The Mexican Railroad issues were very
strong to-day under a continuance OF the
same buying as that previously noticed,
and many splendid reports Of railroad \
earnings for the third week Of April were
received. There is Trustworthy authority
for the state n snt. also, that the report
Of the st. Paul gross and net earnings for
March soon to be made public will be what
Wall Street, will consider Q very good one.
ms DARK sttUotueuJ bnOWcu ucCTcdSe
In loans Of 81 $50 200. a small increase in
deposits, an increase Of 5.05o,1 In cash
and an increase in surplus reserves. there
fore, Of A.o77 .s25. The bank surplus now
stands at lo.ss5.475 above the legal mini
mum: that Is TO say, the surplus Is above
the normal for this period Of the year
The increase in cash in to-day's statement
was a little less than the more sanguine |
yesterday figured as likely. !
though IL was fully as great as other more T.
conservative estimates prophesied. The !
statement shows conclusively that foreign |
loans are being paid of, that money Is re- |
turning from the country and that the |
entire money situation at this centre is |
now not only In a state Of ease but will |
become easier as time progresses. The |
selling movement in the market to-day |
and which has prevailed for a few days |
past Is wholly natural and has been ex- |
psctad BY those who did not let their en- |
thusiasm outrun their judgment. After |
an average rise Of over points In the |
market a reaction in prices. running, per- |
haps. to the extent OF half the rise, is TO be |
looked for. Whether that full reaction |
will be seen or not, in view Of the present !
very favorable conditions. il doubtful; |
and 1t is certain that around the point |
named the wisest and largest spectators |
in Wall Street will be much more inclined |
to buy stocks than to sell them.