Evening star. [volume] (Washington, D.C.) 1854-1972, 1903-04-28
Stocks Were Irregular and
Market Dull.
PUBLIC NOT IN IT
FRANCHISE TAX DECISION HURT
FRACTIONS.
The Close Was Slow, With tho Ten,
dency Generally Toward
Lower Prices.
Special Dispatch to The Evening Star.

special dispatch to The Evening Star.
NEW YORK, April 2S-In London Amerf-
can railway shares were somewhat irregu-
lar in tone. with prices averaging below
our closing prices of yesterday. Consois for
both accounts were u per cent down.
In the local stock market opening prices
were a shade easier but business was ex-
tremely dull. and there was no definite
tendency to the speculation.
Out-of-town orders were scarce as usual
and the professional traders were not in
clined to do much pending the expected
decision in the franchise tax cases and
threats of government action against the
anthracite coal companies, although the
latter rumors were denied by some WASH
ington commission houses the advance In
demand sterling rates yesterday also acted
as deterrent to purchases OF stocks, a.
there were the usual rumors of exports Of
gold in consequence
A more rational view was taken Of the
Atchison March statement, 1t is I'M
derstood the heavy increase of operating
expenses was due mainly to permanent bet
terments. With this understanding there
was better support in this stock and some
covering by the shorts. who sold the shares
yesterday on the decrease in earnings re-
ported for March,
The local traction shares were inactive
and prices. with the exception of Manhat-
tan, which gained about v per cent from
yesterdays lowest, were about steady.
After the first few minutes of trading the
slight improvement took place. the general
list advancing from " to Is per cent. but
business continued very dull, and before the
end of the first hour prices worked back to
little below opening figures.
Copper shares were little heavy in tone
in sympathy with the reactionary tendency
In these stocks abroad. The United States
steel shares were also rather heavy in tone,
on account of the winding up Of the at
NJ vrv6n tfv,ry
that speciality. Bond dealings were small
and featureleSS
The subtreasury lost S105 900 to the banks
yesterday. and since Friday has lost $685.
OO. That institution was also debtor to
the clearing house this morning to the ex-
tent of $419,933.
After the first hour of trading there was
another selling movement started ru-
mors of gold shipments. Prices generally
were unsettled by these sales and declines
OF from II to u per cent followed. There
was no other news obtainable of an I'M
favorable character Metropolitan Street
Railway was rather weak on the decline
the stock selling off nearly two points from
Its early high level.
Up to the noon hour only 2O2 loo shares
of stock were traded In, and bonds to the
extent of S6oSOOO. Foreign houses did very
little on this side. total sales and purchases
amounting to about 10000 shares. The
market at this hour continued heavy, and
prices generally were from 2. to IL per
some support noticeable in such stocks as
st. Paul, Union Pacific, Baltimore and
Ohio and the Atchison issues. also In Mis-
souri, Pacific. but the apathy of the general
public was disappointing to the leaders Of
the street, and the room traders generally
were free sellers of the active list on the
gold shipment rumors and expectations of
an adverse decision in the Ford franchise
tax measure. At the decline, however the
buying looked considerably better than the
selling
In the early afternoon trading there was
renewed selling on news of the withdrawal
of $5OO,OO0 in gold from the assay office here
by Philadelphia bank for shipment to Eu-
rope today Around o'clock there was
little fractional rally on covering of shorts.
but another decline Immediately followed
on the announcement from Albany that the
franchise tax law had been declared consti-
tutional. When this news was received,
shortly after o'clock, the traction shares
were sold by the traders Brooklyn Rapid
Transit lost q at the start but Metropolitan
and Manhattan were inclined to rally
showing the adverse decision had been dis
counted.
In the late trading the market displayed a
little more frmness and indications of hay
ing been somewhat overSold.