The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-25
FINANCIAL AND COMMERCIAL.
FRIDAY, April .,

| FRIDAY, April ~.
Trading upon the Stock Exchange to-day
lacked animation. but maintained an ex.
ceedingly firm tone. The profit taking
sales noticed yesterday continued to-day
but on much smaller scale, and the gher.
rilla speculations for the decline by the
room-trading element were likewise cur.
tailed The majority Of stocks closed al
small net advances, and the days trans.
actions presented few features worthy OF
especial comment. More attention was
attracted, perhaps. than by any other
development, by the publication OF esti-
mates that the institutions represented
| In the Clearing House had gained In cash
nearly 5000. 900 during the current week.
| over N,6O0, 600 Of which was money re-
ceived from the interior. This Ia by far
the largest gain on tho interior movement
Of currency yet recorded this season, and,
Of course tends greatly to strengthen
the belief that the money market Of the
next few months will be easy, The SUBJ
Treasury also continues to lose money to
the banks, the banks having gained from
this source nearly q. 900 900 this week. while
the Sub-Treasury was a debtor In over
81 900 900 at the Clearing House this morn
ing. A little later on. the gain from the
Treasury will be reduced. If. indeed, the
Government does not take money from
the banks. But this loss can easily be borne,
In view Of the release Of In round num-
bers. 100000 Of Government money
In the Panama Canal payment. which Ia
expected to take place about July 1.
The news In the morning newspapers
Of what seemed to be Russian aggression
In Manchuria was on the face Of things,
disturbing; but inasmuch a. the price Of
English consols was not depressed thereby
spectators here very prop erly concluded
that there was no occasion for alarm on
their part. The most important news
that has come from the other side OF the
water Of late has been the general testi-
mony as to the poor condition of the sea-
sons wheat crop In all the European coun-
tries. Another matter over which there
was some short-sighted alarm at the open
ing OF business to-day was the announce
ment by the Interstate Commerce Com
mission Of their opinion regarding the grain
rates between Chicago and this city which
have been established by the trunk lines.
Happily, the views OF the Interstate Com
merce Commission on this and the ma
iority OF matters committed to their charge
are Of academic nature and require Judi
cial DEGREES to give them force. There Is.
Of course, little chance that the freight
rates on grain or any other commodities
upon any OF the great railroads win be re-
duced In the near future. There was also
a little discussion to-day regarding the
probable character Of the decision OF the
Court Of Appeals in the franchise tax case.
The court IL now In recess and will meet
again on the coming Monday. Inasmuch
as the court adjourned very shortly after
the argument OF the tax cases some weeks
ago and has not met since for consultation.
Il is improbable that decision will be handed
down in the cases for some weeks to come
Rumors as to what the decision will be are.
Of course. simply guesses and the reason
able chances are that the court has not
yet arrived at a decision at all.
The American Smelling and Refining
stocks were strong to-day on account of
he strength of the silver market, while
Copper was weak because
Of the decline in the price OF copper metal.
The Brooklyn Rapid Transit. Baltimore /
and Ohio and Reading shares advanced
smartly at ona time, while Atchison COM
non maintained the peculiar strength that
I has shown for many months past. The
Mexican Railroad issues were also active !
md strong because Of various alliances
which are believed to be impending between
he Mexican roads and some Of the larg,
railroad companies In this country. Con-
,idering the sharp recovery in prices that
has been already experienced, the quiet
hess and steadiness of the present market
AN only be considered as an evidence OF
health and naturalness and al an indica-
ion that after proper period Of rest the