The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-30
FINANCIAL AVID coxxEscIAL.
WEDNESDAY. April -.

Of the decision OF the Court Of Appeals In
the franchise tar cases clearly demonstrated
the markets oversold condition. stimulated
eighty, IL may be. by the mild and bAlrny
spring weather, but chiefly. because OF
popular realization that sound arguments
for campaign against values at this time
are lacking and by unmistakable evidence
that was adduced al the day wore on thst
various great financial powers were heavy
buyers Of stocks in which they were pecu-
liarly interested the gloom and pessmsm
that have hung over the stock market Tor
the last week vanished to-day and prtoes
throughout the general list OF securities
advanced rapidly. The court decision N
the franchise tax matter was but little
commented on In speculative quarters
because Of the general understanding that
the companies concerned had made proper
financial preparation for the event and that
II was a matter, anyway. affecting only
comparatively small group Of securities
In the market II anything, the effect Of
the decision was, like that in the Northern
Securities case. to dissipate the uncertainty
regarding the upshot Of the affair, which
from purely market point Of viewis always
the worst thing to be dreaded.
The leaders Of to-day's market were, IN
every way, tho Erie issues. Advances OF BE-
tween ~ and ~ points on very large trans
actions were made In all the Erie stooIs.
While the buying OF these shares was d.
rectly traoeable to the interests identified
with the management Of the property. II
attracted no small general following be-
cause Of the very strongly defined i'm.
pression now prevalent in tho financial
community that the Erie Railroad Is just
entering on q career OF very great and
prosperous development and that . larger
distribution OF dividends upon il shares
is approaching. The Erie's income 10 now
such that earnings Of over per cent. are
being shown upon the common stock, and
the prospect ie. Of course, that for the next
fiscal year the showing will be greatly inn
proved. The Erie's increase In gross
earnings is now being accompanied by
but a small increase. comparatively. In
the cost Of transportation and In operating
expenses proper. Thus the incfease In
gross Of 5000 900 in Erie's earnings for March
was accomplished with an increase OF but
500. 900 in the cost Of transportation. Tho
story which circulated in the Street to-day.
that within the next fiscal year the Erie
second preferred stock might be retired
at par, was absurd but that In this period
the full dividends will be paid on the Erie
FIRST and second preferred shares, and per-
haps something on the common. seems
much more than probable. The same buy
ing as that noticed for a week past con-
tinued in the Mexican railroad stocks. and
there IL little doubt that q moro potent
reason exists for the activity In these issues
than the recent rise in the price Of silver.
Canadian Pacific was also very strong to-
day upon the belief that the stock will be
placed upon q 0 per cent dividend basis
within the next few months. Just before
the close OF the market . very sharp rise,
for some unexplained reason. took place
in Peoples Gas.
People whose views a. to the market
outlook to-day were colored u favorably
by the prospects, Of small gold shipments
In the near future were feN and far be-
tween. Il is the universal judgment Of
those most competent to form an opinion
In the matter that there Will be no exports
OF gold in volume from this country this
year. Another collection Of splendid re-
ports of railroad earnings was received.
that Of the Lehigh Valley for March. Of a
net increase OF Se73 ,s7i, being the most
noticeable. Inc DctUcT icChu6 VIZ oiSo
helped by the publication OF the official
statement by the Russian Government as
to it's policy in Manchuria. which differed
entirely from the kilograms a. to the char
acter Of these demands recently emanating
from Chinese sources. The news Of rains
In certain portions Of the winter wheat
belt which have recently been In need
Of moisture was. Of oourse, cheering.
Another matter Of which more will be
heard az the summer progresses was the
announcement that a conference is about
to take place between those members OF
the Republican majority in the United
States Senate who are most influential
In shaping financial legislation there for
the purpose OF draughting a financial bill
which will serve to give the currency OF
the country much more elasticity than 1t
now possesses and will be such as TO COM
mand the unhesitating support Of the busi-
ness interests OF the land. II there 10 an
extra session OF Congress this fall It is not
at all improbable that the bill 90 drawn
may speedily become law.
New York stock Exchange saies. April -.