The herald., 1897-05-15
ON CHANGE
What Was Done Yesterday on Wall
Street

NEW YORK, May 1.-THE market was
under steady and unremitting pressure all
day from one source or another, and the
result is a wide gap in the total valuation
CT securities compared with the close yes
terday. which It would require many mill
ions of dollars to bridge. The only cheer
ful factor In the market was some small
early buying for foreign account, which,
however, failed to sustain values and the
exceptional strength of the Gould shares
During the earlier hours of trading the
bears harped industriously on the develop
ments in the Cuban question and the gov
ernment's proposed attitude toward it.
The Washington advices were held to fore.
shadow aggressive action by the govern
ment such as would be likely to embroil the
country with Spain. When the later ad-
vices from the capital indicated the milder
character OF the steps contemplated and
that they would probably be confined to
the dispatch Of relief to distressed Ameri-
can citizens in the island, and the bears
turned to the announcement of an addi-
tional shipment of s1,250,OoO in gold bars
by tomorrow's steamer. This makes the
total for the steamer 81, ,25O. .O00 whereas the
selling of the stocks earlier in the week was
based upon an estimate that shipments
would aggregate $I0OO.0O0 or even $40, ,0O0, 900.
1t Is significant also that these shipments
were made on cabled orders from Europe,
indicating the special character Of the de-
mand for gold. The volume of purchases of
securities for foreign account during the
week has undoubtedly affected the ex-
change situation. The decrease for the
week in the value of dry goods imported
at New York Of $2.043.2O6 is equally signifi-
can't The market was weak, however,
under vague apprehensions that there were
some late news Of further heavy ship
ments, and the bears made this an effec-
tive instrument for keeping up the de-
preston. Before any notable rally could
occur news was received that the presi-
dents Of the anthracite coal roads and
companies had received summons from
the attorney-general at Albany to
answer to charges of conspiracy under the
new antitrust laws. Marked heaviness
developed as result In all of the anthra-
cite coalers and in sympathy in the entire
list, especially in the industrials, which
might be proceeded against on the same
charge as that brought against the coal
companies. Sugar continued heavy and de-
clined 1h. The railway list generally sold
on, the grangers leading, but recovered
portion OF the loss before the close The
Gould shares were notable exceptions to
the weakness of the market. Throughout
the balance of the list losses were general.
The closing was steady. the slight re.
coveries being well held.
Trading was In small volume in the rail-
way and miscellaneous bond market with
hrmness generally apparent In the specula-
tive issues. Northern Pacific terminal.
which has been under pressure throughout
the week, lost three points, The agere-
gate sales were $4,000. The feature Of the
government. bond speculation was the pur-
chase Of block Of 100000 OF the new
coupon 4s at a slight advance. The general
market also displayed q hardening ten
dency. The sales were $2o, 900.