Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-05-02


Railroad bonds weak.
New York, May 1.-The Commercial
Advertisers London financial cable
gram:
There was a good demand for money
to-day for repayment of nearly mil
lion in the bank.
Silver was stationary, but only a few
dealers were in town owing to the
stock exchange holiday.
Stocks-The market to-day suffered
severely from general liquidation and
confident operations by the bears. The
passage of the Ford franchise tax bill
early unsettled the market because OF
the weakness displayed by the stocks
most concerned. Supporting orders by
parties largely identified with various
properties and covering by the shorts
steadied the market for while and
some recoyeries occurred. A renewal
of large offerings brought prices down
in a semi-demoraliZed fashion and the
closing was at the lowest for practical
ly all stocks. Stop loss orders were
met in variety Of stocks and the pres
sure continued to the end. The pro-
nounced strength in sterling exchange
aroused an expectation in some quar-
tiers of exports of gold, but although
opinion as to the probability OF this
was divided, there were enormous sales
Of both accounts in the market. Money
ranged up to per cent, but closed at
half that figure.
The sales by London of copper
stocks recently was one reason for the
strength of sterling exchange, but the
more immediate cause was the trans
fer of the Spanish indemnity warrants
for 500 600, 600 to the representative of
Spain. who was reported to have call
ed for instructions as to the manner
\of transferring the funds to Spain.
This gave color to the rumor that the
transfer had not yet been anticipated
in the sterling exchange market, but
this, Of course, was pure conjecture.
Some authorities were of the opinion
that sterling exchange was unlikely
to advance to a point which would
make gold exports profitable. While
such a condition might arise within
the next two months, there were those
of the opinion that the recurrence of
the necessity to finance industrial con-
solidations, for instance. that of the
Amalgamated Copper Company this
week would maintain money at a rate
which would make it more profitable
to leave the gold here rather than ship
In any quantity abroad. Among the
extreme declines which early unset
ted the list, the local shares were
most prominent, including Consolida
ted Gas 14H. Metropolitan 1917. Third
Avenue 9, Manhattan 65s and Brook
lyn Transit 61a. The decline in Gas
shares was accompanied by the an
nouncement Of a cut in prices. Other
prominent declines were: New York
Air Brake 81. Sugar 7sA. Federal Steel
6, American Tobacco 5, Anaconda Min
ing AZ International Silver Az, Con-
tinental Tobacco 47a, md American
Steel and National Steel each.
There was also pronounced weakness
In Peoples Gas. Tennessee Coal, and
practically all of the other industrials.
From the extreme depression there
were but few recoveries, among which
was Air Brake S1a, and Metropolitan,
Sugar and Third Avenue over point
each. Among the railways the losses
ranged up to AZ in Northwest, with
the average elsewhere about 2. The
fresh outbreak of LIQUIDATION toward
the close was associated with the
strength of money. To-day being
bank holiday in London, there was no
Indication of the attitude of foreign
spectators in the local market.
Railway mortgages participated in
the weakness of the day, but conces-
sious were mainly unimportant.
United States old As coupon declined
u and do. registered and the IS Il in
the bid price.
The total sales of stocks to-day
amounted to 810115 shares.
Quotations closed bid: