The times., 1899-05-02
A SLUMP IN STOCKS
SHOCKS THE MARKET
Albany Legislators Pass the
Franchise Tax Bill.
Fear of Its Results Affects New
York Traction Shares.
A Rapid Decline in These Issues
starts Serious Downward Move
ment in other Quarters.

New York, May 1.-The stocks of the
local transportation companies led n de-
| cline in todays market which subsequent
| ly became general, extending to almost
all the railway and individual shares.
There was heavy liquidation, and at times
the market assumed tone that was some
| what similar to that which prevailed on
memorable Friday a few weeks ago.
| Causes which combined to bring about
the lower range of values were the pas
sage of the Ford bill and the higher rates
for sterling exchange. the latter believed
| 10 be occasioned by the payment OF he
| $4,000, GOO Spanish indemnity. Holders of
traction stocks were extremely nervous
and apprehensive owing to the possible
results from the Ford bill, and were OBJ
| Viously disposed to accept the severe in
| depreciation placed upon il by its author
That Governor Roosevelt would have a
hearing of the bill later in the week, that
year would pass before 1t became opera
tive, and that its constitutionality would
be tested in the courts, were facts that
had but momentary consideration. The
rise in sterling exchange close to the
point that it would be profitable to ex-
port gold was responsible for the belief in
some quarters that part of the Spanish
indemnity would be exported. In other
well-informed sterling exchange quarters,
however, this was considered improbable.
the belief being expressed that all the
arrangements to transfer the money
through the regular exchange channels
had been completed some time ago, and
would not necessitate any shipment of
gold. There was strong pressure TO sell
local shares at the opening and Metropoli-
tan. Brooklyn Rapid Transit, Manhattan.
and Consolidated Gas in the first half hour
showed losses of 1 1-2G12 points. The
opening in Metropolitan was particularly
exciting, the stock selling during the first
few minutes at prices 10 points apart.
Railway shares and industrials opened
steady and advanced, Federal Steel and
Steel and Wire being conspicuous in the
upward movement Tennessee Coal and
Iron shares also shared in the strength.
Continental Tobacco and Sugar were con-
spicuously weak and lower.
At noon a selling movement caused a
further sharp break in which the greatest
sufferers were Manhattan, Metropolitan,
Brooklyn Rapid Transit, Continental To-
bacco, Sugar, Peoples Gas, New oYrk
Central, Delaware and Hudson. and many
of the specialties. while early gains in
other stocks were lost. The decline was
assisted by stop-orders and vigorous short
selling, but was accompanied by what was
caileu BoOu buying Oh uoWnWdru
scale. Pennsylvania lost 2 1-2 points ow-
ing to greater expectations than the reg
ular dividend which was declared today.
The grangers were affected adversely by
unfavorable crop reports. Throughout
the afternoon the tone was feverish and
rallies brought forth renewed selling.
Money was quoted at and 1-2 per cent.
AS this is holiday in London that CEN
tre did not figure in the dealings. On
further severe declines during the last
half hour, closing weak and heavy at or
near the lowest price of the day Brook
lyn Rapid Transit, Manhattan and Sugar
were the leaders in the activity and the
decline.