The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-05-02

the closing was at the lowest for practi-
cally all stocks. Stop loss orders were
met in Il variety of stocks, and the pres
sure continued to the end.
The pronounced strength in sterling
Exchange aroused an expectation in some
quarters of exports of gold: but al
though opinion as to the probability Of
this was divided, there were enough
sales of both accounts in the market.
Money ranged up to : per cent. but
closed at half that figure. - sales by
London of copper stocks recently was
one reason for the strength of sterling
exchange. but the more immediate cause
was the transfer of the Spanish III
demnity warrants for S20.000.000 to the
representative of Spain, who was re-
ported to cahled 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 an
ticipated in the sterling exchange mar
ket. but this. of course, was pure cor
lecture. Some authorities were of the
opinion that sterling exchange was IN
likely to advance to point which WoIIu
make gold exports profitable. Winnie
such Il condition might arise within the
next two months, there were those oi
the opinion that the recurrence of the
necessity to finance indusAal consolida-
TONS for instance. that of the Amalga-
mated Copper Company this week. would
maintain money at rate which would
make it more profitable to bring gold
here than to ship in any quantity
abroad Among the extreme declines
+I, ~ ln.at
shares were most prominent, includin2
Consolidated Gas 14A, Metropolitan
121h. Third Avenue 9. Manhattan 63s,
and Brooklyn Rapid Transit 61a.
The decline in Gas shares was ac-
by the announcement of cut
in prices. Other prominent declines were
New York Air Brake 21. Sugar TX.
Federal Steel 6, American Tobacco ),
Mining ~. International Sill
YER "A, Continental AZ and American
Steel and Wire and National Steel
each. There was also pronounced weak
ness in Peoples Gas. Tennessee Coal
and practically all of the other Indus
trials. From the extreme depression
there were but few recoveries among
which was Air Brake 81 and Metropoli
tan, Sugar and Third Avenue over Il
point each. Among the railways the
losses ranged up to AZ in Northwest
with the average elsewhere about ,. The
fresh outbreak of liquidation toward the
close was associated with the strength
Of money. Today being Il bank holiday
in London there was no indication of the
attitude Of foreign spectators in the
local market.
Railway mortgages participated i'll the
weakness of the day, but concessions
were mainly unimportant.
United States old As coupon declined
u and Is registered old and the IS Is
N the bid price.
The total sales of stocks were SJ0.S00
shares including: Atchison preferred
1853: Burlington 1870: Louisville
md Nashville 11.6o0; Manhattan 50,350;
Metropolitan Street Railway 39190;
Reading first preferred $3.50; Missouri
Pacific 1880; New York Central 49,
100; Northern Pacific 2S.32O: Reading
800; Rock Island 1856; Federal Steel
1880: Federal Steel preferred 1920;
Peoples Gas 1880: Consolidated Gas
I4.l40; Brooklyn Rapid Transit 123,S50;
Continental Tobacco 1880: Sugar A.
30: Tennessee Coal and iron 1850:
United States Rubber $500; Western
Union 5.120