Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-05-02
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange. Bonds. Grain,
Cotton, Provisions, Etc.

New York May 1.-The market to-day
suffered severely from general liqui-
dation and confident operations by the
bears. The passage of the Ford fran
chise tax bill early unsettled the mar
ket because of the weakness displayed
by the stocks most concerned. Sup
porting orders by parties largely iden-
titled with various properties and COW
ering by the shorts, steadied the mar
ket for a while and some recoveries
occurred. renewal of large offerings
brought prices down in 4 semi-demoral-
ICED fashion, and the closing was at
the lowest for practically all stocks.
Stop loss orders were met in Il variety
of stocks. and the pressure continued
to the end.
The pronounced strength in eterlinS
exchange aroused an expectation In
some quarters of exports of gold. but
although 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.
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 $4,000 900 to the representative of
Spain, who was reported to have called
transferring the funds to Spain. This
gave color to the rumor that the trans
Ter had not yet been anticipated in the
sterling exchange market, but this, of
course, was pure conjecture. Some au-
thorlties were of the opinion that sterl-
Ing exchange was unlikely to advance
TO point which would make gold eN-
ports profitable. While such a condi-
tion might arise within the next two
months there were those of the opin-
ion that the recurrence OF the necessity
to finance industrial consolida tons, for
instance, that of the Amalgamated
Copper Company this week. would
maintain money at n rate which would
make 1t more profitable to leave the
gold here rather than ship in any guam
tity abroad.
Among the extreme declines which
early unsettled the list, the local shares
were most prominent. including Conso-
dated Gas. 14A; Metropolitan. 121s;
Ihird Avenue. Q; Manhattan, 65s, and
Brooklyn Transit, GM.
The decline in gas shares WAS accom-
panied by the announcement of cut
In prices. Other prominent declines
were New York Air Brake. %; Sugar.
tNs; Federal Steel G: American Tobac-
co, D: Anaconda Mining. AZ: Interna-
tional Silver. Az Continental Tobacco.
AS. and American Steel and National
Steel, each.
There was also pronounced Weakness
IN Peoples Gas. Tennessee Coal. and
practically all Of the other industrals.
from the extreme depression there
were but few recoveries. among which
was Air Brake. Sls, and Metropolitan,
Sugar and Third Avenue, over a point
each. Among the railways the losses
ranged up to AZ ir Northwest, with the
average elsewhere about .. The fresh
outbreak of liquidation toward the
close was associated with the strength
OF money. To-day being bank holl-
day 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-
sions were mainly unimportant.
y. >. old As coupon declined 4 and
90: registered and The IS Il in the bid
price.
The total sales of stocks were $40. 900
New York May 1.-standard Oil, 4sl
Q4S5.