The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-05-02
EimamriaI.
The stock Market.

New York, May 1.-The market to-
day suffered severely from general IL
quotation, and confident operations by
the bears. The passage of the Ford
franchise tax bill early unsettled the
market because of the weakness dis
played by the stocks most concerned.
Supporting orders by parties largely
identified with various properties and
coverings by the shorts, steadied the
market for a while and some recoverieS
occurred A renewal of large offerings
brought prices down In semi-demor-
allied fashion and the closing was at
the lowest for practically all stocks.
Stop loss orders were met in a variety
of stocks and the pressure continued to
the end The pronounced strength in
sterling exchange aroused an eXpecta-
ton in some quarters 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 s
per cent, but closed up to 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 transfer
Of the Spanish indemnity warrants for
$20,000,000, to the representative of
Spain, who was reported to have called
for instructions as to the manner of
transferring the funds to Spain. This
gave color to the rumor that the trans
fop J,o nt vet a nj tnI in
sterling exchange market, but this Of
course was pure conjecture. Some au-
thorities were of the opinion that ster-
ling exchange was unlikely to advance
to a point which would make gold ex-
ports profitable. While such condi-
ton might arise within the next two
months, there were those of the opinion
that the recurrence of the necessity to
finance industrial consultations for in
stance the ,Amalgamated Copper COM
pany, this week could maintain money
at a rate which would make 1t more
profitable to leave theSmoney here rath-
er than to send it abroad IN any qlanti-
ty. Among the extreme declines which
early unsettled the list, the local shares
were most prominent, Including Consol-
dated Gas 14A, Metropolitan 1919,
Third Avenue 9. Manhattan 6%, and
Brooklyn Transit ehvY Other prominent
declines were New York Air Brake 27,
Sugar 7%, Federal Steel s, American
Tobacco 5, Anaconda Mining AZ, In
ternational Silver Az, Continental To-
bacco Az, and American Steel and Ma
tional Steel, each. There was also
pronounced weakness in Peoples Gas,
Tennessee Coal and practically all of
the other industrials, From the ex-
treme depression there were but few re-
coveriesI among which was Air Brake
S,h, Metropolitan. Sugar and Third
Avenue over point each. Among the
the losses ranged up to AK in
with the average elsewhere
about 2. The fresh outbreak of liuui-
dation 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 for
eign spectators in the local market.
Railway mortgages participated in
the weakness of the day, but conces-
sions were mainly unimportant
United States old as coupons declin-
I'd u and the registered and the IS "a
In the bid price.