The times., 1899-05-10
STOCKS PURSUE TIE
DOWNWARD COURSE
The Franchise Tax Bill Again
Jars the Market.
New York Transportation Shares
Lead a General Decline.
The Shrewd Tactics of the Bears
Substantially Aided by the Tired
Feeling of the Bulls.

New York, May 9.-The stock market
continued very much unsettled today,
though the dealings were in much smaller
volume than On yesterday, and the pres
sure of liquidation was less general and
severe than it was then. In the forenoon
dealings, indeed, the market showed ten
dency toward recovery, and there were
some sharp advances from yesterday S
final figures. The early steadiness seemed
ing of short contracts, which was made
difficult by the liquidation of the forenoon.
The market as whole and the various
specialties were again wholly wanting in
concerted support and the absence of the
latter was accounted chief among the dis
couraging circumstances of the day.
There was again much talk of bear at
tacks as accounting for the weakness of
the market, but it is obvious that they
could not have accomplished the days re-
suits except for the attendant outside
liquidation. As a matter of fact, the out
side liquidation in the market since Friday
last has been in immense volume, and, SO
far from disclosing any extended short ac-
count, the loan market for stocks, on the
contrary, shows opposite conditions.
While the weakness that the market shows
is described as due wholly TO technical
causes, it is nevertheless true that no
causes are more effective in certain cir
cumstances than these same technical con-
ditions.
The forenoon steadiness of the market
was rudely interrupted at midday by Sc
we're and general declines in the local
transportation stocks. Metropolitan Street
Railway led off in this movement, and
thereafter Third Avenue, Brooklyn Rapid
Transit, and Manhattan Railway declined
violently. The severe losses In these
stocks were without any other specific
cause than the pending hearing by the
Governor on the Ford franchise bill, which
carries with it the practical certainty that
he viii sign the measure, all of which
was common knowledge ten days ago. The
Vaccinations of the bears were again in
stanced in connection with the break in
the local traction stocks, but they un-
questionably enjoyed substantial help in
their work from the liquidation of Gis-
couraged and exhausted bulls.
The remainder of the days severe de-
clines were in the industrial quarter.
American Tobacco, Continental Tobacco.
Sugar Federal Steel, and others of the
group all scored noteworthy losses on the
days dealings. In their instances. too.
there were none but technical causes to
account for the almost panicky losses of
the day. Foreign houses were again lib
erai buyers of the international stocks,
which contributed to the firm tone these
stocks displayed In the mornings deal
ings. In view of the severe shrinkage in
the industrial stocks and the local traction
shares, the losses in the railway list were
remarkably small. Still declines were
common on the standard issues, also. with
the Atchison shares and the granger and
Pacific stocks the leaders In respect of
activity The money market was easy
throughout the day and there was no ac-
tual news of disturbing character.
Inc market closed very active and fever
lsh, though showing some sharp recoy-
cries from the lowest figures of the day.