The San Francisco call., 1899-05-07
EASTERN MARKETS.
NEW YORK STOCK MARKET,

NEW YORK May 6-'The weakness which
pervaGed the stock market to-day was ac-
Centuated by bank statement much more
unfavorable than expected. The surplus re-
serve fell off over s6,00O.0o0 and the loan ac-
count showed the largest expansion this year,
increasing over $1,000. 010 Speculation was very
feversh with no important news Influences
save some agitation over the possibility of
European complications over Transvaal al
fairs London figured very slightly in the
days transactions The expressed opinion Of
certain railway officials that some decreases
in gross earnings Tor May might be expected
induced selling of the grangers for Western
account and they showed an average decline
Of over a point The coalers we're weak the
maximum decline being that OF Reading pre-
ferred 2i2. The iron and steel shares were
also weak, Federal Steel and American Steel
and Wire being off ABOUT -. each. Manhat-
tan. Brooklyn Transit and Metropolitan de-
cliued about a point The decline over .
points In Anaconda was sympathetic with the
weakness Of the when issued certificates of
the AmslgamaLed Copper Company on the curb.
Consolidated Gas. which gained 10 points. be
ing about the only feature Of strength in the
list. was bought on rumored withdrawal of
the reduction in prices by other companies.
put u was asserted positively that the
duCed rates would be maintained and that no
change in the gas situation had been effected
Inc ieeoleuess or rallies and the seeming alb
sence of inside support discouraged many hold
closed weak.
The outcome Of the weeks speculative con-
test was decidedly il favor Of the reactionists
While the general situation remained prac-
tically unchanged. with interior mercantile
prosperity. the frequent recurrence of unfa-
forabe Incidents daInDened sueculator's onri-
mistic views. PERHAPS the more important
bear features were the possibilities OF the Ford
franchise tax bill, the rise in sterling exchange
the jump in money, the local gas war and
finally the bank statement. The sale Of securi-
ties, particularly copper stock. for London ac-
count. and the payment or the Spanish indem-
nifty Of *20op.OOo was responsible FOR a rise
in sterling exchange to within a little less
than cent Of the point where gold exports
Would De Drontable- hen II became known
that those intrusted with transferring 10 spain
the indemnity had already provided themselves
with the greater part Of the sterling bills neces-
sary. sterling exchange eased off to nearly last
strength OF money compared with the Ion5or
rates showed that il could be more proftably
employed he"e.
The general outside situation gave confidence
20 holders of securities but the bears laid
stress on the present high rates compared with
those ot recent years, as discOunting the fay
orable features, and took heart from the sub
slGehce OF sarge buying demand to depress
values There We're but few exceptions 10 the
general scaling Of values. Minneapolis and ST
LOUIS second preferred gained points on the
supposition that benefits would accrue from
the retirement OF the first preferred stock.
Local traction shares ended the week 2I2 to
"a lower with Brooklyn Transit figuring for
the minimum loss and Metropolitan the ex-
IRENE ne coalers suffered from to so the
latter IN Reading first preferred. The general
lilauStrlaI l group dropped 10 Ca the larger
loss loss oelns N sugar With Anqcondas nearly as
certainty of crops, with Northwest the leadar
1tS oIler IaIl"aSs suffered from to 1 points
The bond market during the week did nor
IuIly reflect the extensive liquidation in stocks
many issues sh'Wing considerable strength
Prices in the main shaded of irtegulariy Win
business contracting on sales W."
, Cllted states 5s registered) advanced Z. and
IS tcouponJ ana the new IS tcoupon) u in tbe
DID price The 5s tregistered) lost Il Der cent
Iota sales OF stocks to-day amoilntad ~
4S2'pof snafes. including American Steel ana
Wire 2s'%g; American Sugar, IS 100; Anaconda
1900; Atchison. BOO, Atchison preierre5 9eoa.
Brooklyn Rapid Transit, p, 500: Burlingtoo yy
155OO; burlington rights lj200: ConsoIidatai;
S, as' 's0V 80 yo Continental Tobacco 1900 Federal
ZSlesl Z -Oey0' 4 ederal Steel preferred 1900: In
dated Il 300; Northern Pacific. $500 Pa@jac
man 500; Peoples Gas and Coke, II 900: Ronl5
0soo' Union Pacific preferred. 100