The times. [volume] (Richmond, Va.) 1890-1903, 1899-05-02
BEARS MADE A
SUCCESSFUL RAID
Stock Prices Csme Down in a Semi
Demoraized Fashion.
BONDS WERE ALSO WEAKER.
Tho Money Market was Eluctuating,
Rising at ono Time 10 Eight Per
Cent. but Closing at -Four.
Stocks Closed AZ Lowest.
BONDS WERE ALSO WEAKER.

NEW YORK, May Tho market TO-
gay suffered severely from general uqui-
cation and confident operations hy the
pears The passage Of the Ford franchise
TAX bin early unsettled the market. be-
cause Of tho weakness displayed hy the
STOCKS most concerned. Supporting orders
ny parties largely Identified with various
properties and covering by the shorts
Stcadicd the market FOR a while. and
some rccOverics OcCurrcdl a renewal OF
large offerings brought prices down I'm "A
seml-dcmorauzed fashion. and the closing
VIZ az me lowest for practically an
stocks StoplOss orders were met in
variety OF stocks. and the pressure cone
Nnucd 10 the end The pronounced
strength in sterling exchange aroused AN
expectation ln some quarters of exports
or gold, but all opinion as 10 the proba-
biiity of this was divided. There were
enough sales OF both accounts In the
market Money ranged up 60 y per cent.
but closed az half that figure. The sales
by London or copper stocks recently was
ono reason for the strength OF sterling
exchange. hut the more immediate cause
was the transfer OF the spanish Indemnity
warrants for 100000 90 the representa-
tive Of spain. who was reported TO have
cahied for Instructions as 10 the manner
OF transferring tho funds 20 Spain. This
gave color To the rumor that the transfer
mad not been anticipated On the sterling
exchange market. bat this, OF course,
was pure conjecture. Some authorities
were Of tho opinion that sterling exchange
was unlikely 90 advance 10 q point which
would make gold exports profitable. While
some arrangement might arise within the
HcNt few months, there was no fear or the
recurrence of any FINANCIAL complications.
Among the stocks declines which early
unsettled the list the local shares were
most prominent. including Consolidated
Gas. "A. Metropolitan. 1911. Manhattan.
0as. and Brooklyn Transit g. Tho de-
cline In gas shares was accompanied by
the announcement Of cut Ia prices.
other prominent declines We're NeW YORK
Air Brake 81. Federal Steel, q. American
Tobacco. =. Anaconda. ~. international
Silver. 3iNt Continental Tobacco, 4is, and
American steel and National Steel 4
each There was also pronounced weak
ness IN Peoples Gas. Tennessee Coal and
practically ell OF the other industrials
From The extreme depression there were
but few rccovcries. among which "as AIT
Brake Of 81. and metropolitan. Sugar
and Third Avenue over point edch.
Among the railways the losses ranged
Up 20 Al in Northwest, with the average
elsewhere about - Tho fresh outbreak of
liquidation toward the close was dsso-
ciatei with the strength of money To-
day being bank holiday I'm London. there
was no Indication 81 the attitude of for
elrn spectators In the local market
Railway bonds participated in the weak
ness of tho dny. but concessions were
mainly uuimportant. old United states
coupon as declined \.
The total sales Of stocks were $4,000
shares including AtchlsOn preferred is
es5. Chicago. burlington and Quincy 49,
80. Louisville and Nashville, ltl1f Man
haitian 80 $50. Metropolitan street rlll-
way. 80 I'D. Reading iirl LfcI'lltl 'tlF'f
Missouri Pacific, 13 DO New York Cen
trail 1900. Northern Pacific. $50,
Reading. % 30. Rock Island 5.Ub, Union
Paciac 5G2J: 81. Paul 1880 American
steel and Wire. 53. 41O. Federal steel, 40
$50. do preferred 1870. People Gas. IT,
on. Consolidated Gas. 1870. BROOKLYN
Transit 128SiO. Continental Tobacco, a.
sO0. sugar 47935. Tennessee Coal h,O1V,
Rubber, $500. Western Union, J.'2O
MONEY OK EXCHANGE. Money ON
call frm az 4nS per cent: fast loan NJ
per cent: prime mercantile paper 3l414lt
per cent Sterling exchange strong. with
actual business I'm bankers bills ~ 81 Ns4
az IS for demand and at 81 1854 81 for
sixty DAYS. posted rates. So $500 s6ls ana
81 ss0f SSiz. commercial bills. 81 S44n 80.
Silver certificates. 62i. UG@s, bar silver,
G2i,: Mexican dollars. AZ. Government