The times., 1899-06-01
BULLS BATTERED
BY BRAZHN BEARS
A Peculiar Combination of De-
pressing Conditions.
Under Them Stocks Take a Long,
Hard. and Disastrous Fall.
Yellow Fever. franchise Tax. and
Crop Prospects All Aid n DamsG-
ing Downward Movement.

New York. May 31.-Practically every
new circumstance of the situation that
engaged attention with the resumption of
business upon the stock exchange this
morning was of a discoursging character
The outbreak of yellow fever SO early in
the season was. perhaps, the most con-
spicuous development and the sharp ad-
vance in wheat was associated next IN
Importance. In regard to the latter, the
fact that the staple strength was IN part
due to reports OF extensive crop damage
in Europe was wholly overlooked. A fur
ther circumstance, the effect of which was
in the direction of the two first named, was
the pronounced strength in sterling ex-
change, rates advancing to level where
expectations of gold were measurably IN
in view According to the most trust
worthy authorities, shipments need not. De
Immediately expected, but they are by
no means improbable within the ensuing
fortnight. The traffic returns submitted
today also showed some irregularity.
The street was not IN huinor 10
consider the traffic statements, and
they added to the weight OF dependency
under which speculative sentiment was
easily depressed. The franchise taxing
measure likewise occupied great deal OF
attention and there was heavy and eftect-
i've liquidation in the local traction shares
on this account. although the more con-
seryative estimates of the operations OF
the latter do not indicate ruination TO the
corporations affected by its provisions.
With this category of influences occupying
the attention of spectators IL was oniy
to be expected that the stock market
should be weak and it was not necessary
to qualify that designation OF its tone
I.iuuidation was evident in large volume
throughout the market, and there was
scattering and ineffective support appar-
ent anywhere AS was to be expected, the
market was also subjected to pressure
from room traders and the outside bear
ish contingent, who sold stocks with con-
fdence upon the appearance OF palpaoie
liouidation Foreign houses were fairly
large buyers of the international shares
from the opening. notably OF Louisville
and Nashville, but these purchases were
ineffective against the local liquidation.
AS against the recent speculative purchases
of stocks in this market for foreign ac-
count there should be placed the contin-
ued return flow here OF bonds and invest
ment shares. These securities are disposed
of through banking houses rather than
through the stock exchange, hence they at
tract less attention, though the conse-
quent demands upon the foreign exchange
market far outweigh the supply arising
from the speculative purchases of stocks.
A feature of the day was the weakness OF
the curb market, which was reported TO
be in sympathy with the course of the
stock exchange market. In the break in
the outside stocks the new Amalgamated
Copper shares sold at sharp discount
from the subscription price paid in ten
days ago.
The general market and its special
groups followed pretty closely the cited
dominating factors, Louisville and
Nashville Southern Railway. Southern Pa
cific and Texas Pacific naturally declined
with the announcement OF the first out
break of yellow fever and the consequent
/ imposition of the various State quaran-
tines. The granger and Pacific stocks de-
clined along with the advance in wheat
and the disappointing Burlington and
Quincy statement. As noted, the local
/ traction shares all declined under the sales
/ induced by aprehensions in regard to the
/ effect of the new tax law, and the loca
/ gas stocks were similarly affected The
/ Industrial quarter suffered severely, also
/ though in the case of the latter there wa!
nothing aside from the plain liquidation
to account for the weakness. The particu
| lar weakness of Sugar was, to be sure, at
| tended by rumors of reduction in th'
| dividend at the next period of declara
| ton, but on the other hand, the Steel an(
/ Wire and Federal Steel shares declined
also, though dividends are expected in boil
instances the coming month. There wer,
occasional and feeble rallies with tn,
course of the day. but they seemed t,
be wholly the result of the covering pur
chases of the sellers of the morning. TIL
money market was easy throughout tn
day and the bond market was but littl
affected by the weakness of the stock mar
/ ket