New-York tribune., 1899-05-02
BONDS.
sex dividend
THE DAYS OPERATIONS IN STOCKS.

Wall Street traders would better not worry
over the Ford Franchise Tax bill or the strength
OF the sterling exchange market. Neither of
these factors will lessen the value Of American
railway investments. Neither possesses elements
of disturbance. and Il holders of stocks sell their
possessions because of the Franchise Tax bill
or Of the advance in sterling exchange they will
merely be victims of ignorance and unwar-
ranted fear The people who make money in
stocks ar they who buy when tmid traders
sell. when the bears hammerng prices and
when gloom in Wall Street is thick enough to
cut with a knife. Stocks were sold yesterday
because sterling exchange advanced to within
a fraction Of the god-exporting point and be-
cause the bears attacked values on the strength
of the Franchise Tax measure At times the
decline was sharp. especially in the local stocks
but there was good market for all offerings
among the people who know enough to buy
cheap and sell dear"
Metropolitan Street Railway stock. Manhat-
tan. Brooklyn Rapid Transit and Consolidated
Gas were the chief sufferers in yesterdays mar
ket. stop-loss orders being reached by the bears
and weak holders selling at the market which
was generally lower at the time the sale was
made than 1t when the order was given.
The standard shares as rule. did not make
material losses. but they naturally were weak
in sympathy with the local issues and the in
dustras. The early decline was followed by a
substantial recovery. but fresh liquidation and
renewed pressure from the professional element
in the afternoon carried prices lower at a rapid
rate. The local traction and gas stocks and
. some Of the highly speculative industrals were
swept down with ease. and without any ap-
parent effort on the part Of interests identified
with the companies to check the movement.
A slight furry in call money rates In the last
hour added to the general uneasness among
weak holders while furnishing extra ammuni-
tion for bear campaigners. At the close prices
were at about the poorest OF the day, with heavy
net losses in Sugar Refining, Brooklyn Rapid
Transit. Continental Tobacco Consolidated Gas
Federal Steel, Manhattan, Metropolitan, Third
Avenue and New-York Air Brake the last
named losing 1Sl2 points The days decline re-
fected a skilful move by the bear element but
in no respect did 't show change in conditions
underlying intrinsic worth or actual revu-
sion in sentiment. Perhaps the small trader
again realized the wisdom Of big margins in
good times as well as in bad times. II is
doubtful If any investor sold his holdings
The advance in the sterling exchange market
was thought by traders TO foreshadow gold ex-
ports. but 1t is extremely doubtful If any of
the precious metal will be sent abroad at this
time. The position Of the local and foreign
money markets does not favor gold exports. and
there is no especial reason TO expect gold ex-
ports as the result Of the Philippine indemnity
payment The advance in sterling exchange no
doubt reflects the preparations that nave been
made 10 meet this payment but II does not
seem possible that any gold will be exported
when II will be more profitable for the foreign
bankers in this city TO advance credit rather
than to transfer the metal. But even IL the
gold. or part of IL. TO pay the PhI pine indem-
nifty should be sent abroad. the local banks
would in no way suffer. for as matter Of fact
they are not concerned in the trs nsaction at all.
The United States Treasury is paying this
money. and not the banks Wall Street will
find In this operation nothing Alarming, and the
slfr ttC
temperament The higher rate for call money
yesterday may have been due TO the floating Of
a new industrial concern and TO the prepara-
tions making for financing the big copper con-
solidation. Sterling exchange closed about
three-quarters of a cent under the gold-export-
ing point but bankers best Informed on the
situation said that they did not expect to see
any shipments this season.
THE DAYS OPERATIONS IN BONDS
GOVERNMENT BONDs.-Market steady and dull.