The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-05-02
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining STOCKS.
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Review of Trade.

New York May 1.-The market 1o-udS
suffered from general liquidation and
confident operations by the bears. Inc
passage of the Ford franchise tax bill
early unsettled the market because of
the weakness displayed by the stocks
most concerned. Supporting orders by
parties largely identified with various
properties and covering by the shorts
steadied the market for awhile and some
recoveries occurred. A renewal of large
offerings brought prices down in semi
demoralized fashion, and the closing was
at the lowest for practically all stocks.
stop-loss orders were met in variety of
stocks and the pressure continued to the
end.
The pronounced strength in sterling ex-
change aroused an expectation in some
quarters of exports of gold, and, although
opinion as to the. probability of this was
both accounts.
Money ranged up to per cent put
closed at half that figure.
The sales by London of copper STOCKS
recently was one reason for the strehsth
of sterling exchange, but the more 1mme-
date cause was the transfer of the SPAN
ish indemnity warrants for s2o,0oo,ooo TO
the representative of Spain, who was re-
ported to have called for instructions as
to the manner of transferring the FUNDS
to Spain, This gave color to the rumor
that the transfer had not been anticipated
in the sterling exchange market, but this,
of course, was pure conjecture. Some au-
thorities were of the opinion that sterling
exchange was likely to advance to point
which would make gold exports prohta-
bIe Such action might arise within the
next two months. There were those of
the opinion that the recurrence of the
necessity to finance industrial consolida-
tons, for instance of the amalgamated
copper company this week, would main
tain money at a rate which would make
it more profitable to leave the gold here
rather than shipping any quantity abroad.
Among the extreme declines which early
unsettled the list the local shares were
most prominent, including Consolidated
Gas, l4A points; Metropolitan, 1914 Third
Avenue 8; Manhattan, 6ss and Brooklyn
Transit, 6R.
The decline in gas shares was accompa-
MED by the announcement of a cut in
prices.
other prominent declines were: New
York Air Brake. II; Sugar, rs; Federal
Steel, Z; American Tobacco 5: Anaconda
Mining Az: International Silver, AN; Con-
tinental Tobacco, Az, and American Steel
and National Steel. points each. There
was also pronounced weakness in Peo-
pies Gas, Tennessee Coal and practically
all of the other industrials. From the ex.
IRENE depression there were but few re-
coveries, among which are the Air Brake
Metropolitan, Sugar and Third Avenue
more than point EACH
Among the railways the losses ranged
up to Az points in Northwest, with the
average elsewhere about points.
The fresh outbreak in liquidation to-
wards the close was associated with the
strength of money. Monday being banl
holiday in London, there was no indica
ton of the attitude of foreign spectators
in the local market
Railway mortgages participated In the
weakness of the day. but the concessions
were mainly unimportant
U. S. old As coupon declined u per cent
and the old As registered and the SIS Il
per cent. in the bid price.