Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-05-02
STOCKS UNSETTLED.
MARKET SUFFERS FROM LIQUIDA.
TIOx AND BEAR OPERATIONS.
TRANSFER OF The s2o,ooO.o0O.
This, With Other Causes, Has the
Eject of Making Sterling Exchange
Provisions Lower.

NEW YORK, May 1.-The stock market
to-day suffered severely from general IL
quotation and confident operations by the
bears. The passage OF the Ford franchise
tax bill early unsettled the market. be-
cause OF the weakness displayed by the
stocks most concerned. Supporting orders
by parties largely identified with various
properties, and covering by shorts.
steadied the market for awhile, and some
recoveries occurred. a renewal of large
offerings brought prices down, in a semi
demorali2ed fashion. and the closing was
at the lowest for practically all stocks.
Stop-lOss orders were met in a variety of
stocks. and the pressure continued to the
end. Pronounced strength in sterling ex-
change aroused an expectation in some
quarters OF exports of gold, but all opin-
ion as TO the probability or this was d-
vided There were enough sales for both
accounts I'm the market Money ranged up
TO s per cent, but closed at half that
figure.
THE SPANISH INDEMNITY.
The sales by London of copper stocks
recently was one reason for the strength
OF sterling exchange, but the more i'm
mediate cause was the transfer OF the
Spanish indemnity warrants for $2O,OO00JO
to the representative of Spain. who was
reported TO have cabled 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 mar
ket but this, of course. was pure con-
lecture. Some authorities were Of the
opinion that sterling exchange was un-
likely 10 advance to point which would
make gold exports profitable. While some
arrangement might arise within the next
few months. there was no fear or the re-
currence of any financial complicatic ms.
Among the stock declines which early
unsettled the list those of local shares
were most prominent, including Consoii-
dated Gas, "A; Metropolitan, 1212 Man
haitian. 6ss, and Brooklyn Transit, 619.
The decline in gas shares was accoinpa-
MED by the announcement OF cut III
prices. other prominent declines were
New York AirBrake, z; Federal steel
6: American Tobacco, ); Anaconda, AZ;
International Silver, 3isi; Continental To-
bacco. 47s and American steer ana IA
tional Steel 4 each. There was also pro
nounced weakness in Peoples Gas. ZEN
nessee Coal. and practically all of the
other Industrials. From the extreme de-
preston there were but rev recoVeritS,
among which was Air-Brake. S2, and the
Metropolitan. Sugar and Third Avenue
over a point each. Among the railways
the losses ranged up to Az in Northwest,
with the average elsewhere about Z.
Standard OIL 4Sl04S5.
MORE LIQUIDATION.
A freSn OutDIedh VI iiquu'"
the close was associated with the tienS.n
of money. To-day being BANK holloay
in London. there was no INDICATION Oh INC
attitude of foreign SPECTATORS III inc
Railway bonds participated in the weak
ness of the day. but concessions were
mainly unimportant. Old United states
coupon As declined Is en- ooo
The total sales of stocks were Soo;S~
shares. including Atchison, preferred, %
6S5: Chicago. Burlington, and quincy
l6 40: Louisville and Nashville, 1,5oo; NAH
haitian. 50.350: Metropolitan Street Rail
way. 80 790: Reading, lst preferred, 9o1o'
Missouri Pacific. 1880; New YORK Cen
trail II 100: Northern Pacific. $50; Read
ing, 6 800: Rock Island. $685.: Union IA,
cific 1923: ST. Paul. 1880: American steer
and Wire %. 40: Federal Steel, $3.50 Fed
eral steel. preferred. 1920; Peoples Gas,
II q90. Consolidated Gas. 14,14O; brooklyn
Transit 1850: Continental TOBACCO
AZ 500: Sugar. AZ .9S5; Tennessee Coal, h'VVo;
rubber $500; Western Union, 57,22o.
MONEY AND EXCHANGE.
Money on call firm at 41S per cent;
last loan. per cent; prime mercantile
paper. 1-2G4 ii per cent. Sternhs eX-
change strong. with actual business III
bankers bills at A.S7 3-iNA.S for demand;
and S4.S5 S-4GS4S6 for sixty days; posted
rates. s4SsdS4S6 IL and $4:Ss1Sf.sS H.
commercial bills. $.Si l-4ns4S5.
Silver certificates. 62 l-4h63 &c. Bar Sill
yer. 81 lac. Mexican dollars, 4sc.
Government bonds weak. state Donls
inactive. Railroad bonds weak.