The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-05-02

NEW YORK, May 1.-The market today
suffered severely from general liquidation
and confident operations by the bears
The passage of the Ford franchise tax
bill unsettled the market because of the
weakness displayed by the stocks most
concerned. Supporting orders by parties
largely identified with various properties
Stead1ed the market for time and some
specialties recovered. A renewal of large
offerings brought prices down In a semi
demoraliZed fashion and the closing was
at the lowest for practically ali stocks
STOP loss orders were encountered in
variety of stocks, and the pressure con-
tinued to the end Pronounced strength
IN sterling exchange aroused an expecta-
tlon IN some quarters of exports of gold,
put although opinion as to the probability
OF this was divided, there were enor-
nous sales for both accounts in the mar
ket.
Money ranged up to per cent and clos
cd at half that figure. The sales by Lon
don OF the copper stocks recently was
one reason for the strength of sterling
exchange, but the more immediate cause
was the transfer of the Spanish indemnity
warrants for 10000, 900 to the representa-
tive OF Spain, who was reported 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 been anticipated in the sterling ex-
change market, but this, of course, was
pure conjecture. Some authorities were
OF the opinion that sterling exchange was
UNLIKELY to advance to a point which
would make gold experts profitable. While
such a condition might arise within the
next Two months, there are those of the
opinion Of the recurrence of the neces
sity to finance industrial consolidation.
FOR instance, that of the Amalgamated
copper company this week, would main
tain money at rate which would make
II prontable to leave the gold here rather
imam to ship in any quantity abroad.
among the extreme declines which ear
ly unsettled the list the local shares were
most prominent, including Consolidated
Gas, 1411; Metropolitan, 1915; Third Ave-
nue., 3; Manhattan, 65s, and BROOKLYN
transit, 611. The decline in Gas shares
was accompanied by the announcement
OF a cut in prices. Other prominent de-
clines were: New York Air Brake II.
Federal Steel, 4; American Tobacco. <:
Anaconda Mining, AZ; International Sill
yer. AZ; Continental Tobacco AK ana
American Steel and National sfeel 4
each. There was also pronounced weak
ness In Peoples Gas, Tennessee Coal and
practically all Of the other industriaIs.
from the extreme depression there were
put few recoveries among which was
Air Brake, 81; Metropolitan, Sugar and
ihlrd avenue, over point each Among
the railways the losses ranged I'D to 4sI
IN Northwest, with the average elsewhere
about 2.
The fresh outbreak of liquidation to-
WARD the close was associated with the
strength of money Today being bank
holiday In London, there was no indica-
tlon or the attitude of foreign spectators
In the local market.
railway mortgages participated in the
weakness Of the day and the concessions
Were mainly unimportant United States
old IS, coupon. declined Il and do. regis
tered and the 5s Is in the bid price.
STOCKS.
~ finished by Charles H. F. Smith &
- 20 members of the New York stock ex-
s ena-ige' Pioneer Press building, who have
SSPpeciaI wires to Chicago and New York
Gl0sing prices are bid: A.