The times., 1899-05-07
4 Wild RUSH TO Sell
FORCES STOCKS down
The Weekly Bank Statement
Alarming to Holders.
Violent Declines That Reach Every
Quarter of the Market.
ing Shares Shifted in Huge Blocks
The General Situation.

New York. May 6.-Until the bank
statement came out today the stock
market was languid. Its appearance,
sell stocks that carried prices lower
In violent fashion. The statement was a
surprise. Material changes had been
looked for in some of the items, but the
decrease of $6l72, 125 in the surplus re-
serve dumfounded Wall Street. When an
alyzed the statement was not as unfavora-
bic as it seemed TO be at first glance. Actu-
al cash holdings were decreased
only s2,165. 200. which left the ra-
ito of total reserve to deposits
at 272 per cent, or but half of /
per cent below last weeks figure. The in
crease of SIG. 400 in loans and the in
crease Of sl6.030.100 in deposits were ac-
counted for chiefly by the financing of the
war payment by this country to Spain and
the iotation of the Amalgamated Copper
Company. The quotations for call money,
while nominal. did not indicate that these
operations had disturbed the money mar
ket-
The banks have taken special pains to
maintain the equilibrium of the money
market, and the bank statement shows,
better than anything else by the large
changes in it, how well they have succeed
ed up TO the present. Sterling exchange is
quiet and there are no signs of renewal
of the recent stringency in 1t.
There was hardly stock on the So
called active list but suffered a material
loss in value. There was an absence of
support as there was yesterday. The SELL
ing of American Sugar was on particu-
larly large scale. The increasing strength
of raw sugar was considered TO imply that
the sugar trade war was steadily growing
more expensive for the concerns engaged
in it. There were free offerings of Ana
conda Mining. London was again liberal
seller. The reason for sales of the stock
for several days by London is clear
enough. II wished to take its large ac-
cumulated profit ard found better market
here than at home.
consolidation of the Carnegie and Trick
companies was not to include other iron
and steel companies was rather puZZling,
The notion was still adhered to that there
would be, or at least that there was a
scheme for a grand combination in some
form of leading companies of the Carnegie
and Frick companies. However. the steel
eNONhe NtAc lol pltStINtQ iICtu utCiiUeS
in price. Brooklyn Rapid Transit came on
the market in considerable amounts. Me-
tropolitan Street Railway and Manhattan
was comparatively steady. A rise in Con-
solidated Gas In the face of the general
downfall was due to report that the gas
war was In a fair way of settlement
Burlington and Quincy led the grangers in
a downward move. The market was more
or less unsettled the whole week and the
trend of values was almost uninterruptedly
toward lower level.
The incident of most importance was the
approach OF exchange to the gold export
point Subsequently exchange relaxed to
such an extent as to dispel apprehension of
loss of gold at present anyway. Money
displayed growing ease with exchange
Business conditions throughout the country
were extremely satisfactory. Mercantile
agencies reported that the failures in April
were the smallest in number since the COL
lection of mercantile reports was begun