The sun., 1899-05-02
FINANCIAL AND COMMERCIAL.
MONDAY. May I.

MONDAY. May i.
The stock market was In disturbed condi-
tion to-day. and a considerable loss in values
was the consequence. A slump In the traction
stocks at the opening was followed by an ad-
vance OF one-half cent in sterling exchange
rates. which engendered fears Of gold exports.
causing a general selling movement. heavy
cut In gas prices by the companies operating
in the borough OF Manhattan, a sharp rise In
call money. and q revival OF crop damage re-
ports were other unsettling factors. The clos
Ing was weak. with prices. for the most part.
the lowest Of the day.
It was the Ford Franchise Tax bill that
brought about the fall in the traction shares.
A statement by the Corporation Counsel that
no assessment under the bill would be levied
until next year did not relieve the pressure on
these stocks. A variety OF opinions from law
yers and other authorities on the operation OF
the measure. together with the question OF It's
constltutionality. seemed only to complcate
the subject In the minds OF sreoulators.
The suggestion OF gold exports was moro
effectual than anything else In upsetting the
market as a whole. BY raising tho price OF
sight exchange to S4s7% 1t was brought to
within three-fourths OF ono cent OF the figure
at which 1t is calculated gold can be exported
at profit The principal dealers In exchange
were inclined to believe. however. that no gold
will be sent abroad. Apparently there was no
reason for the sudden strening in exchange
beyond tho war payment Of $20.000.000
by this Government to Spain. 1t has
been we'll understood in Wall street for some
time that exchange was being accumulated
for this transaction. In fact, as q result OF this
absorption the market had been almost de-
nuded OF exchange. The credits OF America In
Europe have been pretty thoroughly exhaust
ed. but 1t is easy to make sterling loans here
l. 80.
TO the other side. The remarkable exhibit Of
exportations OF manufactures for March indi-
Gates that new credits may soon be established
in Europe.
Call money jumped up TO 3 y cent, but did
not long hold at that point Nevertheless 1t af-
forded proof that there was passing strin-
gency In call money. which was unaccounted
for by needs In connection with the Spanish
payment and the hotaton OF the Republic Steel
Company and the Amalgamated Copper Com
pany.
The lowering Of gas rates to the public from
81 10 to 65 cents per 1000 feet was looked
upon as move likely to force either a con-
solidation OF the companies or a territorial
division. For several months the companies,
or at least some OF them, had been seeking to
take business from one another by Offering
gas to large consumers at reduced prices. and
open hostilites had accordingly. been ex-
pected. The wheat market did not reflect the
crop damage stories circulated In Wall street.
and not as much attention was paid to them as
to the other matters affecting the stock mar
ket Still. In the rather excited state Of things
they were not without effect.
Metropolitan Street Railway was most con-
spicuous in the collapse In the traction stocks
at the beginning OF business on the Exchange.
1t sold at prices ten points apart in a few min
utes, and at one time was 12L points below
Saturdays final price. 1t regained little Of
its loss at the last There was only frac-
tional recovery from the lowest in Brooklyn
Rapid Transit and Manhattan. Third Avenue.
in which there were few sales suffered with
the others. Consolidated Gas broke 14A points.
and made up merely = a cent. Anaconda
Mining receded pa. but u was restored. Ameri-
can Sugar was freely offered. and closed with
q loss OF 5ss cent. or within i OF the lowest
While the steel stocks resisted the pressure
for time. they finally yielded. although the
declines in them we're no larger than in many
OF the standard railroad stocks. Louisville
and Nashville made favorable showing OF
earnings for March. but Tor all that it receded
In price. Chicago and Northwestern likewise
fell off in surprising fashion. There was de.
cided drop In New York Air Brake. without any
special reason.
New York Stock ExchanRe-Sales May I.
UNITED STATES AND STATE BONDS I'm $1.OO0sh.
GU SIS. c.......lo7SI o vaF deb 2.as