The age-herald., 1899-05-02
MARKET SUFFERED
 FROM LIQUIDATION
Bears Manipulated the Stocks for
 Their Own Interests.
FORD FRANCHISE TAX BILL
Unsettled the. Market Because of the Weakness Displayed By Stocks Most Conoerned-Money Rang
 ed Up to Per Cent.

New York, May 1.-The market today suf- fered severely from general liquidation and confident operations by the bears.
 The 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 a while and some recoverles oc- cured. A renewal of large offerings brought prices down in a semi-demoralized 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. The pronounced strength in sterling exchange aroused an expectation in some quarters of exports of gold, but although opinion as to the probability of this was divided, there were enormous sales of both accounts in the market.
 Money ranged up to per cent, but closed at half that figure Tho sales by London of 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 $20,000,O00 to the representative of Spain, who was reported to have called for in- structions as to the manner of transferring
 
 rumor that the transfer had not been an- ticipated in the sterling exchange market, but this, Of course, was pure conjecture. Some authorities were of the opinion that sterling exchange was unlikely to advance to point which would make the leading exports profitable. While such action might arise within the next two months there were those of the opinion that the re- currence OF the necessity to finance indus trial consultations for instance that of the amalgamated copper company this week would maintain money at a rate which would make it more profitable to leave the gold here rather than ship in any quantity abroad.
 Among the extreme declines which early unsettled the list the local shares were most prominent, including Consolidated Gas, 14A; Metropolitan 121h; Third Avenue, g; Manhattan, 65s and Brooklyn Transit 6k. Other prominent declines were New York Air Brake, IF; Sugar, 71s; Federal Steel, (; American Tobacco, z; Anaconda, 416; International Silver, A; Continental Tobacco, 47s. There was also pronounced weakness in Peoples Gas and Tennessee Coal and Iron, and from the extreme de- pression there were but few recoveries, among which were Air Brake S1A, and Met ropolitan, Sugar and Third Avenue over a point each Among the railways, the losses ranged up to A in Northwest, with the average elsewhere about 2. The fresh outbreak of liquidation toward the close was associated with the strength of money. Today being bank holiday in London there was no indication of the attitude of foreign spectators in the local market. Railway mortgages participated in the weakness of the day, but concessions were mainly unimportants United States old As coupon declined .A and do registered and the Els 1s in the bid price.
 The total sales of stocks today were S10115 shares including: American Smelt-
 [ OAn BOO: American Tin Plate, HOO; Anaconda, 16 699; Atchison, preferred, 17,10O; Brooklyn Rapid Transit, Ill 300; Burlington, 1S,4oO; Chicago Great Western, 5000; Big Four, 5,2O0; Consolidated Cas- 1S,300; Consolidated Tobacco, 34, ,500 Consolidated Tobacco, pre- ferred, 1000; Federal Steel, 900; Federal Steel, preferred, 10,900 International paper, $500; Louisville and Nashville, 10,6O0; Man. haitian, 34 300; Metropolitan, 3,900; Mexican Central, 1000; Missouri Pacific, 10,900; Ma tional Steel, 10,90o; New York Central, 1l4,- 7OO North American, 5,2OO; Northern Pa- ciic, 27,500 Ontario and Western, 5.10o; Pennsylvania 13,3O0; Peoples Gas, 16,70O; Reading, 7200; Reading first preferred, 10,- zoo; St. Louis Southwestern, preferred, $500; Rock Island, 7,100; St. Paul. l5,100; Southern Railway, 42OO; Southern Railway, pre- ferred, 5000; Tennessee Coal and Iron. S,10O; Union Pacific, 45OO; Union Pacific, pre- ferred 45O0; United States Rubber, 1,5OO; Western Union, 6,500.
 Money on call, 4@8 per cent; last loan, i per cent
 Prime mercantile paper 314614A per cent. Sterling exchange strong, with actual business in bankers bills at $4.S7sl6D4.SS for demand and $4.S5A94.S6 for sixty days.
 Posted rates, s4. s6@4 S6h and $4. .SoGD4. .SS1s. Commercial bills, S4.S4A04S5.
 Silver certificates, 62A@69A.
 Bar silver 62H.
 Mexican dollars, 49
 Government bonds weak.
 State bonds steady.
 Railroad bonds weak