Show PRIGES GO DOWNWARD Tumble in the Figures on Securities in Street NO REASON FOR DECLINE Board Room Traders Had the Boar Market to Themselves Bear Faction Attempted a Raid Upon Two Rumors Vhich I Was Soon I Lcnrnecl Had No Foundation i Silver and Draft New York May iUnl silver 51c Mexican doll r 4lc 1 San Francisco May 7SIIer bare 51 IV Mexican dollars liic 1 I Drafts Sight 7 ½ telegraph 10 Irloney and Exchange New York May 7 Money on call easy VyVi per I cent du lnS offered at 2Vi llniJ money weak sixty days 4 I pur cent ninety days 1 per cent six mouths 4ii4V pir cent Prime mercantile paper 4 > tfl5 per cent Sterling exchange t < ady with actual busings In bankeru his at ISIS for < k > mind and at lWS3f4SlW for sixty days Posted rats J4S3A 1 and 4SSi Commercial bile ISI A < NS4J New York Metals Now York May 7Tin advanced 15s In London with spot closing at 100 1 loa 5d and futures nt n 130 15s Locally tin al llrm at JSOO rgOlJii Copper advanced IJ Cd 1 1 to u 03 for spot anti Gs to W2 II Gd for futures In tho London Lon-don market In New York copper was nulet and nominally unchanged at 1150 Lf 147B for l > alU electrolytic and casting Io I id was steady and unchanged at Ivondon ut 12 Ita d nnd at 1374 locally Speller was unchanged ut 5575 in New York and 21 5s In London Iron closed at 51H Ud In Glasgow and at lIM i Jd In Mfddlesboro Locally iron was a llltlo lower on Northern No 1 foundry which was quoted at 2l7Si irOO No 2 foundry Northern 20W > S21GO No 1 foundry Southern and No 1 foundry foun-dry Southern hoft 21COti2200 Warrants aiv I nominal New York Dry Goods Market Now York May 1 7A slight Improvement Improve-ment is noticeable In certain grades In the dry goods market and buyers seem to bo talcing mor Interest in uturo business busi-ness Reports from tho Western centers urn not encouraging for Immediate business busi-ness however and climatic conditions aro unfavorable to an expansion of retail trade The higher cozt of raw cotton wives added warrant to sellers In their reluctance buyers re-luctance to yield to the Importunities of London Wool Auction London May I iThe offerings at tho wool unction sales today numbered 11492 bales Competition was spirited and prices showed a hardening tendency Merino In good condition were In eager request and advanced 71 above The Mat oil price Crossbrcds were in strong I demand for France Homo and Berman buyers bought slljien There was a brisk Inquiry for Merinos Americans secured a good supply of Merinos and a few parcels par-cels of crotisbreds Stocks and Bonds New York Mny 7Prlcts wont down on tin stoek exchange today without any txtmnjI elear reJison u although Jio theories current cur-rent foi the decline took a wide range uver ilu whole Mmmclal Held on the part of board room traders lio had the market mar-ket to themselves Tho simple explanation explana-tion seems to be that thtso professional operators who have been buying and bidding bid-ding up stocks to a moderate extent luring lur-ing the wcl k Hnd iheinaelyca I with little iompany and for I that they have reached the limit of their courage in speculative commitment I The ptocebs of soiling to take profits finds as narrow a participation in the market as that during the advance Prices consequently at recede easily and In pretty close proportion to the advance on tlu same volume of dealings I The tavor which came In for most dls uipslon today In Seeking an explanation for the decline was the problem of the foreign exchanges and possible gold exports ex-ports rue developments In connection with the new Trannvail loan for which subscriptions sub-scriptions were open todav were of fore Wlre tcrllllos olen most significance as bearing1 on the exchange ex-change question The trms ot the loan are mttch as expected and the strength n sterling reflected the continued direction direc-tion of funds toward London Subscriptions for American account are nmall but tho maturity of foreign loans In this market marked the London pressure pres-sure for money effective in New York Only n i per coat of the subscriptions Is required quired to be paid on application but tho oversubscription tiromlses to ho BO gloat that it Is estimated that applicants will not COYer 5 per j cent 01 the amounts asked for On this biusU I the 3 per cent on the total application would amount to something over ihc I total sum of tho full mibxi rlptlon The Immediate pressure for credit In Jxwdon I It thus easily understood un-derstood The prehHiire on the exchange In favor of ondnn l IB likely to relax very suddenly vhen the subscriptions for tho dtIi < oxi > d Meantime i the question of gold exports Is still open AnutlKT cause to which the dnya dc prJ loa is attributed was the sLump in th Unking fund bond of tho United onl Stiits Ship Building company These bonds have never had more than 1 nomi Hal nidrkit but tholr last sale price on u p the fxelmnge was SO They were offered ut that prliv today and then at successive conewMlons an large I as j per cent at I Mm Suites wore made is low tin 4D No explanation of this Incident was offered Th activity of thC bear faction was apparent ap-parent In th circulation of rumors of tho eerlouH illniHs or a conspicuous operator In atocki rmd also I In vague assertions ot u 1 coming bond Issue by a Western rail i rond for as much at sOC Neither of these rumors WHH snb > < t inUatcd Favorable Favor-able factors were wholly Ignored Then WU s 1 much greater show of out thority ou-t today for nasertlonn that the suspended sus-pended Hock 01 rUlton Franclfico deal l 11nl wan about to bo consummated rho murk iloHoti in act con with 0 general conviction that un announcoment was tml imminent Thn liquidation In the wheat market was calculated to relievo any accurate fears of damage to that crop by last vrccliH weather but the grangers and I IucUl were notably affected by the late liquidation the admitted weakness of the foundry iron market and reports or labor dlipuieu on tho Great Northern and Southern railway may have had KOIIIO In IhUiire In depressing the market Arnal 4 yanmlrd HI wHl sustained apparently on tin rl u In London i prIce of tno metal Th nirrkot cloned steady but only slight t Ily above the lowest Bonds vere Irregular Total sales par + + + + + + + + + + + + + + + + + 4 SILVERY + SILVER-Y New York ulc + + San Francisco 3lc + + London 21d + + LEAD + 4 New York cxchanco l37 + + COPPER + + Now York exchange J113 > SM7j + + STOCKS AND BONDS + + Prices In Wall street moved down + + tho toboggan without apparent + + cause + caUBCGRAIN + GRAIN AND PROVISIONS + + Sentiment In wheat pit extreme fly + f-ly bearish + + Corn market stood firm + + f Onto quiet and held steady + + Provisions closed higher + + I I LIVE STOCK + + Cattle Steady to strong + + 3 logs Steady to strong + + i Sheep Steady to strong + + + + + + + + + + + + + + + + + value Sl41000 1 United States 2s coupon advanced 3 I lIce cent and the new is de dined il on the last call NEW YORK BOND LIST U S ref 2s rog 10 L N unl 4s 10 Coupon 10 Mex Cent 15 1 S 38 reg 074 18 Inc 261 Coupon 10i1 St r g 10 USn Ji rCb 3 Mo IC T Is 10 Coupon l3 2s S U Sold Is 1 rcslY N Y C I R 10 Coupon 110 N J C gen 613 U S fR rcg 101 Nor Pac 4s o Coupon 102 ½ l 71 Y Atchison gen lel0 NOI W e slO adst Is P1t4 Rending gen 4s ri21 B 0 4s 101 5t L I M c 31 Z 38 t3 St I S p 4s 3 cony 4s 103 St L S W 18 9 Can So 2 IO s SJ C oC Georgia sIrit S A A P 4s S Is Inc j9 So Pac Is M CO PAs Im So Ry 58 USI C A 31hs jG Pox PILe lr 171 I C B Q n 4s DI I r Sl I W4s 75L CM St P g4s10l U P Is 102 C N W c 7s 131h com 4 s 10 C R I P ls lO a lash Is lilf CCCSLg4s1044 2q IQg Chic Term 4s g1 1 ½ Dob B la 1 Cob So 4s W Welt Shore 4s 10ff DRG4s 3 WLIJ IH f1l Eric p len 4s SI t Wis Con Is fit gexi ls S Cent Tel 62 PWDC1sll CoioF1 81 11 Hock Val ms 107 Penn 1alla W Manhattan 101 CLOSING STOCK LIST Sales HIih LOW Close Atchison nG2CO Sl > 4 7Wi SO Sll preferred SCO 97 i DTA 97 > 4 Baltimore 8 Ohio SCOO 93Mj S2 I 3214 preferred mY Canadian Paclc 3100 1S231 332 J32h Can Southern IVj Ches Ohio COO 43 V4 H i t Chicago Alton 7103 3l > i 3Cr 30Hj preferred 10 70 1 70 COH > Chi at AVest 7000 23Vi 22 Y 22 = H A preferred 7CV U preferred 0 33i rt7Vi 37A 1 t Northwest 300 ISVj 3SOU IWiS Chi Term Trans 16 preferred 100 2a i 2aVi > C C C 8 St Louis 2 n1 91 ½ 9M Cola Southern 600 21l I IY 24 3 lat preferred r C4J1 2nd preferred 37 Del Hudson 2100 179i 177 177 o Del Lack West 2tX D R G 300 Wi MM t JHVa preferred S 100 S SGi E65i Irlo 14900 05 mr 35yA 1st preferred CEOl Wit f CSYi 2nd preferred 0900 6SM 57 61 Gt North prof ISo Hocking Valley v preferred t3Y Illinois Central O IIOtJ 13S 137J t Iinois Central 100 3 2CV1 j 35ft preferred G Lake Erie West 40 preferred 103 Louis Nashvlllo 1700 110 US 118 Manhattan L 1000 112 141 141Vd Metropolitan St Ry lSOO i234 133 ¼ 133V1 Mexican Central 2800 27V 2CT > 27 Mexican National 3900 23H 22 221 Minn it St Louis 00 Missouri Pnc 40400 312H 311 ill Missouri K Si T 200 2Gii 2G 2C preferred lOW D8 G7 D7 N J Central 100 173 373 170 N Y Central 703 331V 331 130i Norfolk cl < T2 71 i i prcfciTcd S i Ontario it r st 1W > 3 20Ti 29jI 2 P 12SOO 133V 131i 334 ½ Pennsylvania 1f 13 H 1H Reading 18500 CC i Mi 55ii 1st preferred 103 E S3V S1V4 2nd preferred 2COO Oj 70 70 St L it San Fran11100 Bill 79 > j S0 > t 1st preferred SI 2nd preferred GOO 71 71Vi 71U St L Southwest 2Y preferred 200 CC C Gl I St Paul 10600 1C21 1G1 ICiy preforred 1K1 Southern POG 2100 BGi D5 l Bod Southern Ry 3X > 31 30fe SOjj CM M 9274 02i preferred c2 2 Z Texan Pac JJtU M k M w Tol St L Vest 200 2GI ½ 25 = 1 2SV6 preferred 300 44 42 ½ 42ii Union Pac 19103 01 W i 90 preferred 900 01 Viy 9U < Wabash 27j preferred 2700 4S iW 47 Wheeling L E 23 2nd preferred 33 Vls Central IS 24i 24 23TH preferred 200 4S 4S 4r l xrcss Companies Adams 225 American 203 United States 123 Wells Fargo 0 Miscellaneous Amal Copper 49800 M fo C351 Amor Cur Found 100 10 40 39i preferred 100 31 Vi 91V1 LAm L-Am r Linseed Oil 15 preferred 3 Amer S R SW Gl SO HO preferred SCO Xf I f W ½ Anaconda M Co 10 VG 105 1WV Brooklyn It r 900 G G3 W Colo Fuel Iron G Con Gas r 210V i 210 210 Coat lob pref 400 315 e 114 Gen Electric 1W 3MU 393U 3tti hocking Coal 19t internal Paper COO 39il IbY ISVi preferred 71 Internal Power 100 45 45 or acledc Gas 97 National BIscuit OW 4S K 433 43 National Lead r 20 19i lH North American P7 Pac Coiiat W CO 6 O Poc Mail SOfJ 33 1 33 32 Peoples GUN POO 10l i 101 101 Pressed Steel Car 20 G1 03 G preferred MO lY MJ D2 Pullman PnrCar 200 217 i 217 217 Republic Steel COO lOi 19 11 < preferred 100 7Sii 781 i prcterre 413 ISKi 125V 320i Penn Coal Iron 400 M I Cl C3i Union B it P Co JO preferred 71 U S Leather EW 1 g r 1 13T1 preferred 1100 M 03 K U S Rubber 003 10U 35U IS preferred COVi U S Steel 6S 3 3 23U 2514 preferred 4600 SI s < i S4ft Western Lnlon 30 SIr 5 S31A < SU Amer Loco 2SV I preferred 300 tY 11314 ra I K C Southor 400 M 30 Vj preferred 5 2 Rock Inland 16400 45 44 i 4V4 prefflrmd o 7R 71 > i i Total sales for the day 403000 shares Now York Sugar Market Now York May 7Sugnrlaw steady fair relVnlng 33lGc centrifugal J0tOBtj Sc Rcrtned Is 311lCo 1 molasses sugar c llrm crushed f343 powdered J4K granulated gran-ulated 3I3 |