The daily morning journal and courier., 1899-06-01
Thn Stock Market.


 crudescence of bear sentiment on the stock exchange to-day in more fornlida. ble array than at any time hitherto since the spring reactionary period has been in force. This sentiment met de- cisive check after MT. Flowers death when the most powerful financial in-
 terests in the country combined to sup port prices and avert a panic It had but newly inaugurated a campaign last
 week, when the decision to close the
 exchange for three days left the lead CTS in a rather timid frame of mind about carrying short contracts over for so long a period. To-day's slump in prices seemed to be distinctly a devlop- ment of the days operations. There was a small attendance at the opening of the stock market and a seeming ex- pectation of dull day, based partly on the fact of the running of the Derby in England the consequent neglected trad ing on the London exchange Some of the stocks which suffered most severely in the later break showed signs of firm ness and even of strength in the open ing transactions. This was notably true of Sugar, Brooklyn Transit. Manhattan and New York Central. But signs of strength proved to be of short dura tion and by noon the bulls were in full rout and the bears in complete possession of the field.
 Early declines were obviously due to manipulation, but as the bears gained courage and assurance, and extended voi bax rio wiz turns and before the day was over the general process of liquidation of long accounts had set in. Aside from the spasmodic recovery of Sugar in the first hour, there was no material support &C., corded prices at any point in the list There were several developments in the general situation that aided reaction, but the decline seemed more general ac> quiescence in the view of the bear party that prices were as a whole unduly high, and that a lower level of values must be accepted. The belief that gold ex- ports are unavoidable and probably im- minent played a very important part in the reactionary temper of the street. With sterling exchange at 4SS for de- mand, which is within a fraction of a cent of the gold export point, and still rising, while discounts In London con tinue to harden and call money loaning in New York to-day at 1 3-4 per cent, it is not easy to see how an export movement of gold is to be avoided though it is just as difficult to under stand why such a movement, under the should excite alarm. The report of case of yellow fever at New Orleans and the resulting quarantines against Louisiana gave more substantial reasons for reaction in values and the railroads in that section were severe sufferers. Surmises as to the effect of the New York franchise tax bill and fear of encroachment on the Sugar com pany's disabled surplus to carry on the trade were made much of. A sharp de- cline in east-bound tonnage from Chi ,ago, a disappointing statement of earnings for the current year by North arn Pacific and of net earnings for April 1 oy the same road the small increase in he Burlington surplus after charges for April and a denial that St. Paul's net decrease for April was due to any in- ,rease in operating expenses, all served | 0 accentuate the feeling of discourage
 
 striking declines at the extreme low | point were: Metropolitan IS, Sugar | "A, Brooklyn Transit IA, Manhattan |
 IS and long list of specialties from | to over points, In the railways Bur- ington, the Minneapolis and St. Louis tocks, the Southern Pacific and South rn preferred from 3 to 8 1-2 points, while still larger number of railroads members of the grangers, the Pacific and the trunk line groups, fell ,etween and 3 points. In the outside | market the newly floated amalgamated opper stock sold at 95 against the sub- cription price at par.
 Bonds yielded in sympathy with tocks, but were relatively firmer. Total ales, par value, $4,465,000.
 United States threes, the new fours nd the old fours registered advanced s in the bid price, while the old fours oupon declined IA. The threes coupon old at 109 12, which is record price.
 Closing Prices.
 Following are the closing prices reported v Prince X White.y. Bankers and Brokers , Broadway, New York, and i5 Center st., CIV Haven. Bid Asked. dams Express Co .............11O 113 merican Cotton oil Co ........ 33a4 341R
 Do Pfd ......-............ 20 92 merlcan Express Co ,.....-,.. .13s 142 mercan Spirits Co ............ 0A 10 merican nG nlq Steel < Wire $ Ssh $
 Do pfd .................... 95h 96 mercan sugar Refining Co .139% 139I l