The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-01
BEARS ID The FRONT
Only One Feeble Attempt to
Support the Market.
RAIL WAY LIST SUFFERS
Gold Exports Imminent But
no Alarm Called For.

New York, May S1-There was recru-
descence OF bear sentiment on the stock
exchange today, in more formidable array
than at any time hitherto since the spring
reactionary period has been in force. This
sentiment met a decisive check afte- Mr..
Flowers death, when the most powerful
financia! interests in the country COM
bined to support prices and avert paT.ic.
1t had but newly inaugurated q campaign
last week when the decision &c close the
exchange for three days left the leaders
in a rather timid period. Today's slump
in prices seemed TO be distinctly devei-
opment OF the days operations There
was a small attendance at the op ming OF
the stock market and a seeming eyTecta-
ton of dull day. based partly on the
fact of the running of the Deroy in Eng
land and the consequent neglected trading
on the London exchange. Some Of the
stocks which suffered most severely in the
later break showed signs of frmness ard
even of strength in the opening t:snsac-
lions. This was notably true of Sugar,
York Central But signs OF slergth
proved to be of short duration and by
noon the bears were in compete posse $
sion of the field. Early declines were OBJ
vtously due TO manipulation. But as the
bears gained courage and assurance and
extended their raid they got richer and
richer returns and before the dav 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 declines seemed more 4 general &C
quiescence in the view Of the bear party
that prices were as a whole unduy high
and that lowr level of values must be
accepted. The belief that gold exports are
unavoidable and probably imminent rlay-
ed an important part IN the reacticnary
temper OF the street. With ste-ling ex-
change at Sass for demand, which IL with
in a fraction o ia cent of the gol6 EXPORT
point. and still rising, while discount. in
Lodon continue to harden, and cal
moey loaning in eNw York DIT 1st per cent.
it is not easy to~see how an export move
ment of gold is to avoided. though it is
just as difficult to understand why such
a movement under the circums' 9Hces
should excite alarm. The report of q 9se
of yellow fever in New Orleans, and the
resulting quarantine against Louisiana.
gave more substantial reas DTS for Itac-
ton in values, and the railroads in trat
as to the effect of the New York franchise
tax bill and fear of encroachment on the
Sugar company's Invisible surplus to carry
on the trade war were made much Of A
sharp decline in eastbound tonnage from
Chicago, a disappointing statement Of
earnings for the current month by North
ern acfc and of net earnings for April
by the same road; the small increase in
the Burlington surplus after charges for
April and denial that st. Paurs net de-
crease for April was due to any increase
in operating expenses, all served r. &C
centuate the feeling Of discOura cement
over existing values. Some Of the striking
declines at the extreme low point were:
Metropolitan. 70; Sugar, So; Brooklyn
Transit, Ga; Manhattan. SIS. and a long
In the railways. Burlington, the Mime
apolis and ST. Louis stocks, Southern Ia
cifc and Southern preferred fell from
to 315 points, while a still larger number
of railroads. including members Of the
Changers. the Pacific and the Trunk line
group fell between 2 and 3 points in lie
outside market, the newly floated Anal
gamated Copper stocks sold at 50. against
the subscription price at par.
Total sales of stocks today amounted to
eos. 4S7 shares. including: American Smelt-
ing. 800: American Steel and Wire. ~ 9oc;
American Sugar. 81. 100; American Tobac-
co. $500; Anaconda. 500; Atchison pre-
ferred. 1920; Baltimore and Ohio new
5000; Brooklyn Rapid Transit, s0,433; Chi
cago. Burlington and Quincy. 40.30S; Con-
solidated Gas. $500; Consolidated Tobacco.
% coo; Federal Steel, 1920; do preferred.
$500; International Paper. 400; Louis
vile and Nashville. "a 500: Manhattan. D.
100: Metropolitan. 1850: Mexican Central
$3.50; Missouri Pacific, 600; New York
Central. 1000: Northern Pacific. 5L150:
Northern Pacific preferred, 300. Peoples
Gas 100: Reading first preferred. 1880;
Rock Island. 500: ST. Pau. 1880; South
ern Pacific. L, 40; Southern Railway pre-
ferred. j. 100; Tennessee Coal and Iron.
Is. io0: Union Pacific 800: Union Pacific
preferred 4 90: United States Rubber, D.
so, Western Union. 6 so
The leading stocks closed as follWOs: