The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-06-02
cHEcKED IN FORCING PRICES.
Bears Made Less Progress in the
Stock Market.

STOCK Market.
New York. June 1.-The bears made
some further progress in forcing prices to
lower level to-day, but they were by no
means in so aggressive and confident a
mood as yesterday. There was a very
heavy covering of short contracts during
the course of the day, and last prices are
materially above the lowest even in those
stocks which show the heaviest net loss
es. The bears met determined resistance
in some of the stocks which have hitherto
proved most vulnerable to their attack.
The latter part of the day showed a dis
tinctly improved tone and an upward ten
dency of prices, with no disposition appar-
ent from the bear faction TO make further
ventures for the present. After the open
ing dip in prices, there was the usual pro-
fessional covering designed to meet orders
OF outside operators. The resulting rally
was short lived and the bear parry then
made their demonstration in force They
brought out heavy liquidation in the To-
pacco stocks, Western Union, Metropon-
tan Street Railway, Manhattan and
Brooklyn Transit and extended their op-
erations in spite of the weakness of the
wheat market to the granger group.
Inc Union Pacific and Northern Pacific
stocks were savagely attacked simultane-
ously with the appearance of the state
ment that Union Pacific net earnings for
April showed a decrease of over $4,000.
compared with the corresponding period
last yesr. Coupled with a similar poor
statement of Northern Pacific earnings
which appeared yesterday this caused
break in the stocks of the two companies
ranging from l per cent. in Northern Pa
cific, up to 25s in Union Pacific.
The extreme decline in Metropolitan
Street Railway was points. The con-
tnued weakness of Amalgamated Copper,
which sold down to 81 on odd lots in the
outside market served to encourage the
bears as indicating an abandonment of
purpose on the part of the powerful in
terests behind that property to support
the price any longer.
There were several developments, how
ever, during the day which served to dis
sipate bearlsh enthusiasm. Ii was notice
able that nothing further was heard of the
yellow fever scare, and roads in the terri
tory affected were firmly held m the stock
market all day. London was a larger
buyer of Louisville, in spite of other ele-
ments of weakness in that market. This
and the easing of call money in London
after the settlement, caused an easier tone
in the sterling exchange market here, and
so mitigated yesterdays apprehensions of
gold exports.
The reported large selling of wheat for
Southwestern account helped 90 keep the
railroad stocks of that region steady.
There were reports of favorable conditions
and prospects in the Anthracite trade. A
scrutiny of the Union Pacific statement
showed that the decrease in April net
earnings was accounted for more than
twice over by an increase in operating eX-
penses, much of which was understood 90
be going into permanent improvements
and betterments There was evidence also
of positive strength in Sugar, Rubber and
the smeltering stocks. When Metropoh-
tan Street Railway suddenly bounded up
wards, points at time TO 206 the bears
were quick to take alarm, and other con-
ditions also pointing a warning, they
rushed to cover. The extreme gains from
the low point were in Metropolitan Z
points, Sugar s. Continental Tobacco and
American Tobacco 4 each, Brooklyn Rap
id Transit 21a, Burlington nearly points,
and many other stocks a point or over.
There was an easy tone to the bond mar
ket in sympathy with stocks, but losses
were not so conspicuous as in stocks.
Total sales, $1S1O,0C0. &. S. new As ad-
vanced Il and the old Is registered Il in
the bid price.
Total sales of stocks. 64S,70O shares. in
GLIDING Atchison preferred, 1926; Bur-
lngiou, 2O,S20; Louisville and Nashville,
1880; Manhattan, 2O,2S0; Metropolitan
Street Railway, 23.795; Reading first pre-
ferred, 6,4OO; Missouri Pacific, S,425; Now
York Central 7,475; Northern Pacific, 81,
$50; Northern Pacific preferred. 5,052; on
tario and Western. 7,4OO Rock Island,
1920; Union Pacific. 1926; st. Paul, 1885;
Southern Pacific, $40; Southern Railway,
$3.50; Union Pacific preferred, $3.50; Ameri-
can Steel and Wire, 1880; Paper, 6,095;
Tobacco. 1875; Federal Steel, 24,45O Fed
eral Steel preferred, $3.50; Peoples Gas,
21.S7O; Brooklyn RAPID Transit 26,S40;
Sugar, 1865; Tennessee Coal and Iron,
6, 40; Rubber. $3.50; Continental Tobacco
preferred, 1850; Western Union, S.195; ST.
Louis and Southwestern preferred, 500