The daily morning journal and courier., 1899-06-02
The Stock Market.

l The Stock Market.
 New York, June 1.-The bears made some further progress In forcing prices
 by no means in so aggressive and con fident mood as yesterday. There was
 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 losses. The bears met de-
 termined resistance in some of the | stocks, which have hitherto proved most vulnerable to their attack. The latter part of the day showed dis tinctly improved tone and an upward | tendency of prices, with no disposition
 apparent from the bear faction to make
 further ventures for the present. After 1 the opening dip in prices there was the
 usual professional covering designed to | meet the orders of outside operators | The resulting rally was short-lived and
 the bear party then made their demon- stration in force. They brought out heavy liquidation in the Tobacco stocks, | Western Union, Metropolitan Street Railway, Manhattan and Brooklyn Transit, and extended their operations, | in spite of the weakness in the wheat market, to the granger group. The Union Pacific and Northern Pacific
 stocks were savagely attacked simulta- | neously with the appearance of the
 statement that Union Pacifc's net earn l ings for April showed a decrease of over | $117000, compared with the correspond ing period last year.
 Coupled with a similarly poor state
 ment of Northern Pacific's earnings, which appeared yesterday this caused break in the stocks of the two com- panies, ranging from 1 per cent. in Northern Pacific up to 25s in Union Pa citc. The extreme decline in Metropol- itan Street Railway was points. The
 continued weakness of Amalgamated Copper, which sold down to ST on odd
 lots in the outside market, served to encourage the bears as indicating an
 abandonment of a purpose on the part of the powerful interests behind that property to support the price any long, CT. s.
 There were several developments,
 however, during the day which served to disspate bearish enthusiasm It was noticeable that nothing further was heard of the yellow fever scare, and roads in the territory affected were firmly held in the stock market all day. London was large buyer of Louisville in spite of other elements of weakness in that market This and the easing of call money in London after the settle ment caused an easier tone in the ster- ling exchange market here and so mti- gated yesterdays apprehensions of inn mediate gold exports. The reported large selling of wheat for southwestern account helped to keep the railroad stocks of that region firm. There were reports of favorable conditions and pros poets in the anthracite trade,
 A scrutiny of the Union Pacific state nlent showed that the decrease in April net earnings was accounted for more than twice over by an increase in op- erating expenses, much of which was understood to be going into permanent improvements and betterments There were evidences also of positive strength in Sugar Rubber and the Smelling stocks.
 When Metropolitan Street Railway suddenly bounded upwards, point at a time, to 206, the bears were quick to take alarm and rushed to cover. The extreme gains from the low point were in Metropolitan z points, Sugar D, Amer ican Tobacco 3R, Continental Tobacco and American Tobacco 4, Brooklyn rroxe;+ o1L Rurlin pto1 nearly 2 points, and many other stocks one point or over.
 There was an easy tone to the bond market in sympathy with stocks, but the losses were not so conspicuous as in stocks Total sales par value Sl,Slo'- 00e
 United states new fours advanced B and the old fours registered A in the pid price.
 NEW FORK STOCK M.ARNEf.