The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-06-02
BEARS FORCED
PRICES DOWN
Was Very Heavy Covering of
Short Contracts.
THEY MET BIG RESISTANCE
Easy Tone in Bond Market in Sympathy
With Stocks, But Losses Were
Not So Conspicuous-Tota
Sales $1,8lO,0Oo.
THEY MET BIG RESISTANCE

New York, June bears made some
further progress in forcing prices to a
iower level today, but they were by no
means in so aggressive and confident a
mood as yesterday. There was very heavy
covering of short contracts during the
coarse of the day, and last prices are ma
terially above the lowest even in those
stocks which show the heaviest net losses.
The bears met determined resistance in
some of the stocks which have hitherto
prevailed vulnerable to their attack The
latter of the day showed distinctly i'm
proved tone and an upward tendency of
prices, with no disposition apparent from
the bear faction to make further ventures
for the present. After the progressive dip
In prices there was the usual professional
covering designed to meet the orders of out
Side operators. The resulting falling was
short lived, and the bear party then made
their demonstration in force. This brought
out heavy liquidation in the tobacco
stOcks with Western Union, Metropolitan,
Manhattan and Brooklyn Rapid 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 sayagely attacked simuta-
neously with the appearance of the state
ment that the Union Pacifc's net earn
tngS for April showed a decrease Of over
Sll7NO, compared with the corresponding
period last year.
Coupled with a similar poor statement of
the Northern Pacific earnings which ap-
peared yesterday this caused a break in
the stocks of two companies, ranging from
1 per cent. in Northern Pacific to 25s per
cent. in Union Pacific.
The extreme decline in Metropolitan was
points. The continued weakness of Anal
gamated Copper which sold down to 81 on
odd stocks in the outside market, served to
encourage the bears, as indicating an
abandonment of purpose on the part of
the powerful interests behind that prop
erty to support the price any longer.
There were several Developments however
during the day which served to dissipate
besrish enthusiasm.
1t was noticed that nothing further was
tfeard OF the yellow fever scare and roads
an the parts affected were firmly held in
the stock market all day London was a
Large buyer of Louisville and Nashville. in
spite of other clements of weakness in that
market. This and the easing OF call
money in London, after the settlement
caused an easier tone i'm the sterling ex-
change market and SO mitgated yester
days apprehensions of immediate exports
OF gold.
The reported. large selling of wheat for
southwest term account helped to keep the
railroad stocks of that region firm. There
We're reports of favorable conditions and
prospects in the Anthracite trade
"A scrutiny of the Union Pacific settle
ment showed that the decrease in April
net earnings was due to an increase in ooer-
ating expenses, much of which was UNDER
stood to be going into prime Importance
also of positive strength in Sugar, Rubber
and the Smelling stocks.
When Metropolitan Street Railway sud
denly bounded upward point at a time to
2.06, the bears were quick to take alarm and
other conditions also pointing a warming
they rushed to cover. The excitement
gains from the low point in METROPOLITAN
seven points; Sugar, o. American Tobacco
5l-2; Continental and American Tobacco
for export, 21-2; Burlington, BROOKLYN
Rapid Transit, 2 H. and many other stocks
a point over
There was an easy tone to the bond
market, in sympathy with stocks, but
losses were not so conspicuous as in stocks.
Ietal sales par value, $,S10,OO0 United
states new As advanced 8 and the old
As registered, advanced IA in the bid price
Total sales of stock today were SOB 9S7
snnfeS including American Steel and Wire,
153Oo; American Sugar, $780, American
Tobacco, 10000; Atchison preferred. % Rom
Brooklyn Rapid Transit, 1900; Burlington,
20,0U; Louisville and Nashville, Is, 400: Man
haitian, 20,300 Metropolitan, % 800; Reading
nfSt preferred, $500; Rock Island 1850; St.
Paul. 1850; Southern Railway, 5000
Southern Railway preferred, 3,4OO; Tennes-
see Coal and Iron, $500.
Money on CALL steady at 2kGD3 per cent.
last loan, 21&.
Prime mercantile paper. 31SD4A per cent
Sterling exchange, easier, with actual
business in bankers bills at $4.SS@$4.SS1l for
demand and at &.S5A@$4S6 for sixty days
Posted rates, $f.S61aG$4.S7 and $4S9
Commercial bills, $4.S5hdAS5%.
Silver certificates 61Q62
Bar silver. CO.'S
Mexican dollars, 4Sh.
Government bonds strong.
State bonds irregular.
Railroad bonds weak.