The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-06-01
Derby In England Has Effect On
New York Stocks.
BEARS In POSSESSION
BELIEF THAT LARGE GOLD Elk
PORT Is IMMINENT.
Reports of Yellow Fever In the South
Causes Reaction In Railroad VAL
ues-Bonds Yielded In Sympathy
With Stocks-Signs of Strength,
But of Short Duration.

New York May 3I--There was a 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 u decisive check after Mr..
Flowers death, which for the most pow
erful financial interests in the country
combined to support prices and avert a
panic. 1t had but newly inaugurated a
campaign last week. when the decision
to close the exchange for three days ext
the leaders in rather timId frame o.
mind about carrying short contracts over
for so long period. IodayS slump IN
prices seemed TO be distinctly develop
ment of the days operations. There was
a small attendance at the opening of the
stock market and a seeming expectation
of a dull day, based partly on the fact OF
the running OF the Derby in England
and the consequent neglected trading on
the London exchange. Some of the
stocks which suffered most severely IN
the later break showed signs of nrnness
and even of strength in the opening trans
actions. This was notably true of Sugar.
Brooklyn Transit, Manhattan and New
York Central. But signs of strength
proved to be of short duration and by
noon the bears were in complete posses
sion of the field Early declines were OBJ
viously due to manipulation But as the
bears gained courage and assurance and
extended their raid, they got richer and
richer returns, and before the day was
over the general process of liquidation of
LONG accounts had set in.
Aside from the spasmodic rise of Sugar
in the first hour, there was no material
support accorded prices at any point in
the list There We're several Developments
in the general situation that aided reac-
ton, but the decline seemed more a gen
eral acquiescence 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
exports are unavoidable and probably
imminent played an important part in
the reactionary temper of the street.
With sterling at Sass for demand which is
within fraction of a cent within the
gold export point and still rising, while
discounts in London continue to harden
and all money loaning in New York at
la per cent, it is not easy to see how an
export movement is to be avoided, though
it is just as difficult TO understand WHY
such a movement, under the circum-
stances. should excite alarm
The report of q, case of yellow fever at
New Orleans and the resulting Quaran-
tines against Louisiana gave more sub
stantial 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 of the Sugar
company 5 Invisible surplus TO carry o.
the trade war were made much of.
sharp decline in eaStDOund tonnage from
Chicago. a disappointing statement OF
earnings for the current month by North
ern Pacific and of net earnings for April
by the same road the small increase in
the Burlington surplus after charges Tor
April and a denial that st. Pauls net
decrease for April was due to any increase
in operating expenses. all served TO ac-
centuate the feeling of disbursement
some of the striking declines at the
extreme low point were METROPOLITAN. Is:
Sugar. So; Brooklyn Transit, Ga; Man
haitian, SIS and a long list of sDecialties
from 2 TO / points. In the railways Bur-
lington- Minneapolis q st. Louis, southern
Pacific and Southern Railway preferred
fell from TO 81. points, while ,,S stu
larger number of railroads, including
members of the grangers, the Paclhcs
and the trunk line group, fell between
and points. In the outside market, me
newly-fioated Amalgamated Copper stocks
sold at %, against the subscription Drice
at par. ,-
but were relatively firmer- Total sales,
par value. 81. 49,. eco United States IS. the
new As and the old is registered advanced
4 in the bid price. while the old IS cou-
PSn declined The T raeo $S 6 6GHpoh
The total sales of stocks today were
eeS 46T shares including American Smelt-
ing company, 800; American - steer q
lean Tobacco $500; Anaconda, 5,1Oo, Atch-
ison preferred, q, 400; Baltimore u ONO
new. 5000; Brooklyn Rapid Transit COM
pany. 50 43S; Chicago. Burlington * *
Quincy 10 3Ol: Consolidated Gas. $500:
Continental Tobacco. q. 500: Federal
Steel. 81. 200: Federal Steel preferred. SyJ'
Vile & Nashville. $1,000; Manhattan, q, 200;
Metropolitan. 1890; Mexican Cenlrai,
300: Missouri Pacific. 5000; New Hork
Central, 10000; Northern Pacln l LEY,
Northern Pacific preferred 5000; People
Gas i. 400; Reading first preferred, Dow
Southern Pacific. Il. 400: southern hdli-
way preferred, ll.7o0; Tennessee Coal q
Iron. 15 400; Union Pacific, i.0g; Dmon |
Pacific preferred. 400: United States
Rubber. $500: Western Union. $50.
Rond Quotations.