Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-06-02
BEAR RAID is OVER.
STOCKS IMPROVE, AND TENDENCY
OF PRICES Is UPWARD.
HEAVY LIQUIDATION IN TOBACCO.
This IL Followed by Gains, Late I'm
the Day-YeIIow-Fever Scare SIN
on-The Grains Lower-ProvIsions
Advance.

suiDc. iurtner progress In forcing prices
10 lower level to-day, but they were
by no means in so aggressive and conf
dent 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 vulne-
rable to their attack. The latter part Of
the day showed a distinctly improved
tcne and an upward tendency of prices,
with no disposition. apparent from the
bear faction to make further ventures
for the present
After the opening dip I'm prices there
was the usual professional covering, de-
signed to meet the orders of outside ope-
rators. The resulting rally was short
lived, and the bear party then made their
demonstration 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 of the wheat
market to the Granger group. The Union
Pacific and Northern Pacific stocks were
savagely attacked simultaneously with
the appearance of the statement that the
Union Pacific net earnings for April show
ed a decrease of over $1,000, compared
with the corresponding period last year.
Coupled with the similarly poor statement
of Northern Pacific earnings, which APP
peared yesterday. this caused q break in
the stocks of the two companies, rang
ing from ]. In Northern Pacific, up to 2ss
in Union PACING. The extreme decline in
Nj ~ ha Ina
weakness of Amalgamated Copper. which
sold down to 81, on odd lots i'm the out
side market. served to encourage the
bears, as indicating an abandonment of a
purpose on the part of the powerful in
terests behind that property to support
the price no longer There were several
developments, however during the day,
which served to dissipate the bears.
YELLOw-FEvER SCARE.
The yellow-fever scare continued, and
roads in the territory affected were firmly
held all day. London was a large buyer
of Louisville. in spite of other clements
Of weakness in that market. This and the
easing off in call money in London after
the settlement caused an easier zone in
the sterling exchange market here and so
mitigated yesterdays apprehensions of
immediate gold exports.
The reported large selling of wheat for
Southwestern account helped TO Keep the
railroad stocks of that region steady.
and prospects in the Anthracite trade.
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
expenses, mnch OF which was understood
TO be going into permanent improvements
and betterments. There was evidence
also of positive strength in Sugar, Rub
Der, and the Smelling stocks. When
Metropolitan Street Railway suddenly
a a. hqnrC
quick 10 take alarm. and other condi-
tons also pointing to a warning, they
rushed 10 cover. The extreme gains from
the low point were in Metropolitan,
points: Sugar 5; American Tobacco, 80
Continental Tobacco and American To-
bacco. 4 each: Brooklyn Transit, 21a; Bur
lington, nearly points, and many other
stocks point or over.
There was an easy tone to the bond
market, in sympathy with stocks. but
losses were not so conspicuous there as
in stocks. Total sales. N,SlODO: United
States new AS advanced = and the old
As. registered, Il in the bid price.
The total sales Of stocks to-day were
s43 700 shares, including. Atchison,- pre-
ferred. 3,265; Burlington. O,S2O; Louis
Vile and Nashville, 1850; Manhattan
90 go: Metropolitan. B.7e6; Reading, nrsI
preferred, 6.4co; Missouri Pacihc. 80
q $50; Northern Pacific, preferred; 2,Oo3
Ontario and Western. 400: Rock Island
7,s9o; Union Pacific, 1925: ST. Paul. ll,o2o
Southern Pacific 500; Southern Railway
lean Steel. 15,25O; Paper, sos; Tobacco,
1888: Federal Steel. 1850; Federal steel
preferred, $3.50; Peoples Gas. Also: Brook
iyn Transit, $685.; Continental Tobacco
Iron. 40; Rubber, $3.50; Continental To
bacco, preferred, 1880; Western Union
$500.
MONEY AND EXCHANGE.
Money on call steady at 2isn3 per cent.
last loan at 2ls per cent; prime mercantile
paper. 3l9Q4A per cent iii, -.
Sterling exchange easier. with actual lia
business in bankers bills at s4:SsQaSsl4
for demand and si% Ss;Gt g f ant s q Sa
coS5m,arcial bills. $4.S5i4Q$iS5%
silver certificates 6lm62c. Bar silver
so5sc' Mexican dollars, 4Slac;
Government bonds strong o,n'e bonus
irregular. Railroad ponds weak
Il fu