The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-06-02
THE MARKET ELSEWHERE.

New York. June 1.-The bears made
further progress in forcing prices to a
lower level today but were by no means
in so aggressive and confident mood
as yesterday. There was a very heavy
covering of short contracts during the
day and last prices are materially 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 hither-
to proved most vulnerable to their at
tack. The latter part of the day
showed a distinctly improved tone and
an upward tendency Of prices with no
disposition apparent from the bear fac
ton to make further ventures for the
present
After the opening dip in prices there
was the usual professional covering de-
signed to meet the orders of outside
operators. 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, Met
ropolitan Street Railway and Brook
Ign Transit and extended their opera
lions, in spite Of weakness in the
wheat market to the granger group.
The Union Pacific and Northern Pa
cific stocks were savagely attacked
simultaneously with the appearance OF
the statement that Union Pacific net
earnings for April showed a decrease
of over S1l1000 compared with the cor
responding period of last year.
Coupled with a similarly poor state
ment Of Northern Pacif1c's earnings.
which appeared yesterday, this caused
a break in the stocks of the two COM
panies ranging from l per cent in Nor
thern Pacific up to 25s in Union Pacific.
The extreme decline in Metropolitan
Street Railway was points.
The continuous weakness of Amalga-
mated Copper which sold. down to 81
in odd lots in the outside market, serv-
ed to encourage the bears as fndicat-
ing an abandonment of a purpose on
the part Of the powerful interests be-
hind that property TO support the price
any longer There were several devel-
opments, however, during the day
which served to dissipate bearish en-
thusiasm.
1t was noticeable that nothing furth-
er was heard of the yellow fever scare
and roads in the territory affected were
firmly held in the stock market all day.
London was a larger buyer of Louis
vile in spite Of other elements of
weakness in that market. This and
! the easing of call money in London af-
ter the settlement caused an easier
tone in the sterling exchange market
here, and so mitigated yesterdays ap-
prehensions Of immediate 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 prospects in the an
thracite trade. A scrutiny Of the I'm
ion Pacific statement showed that the
! decrease in April net earnings was ac-
counted for more than twice over by an
| increase in operating expenses, much
| of which was understood TO be going
| into permanent Improvements and bet
! terments. There were evidences also of
positive strength in Sugar, Rubber
and the smelling stocks.
When Metropolitan Street Railway
suddenly bounded upwards a point at
a time to POS, the bears were quick 10
/ take alarm and rushed to cover The
/ extreme gains from the low point were
| in Metropolitan, I points, Sugar 5, Am
| erican Tobacco 312, Continental To-
| bacco I and American Tobacco 4,
! Brooklyn Transit 212.
There was an easy tone to the bond
market in sympathy with stocks but
| losses We're not so conspicuous as in
! stocks. Total sales par value $3.50
900. United States new As advanced =
and the old IS registered u in the bid
! price.