The age-herald., 1899-06-25
BEAR OPERATORS WERE DISCOURAGED Engaged in Scramble to Cover
 Short Contracts.
STRENGTH OF STOCK MARKET
Volume of Business in Bonds Somewhat Decreased, But Prices Were Pret- ty Well Maintained-United
 States New 4's Declined

New oYr6, June 4-The bear operators among the professional traders became somewhat discouraged over the events Of todays short session and engaged in some thing like scramble to cover outstanding short contracts in the closing dealings. Un- favorable bang statement had been counted on by this element to further decline.
 The banks loss in cash reserves was not as large by over a million dollars as had been estimated and the further liberal ex- pansion of more than 5,000,000 in loans indi- cated the faith of banking authorities in the money outlook. Who are the borrowers of this large amount of money is mystery as was the increase last week. It has cer- tainly not gone into the stock market dur ing the week. One supposition is that the gold that has been going abroad goes in the form of actual loans to foreign institutions The strength of todays stock market cen- tered in the Vanderbilt group New York Central, NorthWestern, and St. Paul and Omaha.
 There was weakness at one time in Ten nessee coal; steel and wire did not rally strong but stocks were without exception higher at the close and at notable net galns. Tine bond market was quiet and yielded at some points. The bears have been energetic and aggressive during the week and have had moderate success in driving prices to d lower level. But their success has been almost entirely confined to the individual stocks which they singled out for special attack.
 The general market has shown itself coldly unresponsive and there has been nothing like d general break in prices at any time. Holders of the standard railway stocks have held on with stubborn tenacity. li1lr towards new industrial foatatons that the most vulnerable point of attack has been in the steel stocks in spite of the fact that enormous profits are being realized in the production and manufacturer of all grades of this material
 The week in Wall street was filled with the most contradictory rumors and asser- tions regarding coming dividend declara- tions on some of the steel stocks and with the most profound depth of unenlghten- ment on the part of the holders of shares regarding the ability or inability of the companies to pay dividends. The discrimi- nations of banks and money lenders against the Industrials as collateral has been tFe- newed, and there is an unwillingness to ac- cept the market price as the proper valua- tion, even where the higher interest rates are asked for loans on this class of colat- eral.
 All of these factors have contributed to
 
 cessively moved a number of the Indus trials during the week. The uneasiness in the London and Paris stock markets on the Transvaal situation and the cabinet crisis in France and the money stringency in Berlin, Vienna. Frankfurt and Amsterdam, on account of large speculative commit ments in the Berlin market, have been more or less reflected here, and have added to the fear of a drain of gold which might ul- timately affect our money markets. On the other hand the improved outlook, the good earnings by railroads, the ease of the money market. the general business pros poets and the return from Europe of sev- eral financiers of influence and authority have served as sustaining factors to even advance prices in a number of railroads.
 The volume of business in bonds has de- creased somewhat. but prices in the main were pretty well maintained.
 r. s. new fs declined point the new S's E. the 5s and old As registered l.. and the 5's and old 4s coupon Ii in the bid price.