The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-06-01
STOCKS WERE WEAK
BEARS ATTACK THE LIST WITH
RENEWED, FERvOR AND CARRY
THE POINT SOUGHT
REPORTS FAVORED THE MOVE
Early Declines Were Attributed to
Manipulation, but Later the Eff
feet of UnfavOrable News Was
Admitted-Threaten Export of
Gold One of the FactOrs-YellOw
Fever Hurt the Railroads.
Close. Day.
Bar silver, New York...... 81 81
Call money, New York.. .214@2& 213@a

Close. Day.
Bar silver, New York....... 81 81
Call money, New York. -. .214@2A 212Q3
NEW YORK, May H.-There was are
crudescence 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 a decisive
check after Mr.. Flowers death, which for
the most powerful financial interests In
the country, combined to support prices
and avert q panic. 1t had but newly In
augurated a campaign last week, when
the decision to clear the exchange for
three days left the leaders in a rather
timid franc of mind about carrying short
contracts over for SO long period. To-
days slump in prices seemed to be dis
tinctly development of the days opera
tons. There was small, attendance at
the opening of the stock market, and
there were indications of dull day, bas-
ed on the fact of the running of the Der
by In England and the quite neglected
trading on the London exchange. Some
of the stocks which suffered most severe
~ In the later breaks showed signs of
firmness and even of strength in the
opening transactions. This was notably
true of Sugar, Brooklyn Transit, Mammal
tan and New York Central. But signs OF
strength proved to be of short duration
and by noon the bears were In complete
possession of the field
Early declines were obviously due to
manipulation But as the bears gained
courage and assurance and extended
their raid they got richer and richer re-
turns and before the day was over, the
general process of liquidation of long &C
counts had set in. Aside from the spas
modic recovery of Sugar, in the first hour,
toll cum nrf
prices at any point in the list. There were
several developments in the general stu
alton that aided reaction, but the design
seemed more a general acquiescence In
the bear party that prices were as
whole unduly high and that low level
of values must be accepted.
The belief that gold exports are una
voidable and probably imminent, played
an important part in the reactionary
movement In the street. With sterling
exchange at 81. SSA for demand, within a
fraction of cent of the gold exporting
point, and still rising, and discounts in
London continuing to harden and easy
money in New York, it is not easy to see
how an export of gold is to be avoided,
though it is just as difficult to understand
why such movement under the c1rcum-
stances should excite apprehension.
The report of case of yellow fever at
New Orleans and the resulting quarantine
against Louisiana, gave more substant al
reason for reaction in values and the rail
roads in that section were severe suner-
-ers Surmises as to the effect of the New
York fanchise tax bill, and fear OF en-
croachment upon the Sugar company's oil
visible surplus to carry On the trace war,
were made much Of sharp decline in
eastbound tonnage from Chicago; dis
appointing statement of earnings for the
current month of Northern Pacific, and or
net earnings for April by the same road,
the small increase in the Burlington sur
plus. after charges for April, and de-
NAL that st. PauFs net decrease for April
was due to any increase in operating ex-
penses ali served to aecentuate the feel
ing of disbursement over existing val
ues. Some of the striking declines at the
extreme low point were Metropolitan ID,
Sugar So, Brooklyn Transit 81, Manhat-
tan 5h and a long list of specialties from
3 to points.
In the railroads Burlington, the Mime
apolis and st. Louis stocks, southern Ia
cific and Southern preferred fell from . TO
3lh points, while a still larger number OF
railroads, including members of the Gran
gers. the Pacific and the trunk line group
fell between and points. In the out
side market, the newly f1oated Amalga-
mated Copper stock sold at IS, against the
subscription price at par.
Bonds yielded in sympathy with stocks
but were relatively firmer. Total sales,
par value, 81, 465, 900. U. S. IS, the new As
and the old As reg. advanced in the bid
price. while the old As coup. declined n.
The IS coup. sold at 1921, which is record
price.
STOCKS
Furnished by Charles II. F. Smith &
Co. members of the New York stock eX-
change. Pioneer Press building, who have
special wires to Chicago and New YORK.
closing prices are bid