The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-02
BEARS LESS RAMPANT
Though Still Much in Evil
denCe in the Street.
WITH STURDY RESISTANCE
Gold Export Approximations
are Somewhat AIlayed.
WITH STURDY RESISTANCE

| New York, June 1.-The bears made
some further progress in forcing prices to
a lower level today. but they were by no
| means in so aggressive and confident a
| mood as yesterday There was very heavy
covering of short contracts during the
course of the day. and last prices are ma
terially 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 hitherto
proved most vulnerable 20 their attack
The latter part of the day showed a dis
tinctly improved tone and an upward ten
dency of prices, with disposition apparent
from the bear faction TO make further
ventures for the present. After the open
ing dip in prices there was the usual pro-
feSsional covering designed 10 meet the
orders of outside operators. The result
ing rally was short lived and the bear
party then made their demonstration in
force. They brought out heavy liquida-
ton in the tobacco stocks at Western
Union, Metropolitan Street Railway. Man
haitian and Brooklyn Transit and ex-
tended their operations in spite OF the
weakness in the wheat market, to the
granger group. The Union Pacific and
Northern Pacific stocks were savagely
attacked simultaneously with the appear
ance Of the statement that Union Pacific
net earnings for April showed decrease
OF over $4,000 compared with the cor
responding period last year Coupled with
a similar poor statement Of Northern Pa
elf cearning which appeared yesterday.
this caused a break in the stocks of the
two countries ranging from l per cent in
Northern Pacific up TO 25s in Union Pa
cific. The extreme decline in Metropolitan
Street Railway was points The con-
tinued weakness Of amaIgamated copper.
which sold down 10 81 on odd lots in the
outside 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 !
tie price any longer. There were several |
developments. however, during the day |
which served to dissipate bearish enthu- !
siasm. II was notable that nothing fur |
ther was heard Of the yellow fever scare |
and the roads in territory affected were |
firmly held in the stock market all dav. |
London was a .arger buyer of Louisville. !
in spite Of other elements Of weakness in |
that market. This and the ease in London |
after the settlement caused an easier
tone in the sterling exchange market here
and SO mitigated yesterdays apprehension
of immediate gold exports The reported
large selling Of wheat for southwestern
accounts helped to keep the railroad stocks
Of that region firm. There were reports
OF favorable conditions and prospects in
the anthracite trade. A scrutiny Of the
Union 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 betterment.
There were evidences also of positive !
strength in Sugar Rubber and the Sme.t-
Ing stocks. When Metropolitan Street
Railway suddenly bounded upward
point at time 10 2D7 the bears were quick
10 take alarm and other conditions also
pointing warning, they rushed TO cover.
me extreme gains from the point were:
Metropolitan. :: Sugar ): American To-
oacco. 2a; Continental Tobacco and Amer
can obacco. 4 each; Brooklyn Transit
y; Burlington, nearly points, and mary
'tner stocks point or over
The ottal sales OF stocks today amount
ID to 643,7S9 shares, including: American
steel AMI Wire. 1890; American Sugar.
1850; American Tin Plate. 400: Ameri-
an Tobacco, 1000; Anaconda. Z. 700; Atch-
son preferred. $500: Brooklyn RAPID
Transit, $500; Central Pac.fic. 400. Bur
ington, 20,so0; Chicago Great Western.
300; Consolidated aGs. 1000; Continental
tobacco. 227o0; Continental Tobacco pre-
erred. T,10:; Federal Steel preferred
,loo; International Paper, 500: Louisville
nd Nashville. 1s4o1; Manhattan. 1900.
Metropolitan. 1850; Missouri Pacific. 500:
Northern Pacific. 1900; Nortnern Pacific
referred, 5,loo; Peoples Gas, p on; Rock
sland. 800; St. Paul, 1850: Southern Pa
ific. 500: Tennessee Coal and Iron. S ~:
-nion Pacific. 1920 Union Pacific pre-
erred, $3.50; United States Leather pre-
erred. 500: United States Rubber. no.
Western Union. Is 2-0
Loo IL.