Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-06-02
OF MARKETS
FINANCIAL And COMMERCIAL
Stocks, Money, Exchange, Bonds, Grain,
Cotton, Provisions, Etc.

New \ DIRK, June 1.-The bears made
Home further progress in forcing prices
to lower level to-day, but they were
by no means in so aggressive and con-
fident mood as yesterday. There was
very heavy covering of short contracts
during the course OF the day, and last
prices are materially above the loves;
even in those stocks Which show the
heaviest net losses. The bears met de-
termineG resistance in some Of the
stocks which have hitherto proved
most vulnerable to their attack. The
latter part of the day showed dis
tinctly improved tone 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 in prices. there was the
usual professional covering designed TO
meet the orders of outside operators.
The resulting rally was short lived and
the bear party then made their demon
stration in force. They brought out
heavy liquidation in the Tobacco stocks,
western Union, Metropolitan, Manhat-
tan and Brooklyn Transit, and extend
ed 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 APP
pearance of the statement that Union
Pacific net earnings for April showed
q decrease of over $4,000 compared
with the corresponding period last year.
Coupled with similarly poor state
ment of Northern Pacific earnings
which appeared yesterday, this caused
q break In the stocks of the two COM
panies, ranging from l per cent. in
Northern Pacific, up 10 2ss in Union Pa
cific.
The extreme decline In Metropolitan
was points. The continued weakness
of Amalgamated Copper. which sold
down to 81 on odd lots in the outside
market, served to encourage the bears,
rs indicating an abandonment of 81 pur
pose on the part of the powerful inter
estS behind that property to support the
price any longer.
There were several developments,
however, during the day which served
TO dissipate bearish enthusiasm. 1t
was noticeable that nothing further
was heard of the yellow fever scare,
nnd roads in the territory affected were
FIRMLY held in the stock market all day.
London was large buyer of Louis
vile. in spite of other elements of
weakness in that market. This and the
ensing of call money in London after
the settlement. caused an easier tone
in the sterling exchange market here.
ana so mltigatcd yesterdays apprehen-
sions of immediate gold exports.
The reported large selling of wheat
Tor Southwestern account helped to
Keep the railroad stocks of that region
steady. There were reports of favora-
Die conditions and prospects in the an
thracte trade. a scrutiny of the Union
Pacific statement showed that the de-
crease In April net earnings was ac-
counted for more than twice over by an
increase in operating expenses, much
CT which was understood to be going
INTO permanent improvements and bet
terinents. There was evidence also of
positive strength In Sugar. Rubber, and
the smelling stocks. When Metropoll-
tan Street Railway suddenly bounded
upwards point at time to 2O6, the
bears were quick to take alarm, and,
other conditions also pointing n warn
Ing. they rushed to cover. The extreme
gains from the low point were in Met
ropolitan, points: Sugar. 3. American
Tobacco, az; Continental Tobacco and
american Tobacco. each: Brooklyn
rnnsit. Dig; Burlington. nearly points
ana 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 as in
stocks Total sales, $l.SlO.OO0
y. S. new As advanced x. and the
old As registered Il in the bid price.
The total sales OF stocks to-day were
643, 700 shares
Standard OIL 45SM455.