The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-06-02
THE WORLDS MARKETS
Daily Record Of Commercial and
Financial Transactions.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks.
Metal Quotations-Wool Pricss and
Movements-Grain and Pro.
duce-Review of Trade.

New York, June 1.-The bears made
some further progress In forcing prices
to lower level to-day, but they were by
no means in SO aggressive and confident
mood as yesterday. There was very
heavy covering of short contracts during
the day and the 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 hitherto proved
most vulnerable to their attacks. The
latter part of the day showed a distinctly
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 open
ing dip in prices there was the usual pro-
fessional covering designated 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
Tobacco stocks, Western Union, Metro
nolNan. Manhattan and Brooklyn Transit
and extended their operations in spite of
the weakness in wheat to the granger
group.
The Union Pacific and Northern Pacific
stocks were savagely attacked simulta-
neosly with the appearance of the state
ment that Union Pacific net earnings for
April showed a decrease of more than
$4,000, compared with the corresponding
period of last year Coupled with SINH
lar poor statement Of Northern Pacific
earnings which appeared yesterday, this
caused a break in the stocks of the two
companies ranging from / per cent. in
Northern Pacific up to 2B in Union Pa
cific.
The continued weakness of Amalgam-
ated Copper, which sold down to 81 on odd
lots in the outside market. served to en-
courage the bears as indicating an aban-
donment of a purpose on the part of the
powerful interests behind that property to
support the price any longer. There were
several developments, however during the
day which served to dissipate bearish en-
thusiasm 1t was noticeable that moth
ing further was heard of the yellow fe-
yer scare and roads in the territory af-
fected were firmly held in the stock mar
ket to-day.
London was large buyer of Louisville
In spite of other elements of weakness in
that market. This and the easing of call
money in London after the settlement
caused an easier tone in the sterling ex-
change markets here and so mitgated
yesterdays apprehensions 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 of the anthracite trade.
A scrutiny of the Union Pacific state
ment showed that the decrease in April
net earnings was accounted for more
than twice over by an increase in operat-
ing expenses, much of which was UNDER
stood to be going into permanent i'm
provements and betterment. There were
evidences also of positive strength in SUI
gar, Rubber and the smelling stocks.
When Metropolitan suddenly bounded up
wards a, point at a time, to POT the bears
were quick to take alarm, other conditions
also pointing warning, and they rushed
to cover. The extreme gains from the
low point were in Metropolitan, points;
Sugar, s. American Tobacco, 2h; CONT
mental Tobacco and American Tobacco
preferred, each; Brooklyn Transit, 21a;
Burlington nearly points and many other
stocks point or over.
There was an easy tone to the bond
market in sympathy with stocks, but loss
es were not so conspicuous as in stocks
Total sales, 81, 500 900.
U. s. new As advanced X per cent and
the old AS 4 per cent. in the bid price.