The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-06-02
BEARS AGAIN ATTACK
make A SUCCESSFUL RAID, Es-
PECIALLY UPON THE RAIL
ROADS in NORTHWEST
DECREASED EARNINGS CITED
Other Stocks Follow the Decline,
and the Day Was All the Bear
Element Could Have Desired
-IndustriaIs Did Not Play "a
which Were Mainly Professional.
Bar silver, New York. 81
Call money, New York. ..........3 ~

Call money, New York. ......3 az
NEW YORK, JulN 1.-The bears made
some further progress in forcing prices to
lower level today, but they were by no
means in so aggressive and confident
mood as yesterday There was very heavy
covering of short contracts during the
course of the day. and last prices are
materially above the lowest even, in
those stocks which show the heaviest
net losses. The bears met determined re-
sistance In some of. the stocks which
have hitherto proved most vulnerable to
their attack. The latter part of the day
showed distinctly improved tone and an
upward tendency of prices, with no dis
position apparent from the bear faction
to make further ventures for the pres
ent.
After the opening dip in prices there
was the usual professional covering, de-
signed to meet the orders of outside
operators. The resulting rally was short
lived, and the bear party made their
demonstration in force. They brought out
heavy liquidation in the Tobacco stocks,
Western Union, Metropolitan Street Rail-
way, Manhattan and Brooklyn Transit
and extended their operations in spite of
the weakness in the wheat market to the
granger group. Union Pacific and North
ern Pacific stocks were saVagely attacked
simultaneously with the appearance of
the statement that the Union Paciftc'S
net earnings for April showed decrease
Of over $117,000 compared with the CORE
spending period last year. Coupled with
similarly poor statement of Northern
Pacific's earnings, which appeared yes
terday, this caused a break in the stocks
OF the two companies ranging from 1
per cent In Northern Pacific UP to 2M in
Union Pacific.
The extreme decline in Metropolitan
Street railway was points. The con-
tinued weakness of Amalgamated Copper,
which sold down to 81 on odd lots in the
outside market, served to encourage the
bears as indicating an abandonment of
the purpose on the part of powerful inter-
ests behind that property to support the
price any longer. There were several de-
velopments during the day which served
to dtssipate bearish enthusiasm. 1t was
noticeable that nothing further was heard
OF the yellow fever scare, and roads in the
territory affected were firmly held in the
stock market all day.
London was a 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 market here, and so mitigated
apprehensions Of immediate gold exports
The reported large selling of wheat for
Southwestern account helped to keep the
railway stocks of that region firm. There
were reports of favorable conditions and
prospects in 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 betterments There were
evidences also of positive strength in
Sugar, Rubber and the Smelling stock
The Metropolitan Street Railway sud
denly bounded upwards a point at a
time to 206. The bears were quick to take
alarm, and other conditions also point
ing warning, they rushed to cover The
extreme gains from the low point were in
Metropolitan, points; Sugar: s.; Ameri-
can Tobacco, 31a; Continental Tobacco
and American Tobacco, 4 each; Brook
lyn Transit, 2h; Burlington, nearly
points, and many other stocks "a point
or over. So e.s
There was an easy tone to the bond
market, in sympathy with stocks but
losses were not so conspicuous as in
stocks. Total sales, par value, 81 $4,000
United States new As advanced IA, and
the old As, registered, advanced 4 in the
bid price.
STOCKS.
Furnished by Charles H. 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: