The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-02
BEARS EASILY SCARED
AFTER ANOTHER RAID IN STOCKS
THEY RUSHED TO COVER.
Lowest Point I'm Months Touched in
Some stocks, with q Rally Near the
CIOse-Local Trade steady.

At New York, yesterday, money on call
was steady at 21zQ3 per cent; last loan, 2ia
per cent.
Prime mercantile paper, 31104A per cent.
Sterling exchange was easier, with actual
business in bankers bills at $4.ssA for de-
mand and at A.S54m4S6 for sixty days;
posted rate. s4.sslaG4.a and A.Ss; CONNER
cial bills. s4S51k@4s524.
Silver certificates, 61962c; bar silver, 607sc;
Mexican dollars, 4s1zc At London bar sill
yer closed quiet at Esd an ounce
Total sales of stocks amounted to 643, 7S9
shares. including: American Steel and Wire.
1890: American Sugar, $500; American Tin
plate, 400: American Tobacco. 1900; Ana
conda, 800; Atchison preferred, 1880:
Brooklyn Rapid Transit, $780, Central Pa
cific. 400; c., B. & O.. 2o.soO; Chicago Great
Western, 4.3OO Consolidated Gas, 5000; Con-
tinental Tobacco, 27OO: Continental To-
bacco preferred. 17.10O; Federal Steel pre-
ferred 500: international Paper, 6.1O0;
Louisville Nashville. 1s.4O0: Manhattan,
$1,000; Metropolitan 1880; Missouri Pacific,
$500; New York Central. $500; Northern
Pacific, 81 800; Northern Pacific preferred,
500; Ontario & Western, 400; Pennsyl-
vania, 500; Peoples Gas, 1900; Reading
first preferred. $500; Reading second pre-
ferred, 300: Rock Island, $500; St. Louis
Southwestern preferred, 5000; st. Paul,
1850; Southern Pacific, $500; Southern Rail-
way, $500; Southern Railway preferred 3400;
Tennessee Coal and Iron, $780, Union Pa
cific, 1920; Union Pacific preferred, $500;
United States Leather preferred. 1890;
United States Rubber. 9,3OO Western Union.
1920
The bears made some further progress I'm
forcing prices to lower level on the Stock
Exchange. yesterday. but they were by no
means in so aggressive and confident a
mood as the day before 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 resistance in
some of the stocks which have hitherto
proved most vulnerable to their attack. The
latter part of the day showed a distinctly
| prices with no disposition apparent from the
the present. After the opening dip in prices
| there was the usual professional covering
designed to meet the orders Of outside oper-
ators- The resulting rally shortiived
| and the bears then made their demonstra-
| tion In force. They brought out heavy liqui-
dation In the Tobacco stocks, Western
Union Metropolitan Street-raiway, Man
haitian and Brooklyn Transit, and extended
"
the wheat market, to the granger group.
| The Union Pacific and Northern Pacific
stocks were savagely attacked simultane-
| that Union Pacific's net earnings for April
| showed decrease Of over SILT, OO0 compared
with the corresponding period last year:
Coupled with similar poor statement Of
North Pacific's earnings, which appeared
Wednesday, this cat sed a break in the
per cent, in North PACING, up to a5s ro in
Union Pacific. The extreme decline in Met
ropolitan, Street-railway was points. The
| per, which sold down to 81, in odd lots, in
| the outside market. served to encourage the
bears as indicating an abandonment OF
| purpose OF the present powerful interests
| behind that property to support the price
| any longer. There were several develop
ments, however, during the day, which
served to dissipate bearish enthusiasm. 1t
| was noticeable that nothing further was
heard of the yelow-fever scare and roads
| in the territory affected were firmly held in
the stock market all day London was a
| larger buyer of Louisville In spite Of other
| elements of weakness in that market. This
| after the settlement, caused an easier tone
In the. sterling exchange market here and
so mitigated Wednesdays 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 favor
4 able conditions and prospects I'm the anthra-
/ cite trade. A scrutiny Of the Union Pacific
| statement showed that the decreased net
i earnings was que 10 an increase In Operat-
ing expenses, much OF which was under
/ stood to be going into permanent improve
| ments and betterments. There were evil
| dences. also, of positive strength in Sugar,
| Rubber and the smelling stocks. When
Metropolitan Street railway suddenly
bounded upwards point at a time, to 2O6
| the bears were quick to take alarm, and,
I other conditions also pointing a warning.
| they rushed 20 cover. The extreme gains
| from the low point were In Metropolitan. 7
points; Sugar 5; American Tobacco, 51z:
| Continental Tobacco, 4; Brooklyn Transit,
| 2l2; Burlington, nearly points, and many
other stocks point over.
| There was an easy tone to the bond mar
| ket, In sympathy with stocks, but losses
| sales. par value, 81, $4,000. United States
| new fours advanced II and the old fours
| registered, advanced Il I'm the bid price.
| The following table. prepared by l. w.
| Louis. Room IL. Board of Trade, shows the
| range of quota tons:
Open High Low Clos