The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-06-02

cific and Northern Pacific stocks were
savagely attacked simultaneously with
the appearance of the statement that
Union Pacific net earnings for April
showed a decrease of over $4,000 com
pared with the corresponding period last
year. Coupled with a similarly poor
statement of Northern Pacific earnings
which appeared yesterday this caused
a break in the stocks of the two com
panies ranging from L per cent. in
Northern Pacific, up to 23s per cent. In
Union Pacific.
The extreme decline in Metropolitan
Street Railway was { points. The con
tinued weakness of Amalgamated Cop
per, which sold down to 81 on odd lots
in the outside market, served to encour-
age the bears as indicating an abandon
ment of q purpose Oh the part of power
full interests behind that property to sup
port 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, and
roads i'll the territory affected were firm
Iy held i'll the stock market all day.
London was larger buyer of Louis
vile, in spite of other elements of weak
ness in that market. This and the cas-
ing of call money in London after the
settlement caused an easier tone in the
sterling exchange market here and so
mitigated yesterdays apprehensions Of
immediate gold exports.
The reported large selling of wheat for
Southwestern account helped to keep the
railroad stocks of that region steady
There were reports of favorable condi-
tons and prospects i'll the Anthracite
trade. scrutiny of the Union Pacific
statement showed that the decrease in
April net earnings was accounted for
more than twice over by an increase
i'll operating expenses. much of which
was understood to be going into per-
manent improvements and betterments
There was evidence also Of positive
strength i'll Sugar, Rubber and the
Smelling stocks. When Metropolitan
Street Railway suddenly bounded up
wards Il point at ii time to 2O6 the
bears were quick to take alarm, and,
other conditions also pointing Il warming
they rushed to cover. The extreme
gains from the low point were in Metro
poltan Z points, Sugar ), American To-
bacco 49,, Continental Tobacco 4,
Brooklyn Transit 21a, Burlington nearly
points and many other stocks a point
or over.
There was an easy tone to the bond
market in sympathy with stocks. bnt
losses were not so conspicuous as in
stocks. Total sales S1,S10N00.
United States new As advanced Is,
and the old is registered u in the bid
price.
The total sales of stocks were G43, 100
shares, including Atchison preferred,
%, 265; Burlington 20,S20; Louisville and
Nashville 1850; Manhattan 2O2S0;
Metropolitan Street Railway 23,795;
Reading, first preferred, 6,400; Missouri
Pacific S,425; New York Central 7,475;
Northern Pacific 21.550; Northern Pa
cific, preferred, 5,052; New York, On
tario and Western 7,400; Rock Island
and Pacific 1920; Union Pacific 1925;
St. Paul 1925; Southern Pacific 5000;
Southern Railway 5,250 Union Pacific
preferred, $50; American Steel and
Wire 15,2o0; Paper 6,095; American To
bacco 1870; Federal Steel 24,450; Fed
eral Steel, preferred, $3.50; Peoples Gas
u, $40; Brooklyn Rapid Transit 66,S95;
Continental Tobacco 22,6S0; American
Sugar 67 $50; Tennessee Coal and Iron
6,470; Rubber $3.50; Continental Tobac-
co, preferred, 1850; Western Union 49,,
19J; st. Louis and Southwestern, pre-
ferred, 5000.