The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-06-10
WERE DRIVEN T0COvER
Bears Forced to Cover Losses by Hasty
Purchases on Fast Rising Prices.
GREAT ANIMATION IN THE LAST HOUR
A Grentiy Improved Distribution Of
tho Dealinss-Tho Movement to
Cover Developed How Small a
Supply OF Stocks Was Offering
Strength Of Sugar Also q Faction.

New York. June e.-The stock market
proclaimed to-day with extraordinary
emphasis the vitality and frmness Of
the Improvement in values which has
been achieved in the last two weeks
The resources Of the bears were ex-
hausted In partially effective efforts
10 bring about a general reaction, which
Hhey had to be abandoned, in face Of the
strong rally Of the last hour, which car
1led the whole market, with an all
embracing surge, to higher plane,
W1plng out the losses which the main
stalking efforts OF the bears had ac-
complished earlier In the day and driy-
ing them to cover losses by hasty pur-
chases on the fast rising scale of prices.
Inc dealings in the last hour were char
acterlzed by great animation and the
volume Of sales, which had been small
Tor Two hours previously was brought
up to q total considerably in excess Of
1nat or yesterday, which was the largest
since the present period Of activity in
stocks.
To-day's transactions in Sugar, also,
were only about half as large as yester-
DAY, though the days sales in that stock
Sell footed UP the enormous aggregate
or over $4,000 shares. ST. Paul and Bur-
llngton came next in the order named.
There were nine stocks In which the
dealings exceeded 10000 shares and some
tnlrtS-1Ve IN which the sales exceeded
q thousand shares. This indicates a
greatly improved distribution Of the
dealings. The force Of the rally Is pro-
bably best interpreted as The assertion
or the confidence in the general outlook
Tor business and the REPUTATION Of the
Iheory that marked reaction in the mar
4et was imperative. It was this theory,
coupled with revived rum1rs CT crop
damage In the Northwest, that melted
some traders to make short sales for a
oecllne In the morning. The movement
TO cover developed how small q supply
Or STOCKS was Offering. London selling
also helped the bears to some extent
Contradictions Of earlier reports Of dam
age to crops reflected In the decline in
the wheat market, served to stiffen the
prices OF the Changers sufficiently to put
Inc shorts to rout. There was large buy
Ing also on the improved prospects Of
the early settlement Of the tariff ques-
lion. the demand embracing q wide
range OF stocks. The special strength
shown by number Of the Industrial
STOCKS aided the advance The notable
strength shown by number of low
pr4ced Snares OF TeorganiZed companies
IS probably attributable to tile return
from EUROPE Of prominent t1nancier.
whose influence has been paramount in
these reorganizations. and who has, be-
tore TINS. enlisted large foreign capital
IN american properties. The strength of
sugar, the leader was also 4 factor in
the Improvement. The early declines
were for the most part fractional, ex-
tending to about &c. In the Changers. a
pom on Sugar, 1Ac. In Jersey Central
and lhsc. in Cleveland. Cincinnati Chi
cago and st. Louis, with only partial
recovery. The rally extended to over a
point and left a substantial net gain in
the cases Of the Changers, New Jersey
central. Delaware and Hudson and the
Heading issues. Mahattan, Western
Union. Northern Pacific Preferred and
Tennessee Coal and Iron. Sugars rally
covered 2M points.
The total sales Of stock to-day were
26b.65l shares, Including Tobacco, liz, 500:
sugar, 46.SO0; Burlington and Quincy.
1sS0O: Chicago Gas. $500: General Flee
trlc, 300; Louisville and Nashville. 600:
Northwest. $500; Northern Pacific Pre-
Ierred. 10000; Reading, 23.700; Rock IS
aha. 10000: st. Paul. 24.SO0; Western
Union. 1920.
Inc pond market was less animated.
Fout a good undertone continued appar-
ent with some Of the reorganization is
sues improving materially The demand
1or foreign account was fairly moderat G.
Inc sales were $1,G17. 900.
governments ruled firm, with trans
actions light. The sales We're $40, 900.
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