The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-10
EMPHATIC RALLY IN THE LATE
STOCK DEALINGS AT NEW
YORK.
BEAR CARDS WELL. PLAYED.
A REACTION IN PART Sue
CESSFUL.
The General Closing Very Strong
and ExcitinSIy Animated ut Sub
stantiaI Net Advances.

NEW YORK, June 9-The stock market pro-
claimed today, with extraordinary emphasis,
the vitality and firmness of the improvement
in values which has been achieved in the last
two weeks. The resources of the bears were
exhausted in partially effective effort to
bring about general reaction, but they had
to be abandoned in face of the strong rally Of
the last hour, which carried the whole market,
with an al!-emb; ac.ng surge, to higher plane,
wiping out the losses which the painstaking
efforts of the bears had accomplished earlier
in the day, and driving them to cover losses
by hasty purchases ON the fast rising scale of
prices. The dealings in the last hour were
characterized by great animation, and the vol
ume of sales, which had been small for two
hours previously, was brought up to a total
considerably in excess of that of yesterday,
which was the largest since the present period
of activity in stocks. Todays transactions in
Sugar also were only about half as large as
yesterday, though the days sales in that stock
still footed up the enormous aggregate of 49,
600 shares. st. Paul and Burlington came
next in the order named. There were nine
stocks, in which the dealings exceeded 10 900
shares and some thirty-fve in which the sales
exceeded a thousand shares. This indicates a
greatly improved distribution of the dealings
The force of the rally is probably best inter-
preted as the assertion of the confidence ~
the general outlook for business, and the refu-
tat1on OF the theory that marked reaction in
the market was imperative. 1t was this
theory, coupled with revived rumors of crop
damage in the Northwest, that melted some
traders 10 make short sales for a decline, in
the morning. London selling also Helped the
bears to some extent. Contradictions of early
reports of damage to crops reflected in the de-
cline in the wheat market, served to stiffen
thn Nr,n 80 81
the shorts to rout. There larger buying
also on the improved prospects of the early
settlement of the tariff question, the demand
embracing wide range of stocks.
The special strength shown by number Of
the 1ndustrials aided the advance The nota-
Bile strength shown by a number of low
priced shares of reorganized companies is
probably attributable to the return from Eu-
rope of prominent financier whose influence
has been paramount in these congratulations
and who has before this enlisted large for
eign capital in American proper lies. The
strength of Sugar, the leader was also a
factor in the improvement. The early de-
clines were for the most part fractional ex-
tending to about Il in the grangers, point
in Sugar, IA in New Jersey Central and ia
in Cleveland, Cincinnati, Chicago & st. Louis,
with only partial recovery. The rally extended
to over point and left a substantial net gain
in the cases Of the grangers New Jersey Cen
trail, Delaware & Hudson and the Reading
issues, Manhattan, Western Union, Northern
Pacific preferred and Tennessee Coal & Iron
Sugars rally covered "a points. Oregon Nav
igation advanced per cent, and Oregon Short
Line when issued "a per cent. The closing
was strong and exceedingly animated an gen
orally at the top level.
The bond market was less animated, but a
good undertone continued apparent with some
of the reorganization issues improving mate
rally. The demand for foreign account was
fairly moderate and Included speculative and
investment purchases of the prominent liens.
Detroit Gas vibrated violently ranging
from so to SO and closing at 81 a gain of u
per cent Oregon Short Line consol IS trust
receipts were largely dealt in and gained 2
Per cent. The sales were 81 617,0 600. Govern
ments ruled firm with transac ions light The
sales were $4,000.
The total sales of stocks today were 205-
551 shares, including: Tobacco Is, coo; Sugar
46,SO0; Burlington, 10, 800; Chicago Gas, $500:
General Electric, 800; L. & NJ, $500; Man
haitian, 1900; N. P, 10 500; Rock Island. TO-
900; st. Paul, 2430O do pfd, 500; Tennessee
Coal & Iron, 1890; Western Union, 200; n
]. Central, 1900
The following were fluctuations of the
leading railway and Industrial shares fur
nished by c. H. F. Smith & Co., members
New York stock exchange and Chicago board