The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-06-11
NAVAL STORES.
The New York StcCk Market.

New York, juno 9.-Thc stock market
proclaimed today with extraordinary
emphasis the vitality ana hrmnoss Of the
Improvement in values which has been
achieved in tne last two weeks. The re-
sources Of the bears were exhausted in
partially effective efforts to bring about
Il general reaction. which had to be
abandoned. in face OF the strong rally OF
the last hour, which carried the whole
market, with an ail-omhracing surge. to
q higher plane, wiping out the losses
, which the painstaking efforts of the bears
had accomplished earlier I'm the day. and
driving them 10 cover losses by hasty
purchases on the first rising scale OF
prices. The dealings in the last hour were
characterized by great animation, and
the volume Of sales, which had been small
for two hours previously. was brought VI,
10 q total considerably in excess of that
Of yesterday, which was the largest since
the present period of activity in stocks.
| Today transactions in Sugar. also were
only about half as large as yesterday.
J though the days sales I'm that stock
still footed up the enormous aggregate
of ever 5000 shares. St. Paul and Bur
linGton came next in the order named.
There were nine stocks in which the
! dealings exceeded 10000 shares and somc
t~hirty-Gve in which the sales exceeded
| 1000 shares.
This indicates n greatly improved dis
, tribution of the lines. The force OF the
rally Is probably best interpreted IA tho
assertion Of the confidence in the general
outlook for business and the reputation OF
the theory that marked reaction in the
market was imperative. 1t was this
theory coupled with revived rufnors OF
crop damage in the northwest. that In
cited some traders to make short sales
for a decline in the morning. The move
ment to cover developed how small a
supply Of stocks was Offering. London
selling also helped the bears TO some ex-
tent. Contradictions of earlier reports OF
damage to crops. reflected in the decline
in the wheat market, served to stlffen
the price of the grangers sufficiently to
put the shorts TO rout.
| There was large buying also on the i'm
proved prospects of the early settlement
of the tariff question. the demand en-
bracing a wide range OF stocks. The
| strength shown by "A number Of the indus
trial stocks aided the advance. The nota-
| bic strength shown 10y "A number OF low
| priced shares Of re-organiZed companies
Is probably attributable to the return
| from Europe OF an prominent f~nancier
whose influence has been paramount in
| these reorganization and who has before
this, enlisted large foreign capital in
American pro perties. The strength OF
Sugar. the leader. was also a factor I'm tho
Improvement. The early declines were
for the most part fractional. extending
| to about q in the grangers. a point In
| Sugar, Ia in New Jersey Central and rs
in Cleveland. Cincinnati. Chicago and st.
Louis. with only partial recovery, The
rally extended to over a point and left
| "A substantial net gain In the cases OF tho
| Changers. New Jersey Central. Delaware
| and Hudson, the Reading issues. Manhat-
| tan. Western Union. Northern Pacific,
F, preferred. and Tennessee. Coal and Iron.
| Sugars rally covered "a points.
The total sale Of stocks today were 2S5..
5jI shares, including American Tobacco
| j., 100. American Sugar 10, ~. Burlington
| and Quincy IL. 40. Chicago Gas $3.50. Gem
| eral Electric 5.1p. Louisville and Nash
| Vile 500. Northwestern 500. Northern
Pacific. preferred, 1850. Reading u. 100,
Rock Island 1880, St. Paul 24.3y). Western
| Union 1S. 200. The bond market was less
| animated. but a good undertone continued
| apparent With some Of the re-organiza-
| ton issuesK fnprovlng materially. The de.
| mand for foreign account was fairly mod
| crate. The sales were Si.eiGVc0. Govern.
mcnts ruled firm with transactions light.
/ The sales were $1,000.