The daily morning journal and courier., 1897-06-10
Etmamctal.
Firmness and Improvement in Values Elm

pnaSlzeU In lesIcfuay 8 StOCN hldrhSt'
 New York, June 9.-The stock market proclaimed to-day with extraordinary emphasis the vitality and f1rmness 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 to bring about a 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 all- embracing surge, to higher plane, Wiping out the losses which the pains taking efforts of the bears had accom- plished earlier in the day, and driving them to cover losses by nasty pur- chases on the fast rising scale of prices.
 The dealings in the last hour were characterized by animation, and the volume of sales, which had been small for two hours previously, was brought up to total considerably in excess of that of yesterday, which was the larg- est since the present period of activity in stocks.
 To-day's transactions in Sugar also were only about half as large as yes- terday, though the days sales in that stock still footed up the enormous ag- gregate of 45,000 shares. St. Paul and
 Burlington came next in the order
 named There were nine stocks in
 which the dealings exceeded 10000
 shares and some thirty-five in which
 the sales exceeded a thousand shares.
 This indicates greatly improved dis
 tribution of the dealings.
 The force of the rally is probably best interpreted as the assertion of the con- fidence in the general outlook for busi-
 ness, and the refutation of the theory
 that marked reaction in the market
 was imperative. It was this theory,
 coupled with revived rumors of crop damage in the northwest, that melted some traders to make short sales for decline In the morning. The movement to cover developed small supply of stocks offering. London selling also helped the bears to some extent, Contradictions of earlier reports of damage to crops reflected in the decline in the wheat market, served to stiffen the prices of the grangers sufficiently to put the shorts to rout. There was large buying on the improved prospects
 on the early settlement of the tariff question. The special strength shown 1 by number of low priced shares of re- organized companies is probably attrib-
 uted to the return from Europe of a prominent financier, whose influence | has been paramount in these reorgani-
 zations and who has before this enlist | ed large foreign capital in American | properties.
 The strength of Sugar, the leader, was also factor in the improvement. The early declines were for the most part fractional, extending to about A \ in the grangers, point in Sugar, 1A in ! New Jersey Central and 1B in Cleve- | land, Cincinnati, Chicago and St. Louis, with only partial recovery. The rally | extended to over point and left sub- stantial net gain in the cases of the ! grangers, New Jersey Central, Dela- ware and Hudson and the Reading is- sues, Manhattan, Western Union, Northern Pacific preferred and Tennes-
 see Coal and Iron. Sugars rally cov- cred 24 points. Stocks that advanced ! throughout were Tobacco, 21s; Tobacco | preferred, 21B; Bay State Gas, IS, and General Electric, a point Oregon Nav 1 igation advanced per cent and Ore | gon Short Line (when issued) 2A per cent The closing was strong and ex- | ceedingly animated and generally al l the top level.
 | The bond market was less animated, | but a good undertone continued an-
 parent with some of the reorganization issues, improving materially. The de-
 mand for foreign account was fairly
 moderate, and included speculative and | investment purchases of the prominent | liens.
 l Governments ruled firm, with trans actions light. The sales aggregated l S10OO0.
 | Following are the closing prices re-
 ported by Prince & Whitely, bankers
 and brokers, 16 Broadway New York,
 and 15 Center street. New Haven: