The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1898-06-17
9 a - T . R r "a.
Bears the y The Kind You Have Always Bought
signature os &xNZNlZU
The stock Marl.et a smam Bear Pan

The Stock Market "A Small Bear Pan 10
New York, June 16.-There was a
small bear panic to-day which caused
an upward rush of prices in the first
hour such as has not been seen on the
stock exchange for days. Blocks of
1000 shares and upwards Of leading
stocks We're snapped up with svidity.
The prominent specialties and the
grangers had the most conspicuous ad-
vances, but the strength was quite well
distributed in the list and gains In the
railroads were nearly uniform. After
the opening rush the market fell into
duilness and irifted rather. airnfessiy
below the high point, but without fall
ing to the opening level
The hardness of the market discour-
aged all professional attempts to de-
press prices and the buoyancy of few
individual stocks stimulated rise to
the highest of the day. The later trans
actions were limited in volume and the
closing was almost inanmate, but firm
at the top.
The absence of any large general de-
considered in connection with yester-
days downward movement, indicates
that the market Is near the point of
stability. Yesterdays decline failed to
dislodge any large offerings, indicating
that the supply is firmly and strongly
held. But there was equally an alb
sence of any effort on the part of in
side interests to advance prices to-day,
except in special cases. The demand
from the shorts was very pronounced
in Tobacco, Sugar, Peoples Gas and
the grangers.
There was also a morning demand for
London account which lifted prices of
the internationals. During the day a
sustained buying movement in Cleve-
land, Chicago, Cincinnati and st. Louis,
Chesapeake and Ohio, and Baltimore
and Ohio developed, carrying the prices
up from 11s to points. The demand
for the two former stocks Is currently
supposed in Wall street to be connect
ed with a far-reaching project for the
consolidation of the Ohio soft coal in
terest under the controlling influence
of the dominant interest in these roads.
Baltimore and Ohio may have felt some
SyInpd CnetlC elecly Dul There were also
rumors of the approaching issue of the
reorganization plan. Hooking Valley
common stock rose q per cent. on small
transactions. The increase In the semi
annual dividend rate of Denver prefer
red from 1 to ~ per cent and quar-
terly dividend on the preferred stock
of Cleveland, Chicago, Cincinnati and
st. Louis at the full five per cent. rate
were favoring influences on the mar
ket.
Rates for time money were quotably
higher, ranging from 2@2k per. cent.
for sixty days and 31a per cent. for six
to eight months. New York exchange
at Chicago also fell to ten cents dis
count. Notwithstanding the harder
tendency of money, the sales of stocks
for London account and foreign buying
of wheat, sterling exchange was firmer.
There was heavy buying of Texas and
Pacific seconds, which raised the price
about point. Business otherwise was
not large in the bond market, but the
tendency of prices was upwards. Total
sales $2.2OO,OOO.
United States new tours advanced 81,
the fves u and the old tours registered
4 in the bid price. The old tours cou-
pom declined u.