The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-06-09
STRONG OPENING WAS FOLLOWED
BY THE INEVITABLE REALIZ-
ING BY PROFESSIONALS
STRENGTH WAS SOON SHAKEN
Bears Came In After the Profit
Takers Seemed Satisfied with
Dealings and Made Another Sue
cessful Raid-A Number of the
roads Suffered Fully a Point.

NEW YORK, June S.-The market took
on the appearance of vitality and
strength which is associated with bull
market at one period during the day, but
the inevitable professional realizing
seemed to take the snap out of the mar
ket and when the bears perceived that
the buying was not renewed with any
eagerness, even after the realizing offer
lngS had ceased, they attacked the mar
ket in the last half hour and worked
some very material recessions in prices.
Sugar, Metropolitan and Brooklyn Transit
closed more than two points below the
hlgh level, retaining still good net adj
vances in prices. A number of the spe-
ciaities and prominent railroads also had
point or over taken from the price.
The opening of the market was surpris-
tngly tranquil, considering the amount of
business that was being done. A large
list of important stocks opened at I'M
changed prices, and no stock in the list
showed change of as much as point
In the early transactions. 1t was evident
that there was large bear party in
Sugar still unconvinced by yesterdays
dividend declaration, and they undertook
to force down the price of that very I'M
certain security. By the time 1t had fallen
points, however, the decline met resist
ance of kind which it was not in the
power of the bears to overcome Their
experience during the remainder of the
day was not an agreeable one, and the
heavy blocks absorbed at the high level
was convincing evidence of their distress.
The advance in price of refined sugar,
which was acquiesced in by all interests
in the trade, seemed to bring home to the
bears that the competition could not be of
very destructive character, and that
the opposition interests might be fairly
regarded as installed in the position of
insiders regarding stock market man
euvers. The very buoyant tone of Brook
lyn Transit. Metropolitan Street Railway
ard Manhattan added to the discom-
future of the bears. Later in the day the
Tobacco stocks took up the advance.
Yesterdays dividend declaration on Atch-
ison preferred had a very stimulating eff
feet on that stock, as well as those of all
grain-carrying roads. The Western and
Southwestern stocks nearly all rose over
a point, and pretty much the whole rail-
road list responded in sympathy, the only
laggard being a few Southern roads,
which were affected by selling for Lon
don.
The announcement of further ship
Inent Of 81, 000,000 gold on Saturday, max
ing total of So, 500 600 on the movement,
was without influence in the market. This
outward movement of gold is now gen.
orally understood to be due to special in
ducements offered by the Bank Of Eng
land to secure repleniShment of Its re-
serve. There are limitations Of similar
pressure from Russia and other continent
tai points, though no authoritative fnfor-
nation can be secured on the subject.
The iron and steel stocks were conspic-
uously heavy all day, with one or two
exceptions, though they did not suffer
materially in the later decline. Large
gains were shown by a number of rail-
road stocks seldom traded, including
Iowa Central preferred, 800" common
and preferred, Hooking Valley, Evans
vile & Terfe FIaute' and Des Moines &
Fort Dodge preferred. The tone at the
close was decidedly weak.
The market for bonds showed improved
strength and an Increased volume of deal
ings as the day progressed. Total sales,
par value, $2,S2000O. United States Is adj
vanced " in the bid price.
STOCKS
Furnished. by Charles H. F. Smith &
Co., members of the New York stock ex-
change, Pioneer Press building, who have
special wires to Chicago and New York.
Closing prices are bid