Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-06-03
STOCK BEARS ROUTED
THEY RUSH TO COVER, WITH sYMP.
TOMS OF DISTRESS.
REVERSAL OF SENTIMENT.
ine weeks Earlier Losses Are
wiped Out, and the General Level
OF Prices Brought Back to Above
Saturdays.

NEW YORK, June 1.-The bears .,f-
Tered a complete rout in tho s,oor, T.
change to-day, and rushed ~ &C., 80,
Huhs snort accounts. with symptoms
Vi distress. Prices were marked up In
'he iast half hour Of the trading in a
way winch showed plainly the eagerness
Vi the shorts to close out their contracts
80 tnat they were bidding prices I'D on
themselves In many cases. No more com
piete reversal Of speculative sentiment
could be imagined, and the weeks earlier
iosses were wiped out in all but q few
cases and the general level of prices
ploueht back to above that of last Satur-
Gay. The bears did not yield the fiald
without struggle, the opening of the
market showing declines in a number Of
Sor ~ winch have been favorite targets
eon the pears In the recent market
SSugar was raided down a point and
oiookIyh RAPID Transit, Manhattan. and
d NUMBER or the steel stocks were under
prtthsure, while the opening gain in Metro
p 90. street Railway was almost wiped
out. But. the strength in the railway
ilst, especially In the International stocks
IN sympathy with the earlier rise in Lon
d9n, and on buying for London account.
Sheeked the earlier effort TO force
Metropolitan. Sugar. and Brooklyn
Rapid Transit also developed quite a
Duoyant tendency, and the bears drew
on their forces and awaited developments.
by the time the buying for London ac-
COUNT mad been executed the market be-
came dull and the bears returned to the
attack They produced some impression
on the Tobacco stocks. Rubber. ST. Paul
and saulte Saint Marie. but with almost
no effect on the general list.
Net gains throughout the list ranged
from 10 points and over, and are over
points for the majority OF active stocks.
GOLD FOR EXPORT.
Inc announcement made after yester-
DAY business hours of the engagement OF
N.VVUO gold for export came as a sur
prise, and was greeted hopefully nv the
bears. But the operation served to relieve
the London money market, and thus
awaken buying movement in the stock
market there, which spread to the Ameri-
can section. and was reflected back on the
New York Exchange. The renewed
strength in wheat was equally ineffective
In depressing prices Of stocks. as the
reported failure Of Russian crops was ex-
pected 10 bring out large reserves of
American wheat.
In the outside market there was a very
strong recovery in the stock of the Anal
gamated Copper Company, which touch
ed 80. This was expected as a result of
the aggressive supporting tactics by the
powerful interests behind the combination
the expectation Of a favorable bank state
ment by reason of the recent contraction
In loans, all contributed to the upturn Of
prices.
There were yielding points in the bond
list. but prices of many issues turned up
wards. Total sales, par value. 100000.
United States As, registered. advanced Il,
and do, coupon, y in the bid price.
The total sales of stocks were 523. 400
shares, including 2s,7l0 Atchison, prefer
red: 1850 Chicago. Burlington and
Quincy; 1885 Louisville and Nashville;
20. $40 Manhattan 6l15 Metropolitan; H.
76O Reading preferred; $3.50 Missouri Pa
cific; 1900 Northern Pacific; 5000 Rock
Island: u. $50 Union Pacific: 1880 St Paul
5000 Southern Pacific: 1866 Union Pacific,
preferred; 2i,325 American Steel and Wire
6 42O American Tobacco; %. $50 Federal
Steel: g. $50 Federal Steel. preferred; II $50
Peoples Gas; $3.50 Brooklyn Rapid
Transit; II. $50 Continental Tobacco; $3.50
Sugar: 3O.225 Tennessee Coal and Iron;
$50 Western Union.
MONEY AND EXCHANGE.
Money on call easy at 11zd3 per cent. ;
last loan at ~ per cent; prime mercantile
paper. 3IzQ4A per cent.
Sterling exchange weak, with actual
business in bankers bills at AH%nA,s 50
for demand, and &.s5hGA.S2l for sixty
DAYS. Posted rates. $S615qA.6 and AS9;
commercial bills. lisa A&l2.
Silver certificates. 61Q62c. Bar silver
sO2,c Mexican dollars, 4Sl2c.
Government bonds strong. state BONDS
inactive. Railroad bonds irregular.