The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-06-03
THE MARKET ELSEWHERE.

New York, June 2.-The bears suf-
fered a complete rout on the stock ex-
change today and rushed to cover out
standing short accounts with symptoms
Of distress. Prices were marked IN in
the last half-hour of trading in a. Wav
which showed plainly the eagerness Of
the shorts to close out their contracts
so that they were bidding prices up on
themselves in many cases.
No more complete reversal of specu-
lative sentiment could be imagined and
the weeks earlier losses were wiped
out in all but few cases and the gen
eral level Of prices brought back 10
above that of last Saturday. The bears
did not yield the field without a strug-
gle, the opening of the market showing
declines in number of stocks which
have been faVOrite targets for the bears
in the recent market. Sugar was raided
down point, and Brooklyn Transit.
Manhattan and a number of the steel
stocks were under pressure while the
opening gain of Metropolitan was al
most wiped out. But the strength in
the railroad list, especially in the in
ternational stocks in sympathy with the
earlier rise in London and on buying
for London account checked the earlier
effort to force decline.
@hAtAA OpOllLdLs sugar ana l0rOOklNn
Transit all developed a buoyant ten
dency and the bears drew off their
forces and awaited developments. BY
the time the buying for London account
had been executed the market became
dull and the bears returned to the at
tack. They produced some impression
on the Tobacco stocks American Malt
ing, preferred, Rubber and Minneapo-
lis, ST. Paul and Sault Ste. Marie, but
with almost no effect on the general list.
A 2-pOint decline after day in Sugar
was the only subsequent evidence of
any weak point in the market, and the
stubborn resistance Of prices induced
the bears to abandon their campaign
and TO rush prices up in the final hour
in their panic-stricken efforts to cover.
Net gains throughout the list range
from 1 to over points, and are over
points for the majority Of active stocks.
The announcement made after business
hours yesterday Of the engagement of
81, 000000 gold for export came as a sur
prise and was greeted hopefully by the
bears. But the operation served to re-
lieVe the London money market and
thus awaken a buying movement in the
stock market there which spread to the
American section and was reflected
back upon 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 expected to bring
out large reserves of American wheat.
In the outside market there was a
very strong recovery in the stock of the
Amalgamated Copper Company which
touched IS. This was accepted as a re-
sumption of aggressive supporting tao
tics by the powerful interests behind
that combination. Good reports from
the anthracite trade and expectations
of a favorable bank statement by rea-
son of contraction Of loans, all con-
tributed to the upturn in prices. There
were yielding points in the bond list,
but prices of many issues turned up
wards. Total sales par value $1,000 0O0.
United States IS registered advanced Il
and DO. coupon z n the bid price.