The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-03
BEARS PIT IO ROOI
They Rush to Cover, Under
Severe Stress of Weather.
UPWARDS OF TWO POINTS
Gained in Most StoCkS--Mi!-
lion in Gold for Export.

New York, June 2.-The bears suffered
a complete ruot on the stock exchange
today and rushed TO cover outstanding
accounts, with symptoms Of distress.
Prices were marked UP in the last half
hour Of the trading m a way which
showed plainly the eagerness OF the shorts
10 close out their contracts, so that they
were bidding prices up on themselves in
many cases. No more complete reversal
OF speculative sentiment could be imagined
and the weeks earlier losses were wiped
out in al but few cases and the gen
eral level OF prices brought back TO about
those OF last Saturday. Bears did not
yield 20 the field without a struggle, the
opening OF the market showing declines
in number Of stocks which have been
fayorte targets for the bears in the re-
cent market. Sugar was raided down
point and Brooklyn Transit, Manhattan
and number OF the steel stocks were IN
der pressure, while the opening gain N
Metropolitan Street Railway was almost
wiped out. But the strength in the rail-
road list, especially in the international
in ondon and on buying for ondon account
checked the earlier effort 10 force a de-
cline. Metropolitan Street Railway. Sugar
and Brooklyn Transit al developed quite
a buoyaut tendency and the bears drew
off their forces and awaited Developments
By the time the buying for London ac-
count had been executed the market be-
came dull and the bears returned to the
attack. They produced some impression in
the Tobacco stocks. American Mating
preferred. Rubber and Minneapolis. St
PAU and St. Paul and Sauft Ste Marie,
but almost no effect on the general LIST.
A two point decline after midday IN
Sugar was the only subsequent evidence
Of any weak point N the market and the
stubborn resistance OF prices induced the
bears 70 abandon their campaign and TO
rush prices up in the final hour in their
panic-striczen effort TO cover. Net gains
range from l to over points and are
over points for the majority OF active
stocks. The announcement. made after
business hours yesterday Of the engage
nent Of $1,000 90 gold for export came as
a surprise and was greeted hopefully by
the bears But the operations served 10
this awakened buying movement in the
stock market there which spread 10 the
American section and was reflected back
upon the New York exchange. The re-
newed strength In whea, was equally in
effective 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 com
pany. which touched %. This was accept
ed as a resumption Of aggressive support
ing tactics by the principal interest behind
that combination. Good reports IN the
anthracite trade and the expectation Of
a favorable bank statement by reason OF
contraction Of loans all contributed 70 the
upturn in prices.
Total sales Of stocks today were - i92
shares. including: American Steel and
Wire. q go: American Sugar, S. 80.
American Tobacco. 6.41o; Anaconda, 500;
A1cffson preferred. Is 100: Brooklyn Rapid
Transit. 50 90; Chicago. Burlington and
Quincy. 1880: Colorado Fuel and Iron.
100: Continental Tobacco. z 90; Federal
Steel. o. 900: Federal Steel preferred. $500;
International Paper, 800; Manhattan
Consolidated. q. 600: Metropolitan Street
Railway. 500; Missouri Pacific. G 100; Ma
tionai Steel, 100: Northern Pacific, 100;
Peop.e's Gas Of Chicago. 1850; Reading
first preferred. IL so: Reading preferred.
go: Rock Island. 5000; St. Paul. 100;
Southern Pacific. 500; Union Pacific. L9oo'
Ruf5rr. 300: Western Union. 500
-r,a leading s+ocks closed as follows.