The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-06-03
BEARS WERE ROUTED
COMPLETE REvULsION OF FEEL
ING IN THE STOCK MARKET
COMES UNEXPECTEDLY
WEEKS LOSSES WIPED OUT
Bears Did Not Yield the Field With
out "a Struggle, and the Trading
Was Active and Excited-TvO-
Point Decline In Sugar Late In
the Day Was the Only Setback
for the Bull Element.


NEW YORK, June 2.JThe bears suffer-
ed complete rout the stock ex-
change today, and rushed to cover out
standing short accounts with symptoms
of distress. Prices were marked up in
the last half hour of the trading in the
way 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 COM
plete reversal of speculative sentiment
could be imagined, and the weeks earlier
losses were wiped out In all but few
cases, and the general level of prices
brought back about those of last Satur-
day.
| Bears did not yield the field with ut
a struggle, 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 Tran
sit, Manhattan and number OF the
steel stocks were under pressure, while
the opening gain in metropolitan street
Railway was almost wiped out. But the
strength in the railroad list, especially in
the international stocks in sympathy
with the earlier rise in London on good
buying for London account, checked the
earlier effort to force a decline; Met
ropolitan Sugar and Brooklyn Transit
all developed quite a buoyant tendency,
awaited developments. By the time the
buying for London account had been ex-
ecuted, the market became dull and the
bears returned to the attack. They pro
duced some impression on the Tobacco
stocks, American Mailing prefer ed,
! Rubber and $780," 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 in the market, and
the stubborn resistance of prices 1nduc-
ed the bears to abandon their campaign,
and to rush prices up In the f1nal hour
in their panic-stricken efforts to cover.
Net gains throughout the list ranged
from one to over four points, and are
over two points for the majority of &C
tive stocks. The announcement m ade
after business hours yesterday of the
engagement of $l,000,000 gold for export
came as a surprise, and was greeted
hopefully by the bears. But the ope a
| lions served to relieve the money market
iii London, and thus awakened puylnS
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 or Rus
sian crops was expected to bring out
the outside market there was very
strong recovery in the stock Of the Anal
gamated Copper Company, which touch
ed So. This was accepted as resump-
ton of aggressive supporting tactics by
the powerful interests behind that COM
bination. Good reports in the anthracite
trade, and the expectation of a favorable
bank statement by reason of contraction
of loans all contributed to the up-turn
In prices.
There were yielding points in the bond
list, but prices of many issues turned
ed upwards. The total sales, per value,
81, 0oo 600. United States As advanced N.
and United States coupon Is In the bid
price. ~ =
STOCKS. -
Furnished ny Charles H f. Smith 8
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: