The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-09
BEARS LAUGH LAST
They Get in Their Work Very
Late in the Season.
VITALITY AND STRENGTH
Prevail Earlier, to the No
Small Profit Of the Bulls.

New York, June s.-The market took on
an appearance Of the vitality ard strength
which are associated with a bull market.
at one period during the day. but the in
evitable professional realizing seemed 10
take the snap out OF the market. and
when the bears perceived that the buying
was not renewed with any eagerness, even
after the realizing offerings had ceased.
they attacked teh market in the asst half
hour and worked some very material re-
cessions in prices. Sugar. Metropolitan
and Brooklyn Transit closed more than ?
points below the high level, though re-
tanning still good net advances in price.
A number Of the specialties and promi-
nent railroads also had point or over
taken from top prices. The opening OF
the market was surprisingly tranquil. con-
sidering the amount OF BUSINESS that was
being done. A long list Of important
stocks opened at unchanged prices. while
no stock in the list showed as much
change as a point in the early trading
1t was evident that there was a large bear
party in Sugar still unconviuced by yes
terdays dividend declarations and trey
undertook TO force down the price OF that
very uncertain security. BY the time ],
had fallen ? points. however, the de,anc
met resistance Of a kind which it was
not in the power Of the bears 10. overcome.
Their experience during the remainder Of
the day was not an agreeable one and the
heavy blocks absorbed ar the high level
was convincing evidence Of their distress.
y in RI Of Crr.~a
which was acquiesced in by all interests
in the trade seemed to bring home 20 the
bears that the competition could not be Of
a very destructive character and that the
opposing interests might be fairly regard
ed as installed in the position OF insiders
regarding stock market manuevers. The
very buoyant tone Of Brooklyn Transit
Metropolitan Street Railway and Manhat-
tan added TO the discontinue Of the bears
Later in the day the Tobacco stocks took
UP the advance Yesterdays dividend dec
laration on Atchison preferred had a very
stimulating effect on that stock as well
as those Of all grain-carrying roads. The
western and southern stocks nearly all
rose over a point and the whole railroad
list responded in sympathy the only lag
gard being a few southern roads. which
We're affected by selling for London ac-
count. The announcement Of a further
shipment Of 5000 o00 gold on Saturday,
making a total Of $3.50 O0O on the move
ment. was without influence in the mar
ket. The outward movement of gold is
now generally understood 10 be due 10
special Inducements offered by the Bank
of England to secure a replentshment of
its reserve. There are intimations Of sim
liar pressure from Russia and other CONT
mental points. though no authoritative in
formation can be secured on the subject.
The iron and steel stocks We're 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 railroad stocks seldom traded
in. including Iowa Central preferred. Min
neapoHs. St. Paul and Saulte Ste Marie
common and preferred. Hooking Valley
Evansville and Terre Haute and Des
LIoines and Fort Dodge preferred. The
tone at the close was decidedly weak.
The total sales Of stocks today We're 725-
SEQ shares. including: American Steel and
Wire .. go; American Sugar 1900: Amer
itan Tobacco. %. 800: Anaconda, 800; AtCh-
ison 1920: do preferred y 6Ol. Burlington, I
GO 500. Continental Tobacco. l41ol; do pre-
ferred. $40; Fedora Steel 2i00; DO pre-
ferred 400: Manhattan Consolidated. % /
Gao; Metropolitan Street Railway. 500; !
Mexican Central. 500; Missouri Pacific /
- so0: New York Central o60o: Northern /
Pacific 500; do preferred. 1908; Peoples /
Gas. I4IO0: Rock Island. 177o0, ST Paul /
25lOo. Union Pacific 100; do preferred. s. |
Oo): United States Rubber $3.50, Western /
Union 3.7o0.