The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-06-03
BEARS SUFFERED
COMPLETE ROUT
Immense Reversal of Speculative
Sentiment Occurred. -
YIELDED AFTER STRUGGLE
Tendency of Prices in the Bond Market
Was Upward in Most Cases-To-
tai Sales of the Day Amount
ed to $2,oOo,ooo.oO.

New York, June 2.--The bears suffered q
complete rout on the stock exchange to-
day and rushed to cover outstanding ac-
counts with symptoms of distress. Prices
were marked up in the last half hour of
the trading in way which showed plainly
the eagerness of the shorts to close out
their contracts so that they were bidding
prices upon themselves in many cases.
No more complete reversal of specula-
tive sentiment could be imagined and the
weeks earlier losses were wiped out in
all but a few cases and the general level
OF prices brought back to about those of
last Saturday. Bears did not yield the
field without struggle, the opening Of
the market showing declines In a number
of stocks which have been favorite
largely for the bears in the recent
market
Sugar was raided down a point, and
Brooklyn Rapid Transit, Manhattan and
number of the steel stocks were under
pressure while the opening gain in Metro
poiitan Street Railway was almost wiped
oiut. But the strength in the railroad list
especially in the international stocks, in
sympathy with the earlier rise in London
and on buying for London account checked
the earlier effort to force decline.
metropolitan street HdllWuS, PuSdI anu
Brooklyn Transit opened quiet at a
buoyant tendency and the bears drew off
their forces and awaited developments. BY
the time the buying for London account
Lad been executed the market became duh
and the bears returned to the attack.
They produced some impression the
tobacco stocks, American Mailing pre-
ferred, Rubber and Minneapolis, st. Paul
and Saut st. Marie, but almost no effect
on the general list. A two point decline
after midday in Sugar was the only sub
sequent 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 eff
forts to cover.
Net gains throughout the list ranged from
enc to over four points and over two points
for the majority of active stocks. The
arrangement, made at the business hours
for the engagement of $l,000,0O0 gold for
export came as surprise and was greeted
hopefully by the bears. But the operations
served to relieve the London money and
thus awaken 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 re-
serves of American wheat
In the outside market there was a very
strong recovery in the stock of the Anal
samated Copper company, which touched
20. This was accepted as a resumption of
aggressive supporting tactics by the power
full interests behind that combination
Good reports in the anthracite trade and
the expectation of a fair bank statement
10Y reason of contraction of loans all con-
tributed to the upturn in prices
There were yielding points in the begin
ming of the list, but the prices of many Is
sues turned upward. Total sales value ST.
600
United States 3's registered advanced 4,
and do coupon % in the bid price.
Total sales of stocks today were 523 492
shares, including: American Steel and
Wire, 24,300; Sugar GS, 400; Atchison pre-
ferred 2S,100; Burlington, 27600; Louisville
and Nashville. 9,10O Reading first preferred,
u.SOO Rock Island, 6,OOO st. Paul 10, 400;
Tennessee Coal and Iron 80 210
Money on call steady at 112d3 per cent :
last loan at ~.
Prime mercantile paper 31h6p41L re.,. cent
Sterling exchange weak, with actual bus
mess in bankers bills at $4S7a4@LSS for de-
mand and at A.S51sdf4.S5a4 for sixty days.
Posted rates, $S615@4S7, and S4S9.
Commercial bills, s4S5q4S51a.
Silver certificates, 61Gl82
Bar silver 60%.
Mexican dollars. 1872
Government bonds, strong
State bonds, inactive.
Railroad bonds, irregular.