Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-06-03
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks. Money, Exchange, Bonds, Grain,
Cotton, Provisions, Etc.

New York, June 2.-The bears suf-
fered a complete rout on the Stock Ex-
change to-day, and rushed to cover
outstanding short accounts with symp-
toms of distress. Prices were marked
up in the last half hour Of the trading
in q way which showed plainly the
eagerness of the shorts to close out
their contracts so that they were bid
ding prices UP on themselves in many
cases. No more complete reversal OF
speculative sentiment could be i'm
agined, and the weeks earlier losses
were wiped out in all but few cases.
and the general level of prices brought
back to above that OF last Saturday.
The bears did not yield the field with
out struggle, the opening of the mar
ket showing declines in Il number or
stocks which have been favorite tar
gets for the bears in the recent mar
ket. Sugar was raided down point.
and Brooklyn Rapid Transit, Manhat-
tan and number of the steel stocks
were under pressure while the opening
gain in Metropolitan was almost wiped
out. But the strength in the railroad
list. especially in the international
stocks in sympathy with the earlier
rise in London and on buying for Lon
don account checked the earlier effort
to force a decline.
Metropolitan, Sugar and Brooklyn
Rapid Transit also developed quite n
buoyant tendency, and the bears drew
off their forces and waited develop
ments. By the time the buying for
London account had been executed the
market became dull, ana the bears re-
turned TO the attack. They produced
some impression on the Tobacco stocks,
Ptti,l NAt
and Minneapolis, st. Paul and Sault
Ste Marie, but with almost no effect
on the general list. A 2 point decline
after midday in Sugar was the only
subsequent evidence Of any weak point
in the market. and the stubborn re-
slstance 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 l to points and over, and are
over points for the majority of active
stocks.
The announcement made after yes
terday's business hours. of the engage
ment OF 81 100000 gold for export, came
as surprise. and was greeted hopeful
ly by the bears. But the operation
served to relieve the London money
market and thus awaken a buying
movement in the stock market there
and was reflected back on the New
York exchange. xhe renewed strength
In wheat was equally Ineffective in de-
pressing prices of stocks, as the re-
ported failure OF Russian crops WAS en-
pected to bring out large reserves of
American wheat.
In the outside market there was
very strong recovery in the stock of
the Amalgamated Copper Company
which touched %. This was expected
as resumption of the aggressive sup
porting tactics by the powerful inter-
ests behind the combination. Good re-
ports In the anthracite trade and the
expectation of n favorable bank state
ment by reason of the recent contrac-
tion In loans all contributed 10 the up
turn Of prices.
There were yielding points in the
pond list, but prices of many issues
turned upwards. Total sales par value
U. S. As registered advanced 4 and
do coupon Csc. in the bid price.
shares NV
New York. June 2--standard OIL 4.5o
Q4.Gi. gag ''''