The San Francisco call., 1901-12-27
EASTERN MARKETS.
NeaU York Stock Market.

NEW YORK. Dec. 26.-The bears in the
stock market beat a precipitate retreat in the
later hours Of the days session at the Stock
Exchange. and their eager rush to buy in or
TO cover short contracts developed fairly
buoyant condition before the close. There were
some relapses in the more volatile stocks, but
the closing generally was strong and active
and near the top level. The volume of deal
ings showed a material increase over that pre-
vailing for the last few days. The bears were
inclined to continue their campaign when the
market opened this morning and they ef-
fected number OF serious inroads upon prices
But they became aware that their offer
ings We're being absorbed in a volume and con-
fidence which sounded z warning. Sugar con-
tlnued to be the leader OF the market but by
no means in so overwhelming a proportion as
Of late. The vigorous support accorded this
stock and the success achieved in driving the
bears to cover in it were important factors IN
-
extent which lessened Sugars proportion OF
dealings in the market. The bears in the stock
snoWed>groWing evidence OF acute distress anu
having ONer-eXtended their accounts, apparent
y in the confidence that the recent experience
in LOpilyr WIS 10 be repeated in Sugar. RumOrs
got abroad that negotiations were in progress
tor patching up truce in the trade war. But
whatever may the grounds of tO-day's various
rumOrs, the shorts were thrown into a fright
and rushed the price up from the low point
at 1O3t to I1312. The stock closed at 112Il
ing in the heaviness OF the early market also
developed a very strong tone, adding to the
The price rose to 6915 and closed only a SHADE
lower at a net gain of 23s. The quieter tone
Of the London copper market, reports of some
large takingS by manufacturers, the Strene tn
OF Rio Tintos in Paris reports that agree
ment between copper producers was imminent
under the pressure of the fall in price all.
helped the advance in Amalgamated. The ac-
tivity in the stocks Of electric manufacturing
companies may have been connected with the
developments in the copper trade. Westing-
house was at one time up Il points closed
with a net gain OF II. The majority of rail-
roads reporting to-day gross earnings for the
third week in December showed decreases com
pared with last night. and this was an in1u-
ence in the early decline, especially III St
Paul That system, Louisville and a number
OF important Southern systems and smaller
railroads reported decreased earnings. The
showing was ignored apparently because of the
very high level of earnings in the third week
Of December last year. which were some II per
cent over those of the preceding year and were
notably heavy in the Southwestern region.
The SOuthwesterns. Pacifcs and Grangers be-
came very strong late in the day. The hard
and soft coal carriers were active and strong
all day, gains in some of the leaders reaching
between and points and in Hooking Valley
4 points Money seemed to be in abundant sup
ply and confidence that IT would continue so
added TO the strength of the market
The bond market was moderately active and
firm. Total sales, par value. So, 40, coo.
United States 5s advanced Il per cent on
the last call.