The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-12-27
BEARS BEAT A
HASTY RETREAT
And Their Eager Rush to Buy in
Order to Cover Short Contracts
Developed a Fairly Buoyant
Condition Before Close
SUGAR CONTINUED
TO BE THE LEADER
Shorts in the Stock Were Thrown
Into a Fright and Rushed the
Price Up From 1903 5-s to 49,
1-2-AmaIgamated Copper A.
so Developed a Strong Tone

New York, Dec. 26-The bears in the
stock market beat a precipitate retreat
in the latter hours of the days session
at the Stock Exchange and their eager
rush to buy in order to cover short con-
tracts developed a fairly buoyant con-
Clition 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 dealings showed
a material increase over that prevailing
for the last few days.
The bears We're inclined to continue
their campaign when the market
opened this morning and they effected
a number of serious inrOadS upon
prices. But they soon became aware
that their free offerings were being
absorbed in a volume and confidence
which sounded a warning.
Sugar continued 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 dT1V-
ing the bears to cover in it were i'm
portant factors in turning the general
market upwards and in swelling the
demand for other stocks to an extent
which leSsened Sugars proportion of
dealings in the market
The bears in the stock showed grow
ing evidence of having overextended
their accounts, apparently in the con-
fidence that the recent experience in
conner was to be repeated in sugar.
Runors got abroad that negotiations
were in progress for patching up a
truce in the trade war. There was a
growing suspicion that while both
crude and refined sugar are selling at
very low prices, the margin between
crude and refined is still sufficient to
afford a profit upon the industry of
refining.
Whatever may be the grounds of to-
days rumOrs, the shorts were thrown
into a fright, and rushed the price up
from the low point at 1039s to 1872. The
stock closed at 112A, a net gain of ga
Amalgamated Copper, after sharing in
the heaviness of the early market also
developed a very strong tone, adding
to the sentimental effect Of the re-
bound in sugar The price rose to 691A
and closed only a shade lower at a net
gain of 2ss. The quieter tone of the
London copper market, reports of some
large takings by manufacturers and
the strength of Rio Tintos in Paris on
reports that an agreement between
copper producers was imminent, under
the pressure of the fail in price, all
helped the advance in ArnalgaInated-
The activity in the stocks of electric
manufacturing companies may have
been connected with the developments
in the copper trade. Westinghouse
Electric was at one time up II points
and closed with net gain of IA The
majority of railroads reporting gross
earnings for the third week in Deem
Der this morning showed decreases
compared with last year and this was
an influence in the early decline, es-
pecially in St Paul. That system,
Louisville, a number of important
southwestern systems and smaller rail
roads reported decreased earnings.
The showing was ignored apparently
because of the very high level of earn
ings in the third week of December of
last year, which We're some IL per cent
over those Of the preceding year and
We're notably heavy in the southwest
ern region. The Southwesterns, Pa
cifics and Changers became 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
2 and 8 points and in Hooking Valley
four points. Money seemed TO be in
abundant supply and confidence that it
would continue 50 added to the
strength of the market.
There was reported from Washington
a purchase Of $2,500,000 of government
bonds from a New York firm for deliv-
cry before Jan. l. It is expected that
there will be a quick and very large
return of cash from the channels of
the enormous holiday trade.
The bond market was moderately ac-
tive and firm. Total sales par value
81, $40, 900. United States SIS advanced u
Der cent on the last call