The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-27
SHARES MORE BUOYANT
LATE RISE In NEARLY ALL THE I'M
PORTANT INDUsTRIALs.
Railroads show Little Weakness
Monetary Conditions Are Showing
Signs of Greater Ease.

NEW YORK, Dec. 26.-The bears in the
stock market beat precipitate retreat in
the later hours Of the days session at the
Stock Exchange and their eager rush to buy
in order to cover short contracts developed
a 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 dealings showed
material increase over that prevailing for
the last few days. The bears were inclined
to continue their campaign when the mar
ket opened. this morning. and they effected
a number OF serious inroads on prices. They
soon became aware, however, that their Of
ferings were being absorbed in a volume
and confidence which sounded warning
Sugar continued to be the leader of the
market, but by no means in so overwhelm-
ing 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 turning the gen.
eral market upward and in swelling the de-
mand for other stocks to an extent which
lessened Sugars proportion of dealings in
the market. The bears in the stock showed
growing evidence of acute distress and of
emily in the confidence that the recent ex-
perience In Copper was to be repeated in
Sugar Rumors got abroad that negotia-
lions were in progress for patching up a
truce in the trade war. There was grow
ing suspicion that while both crude and re-
fined sugar are selling at very low prices,
the margin between crude and refined Is
still sufficient TO afford profit for refining.
Whatever may be the grounds of to-day 5
rumors the shorts were thrown into a
fright, and rushed the price up from the
low point at 1895, to 1857. The stock closed
at 1l2A, a net gain of ga. Amalgamated
Copper, sharing in the heaviness OF the
early market, also developed very strong
tone, adding to the sentimental effect of the
rebound in Sugar. The price rose to 9612,
and closed only a shade lower at a net gain
of 2as. The quieter tone of the London
copper market reports or some large tax
ingS by manufacturers, the strength of Rio
TintOS in Paris, reports that an agreement
between copper producers was imminent,
under the pressure Of the fall In price, all
! helped the advance in Amalgamated Cop
per. 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 IL points, and closed with a
Net gain of a. The majority of railroads
reporting to-day gross earnings for the
! third week in December, showed decreases
| compared with last year, and this was an
/ influence in the early decline, especially In
st. Paul. That system, Louisville, and a
smaller railroads reported decreased earn
| ings. The showing was ignored apparently
/ because Of the very high level of earnings
| in the third week of December of last year,
/ which were some IL per cent. over those of
/ the preceding year and were notably heavy
/ in the Southwestern region. The South
| westerns, Pacifics 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 and points, and in Hooking Val
/ ley, points. Money seemed to be in abund-
| ant supply and confidence that il would
! continue so added TO the strength of the
/ market. There was reported from Wash
! ingtOn a purchase of $2,500,000 of govern
| ment bonds from a New York firm for de-
/ livery before Jan. l. It is expected that
1 there will be a quick and very large return
/ of cash from the channels of the enormous
/ holiday trade
! The bond market was moderately active
! and firm. Total sales. at par value, were
! 81, 10000. United States fives advanced "A
! per cent. at the last call.
Following are the days share sales and
] the reported price chanSeS: