The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-12-27


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 order to cover snort contracts
developed fairly buoyant condition be-
fore the close. There were some re-
lapses 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 tae last few days. The
bears were inclined to continue their cam
paign when the market opened this morn
ing and they effected a number of serious
inroads upon prices. But they soon be-
came aware that their offerings were be-
ing absorbed in a volume and confidence
which sounded warning.
Sugar continued to De the leader of the
market, but by no means in so oyer
whelning proportion as of late. The
vigorous support accorded this stocE
and the success achieved in driving the
bears to cover in it were important fac-
tors in turning the general market up
ward 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
growing evidence Of acute distress and
of having oyer-eNtended their accounts
apparently in the confidence that the le-
cent experience in copper was to be re-
peated i'll sugar
We're in progress for patching up truce
in the trade war. There was grow
ing suspicion that while botn crude and
refined sugar are selling at very low
prices, the margin between crude anu re-
fined is still sufficient to afford a profit
upon the industry Of refining. Whatever
may be the grounds of today's rumorS,
the shorts We're thrown into a fright and
rushed the price up from the low point
at 1035s to 1872. The stock closed at
112A, a net gain of 6al Amaigamated
Copper, sharing in the heaviness of the
early market. also developed very
strong tone, adding to the sentimental eff
feet of the rebound in sugar. The price
rose to 691a and closed only shade lower
at net gain of 2Ss.
The quieter tone of the London copper
market, reports of some large takingS by
manufacturers the strength of Rio TintoS
in Paris reports that an agreement be-
tween the copper producers was 1mmi-
nent, under the pressure of the fall in
price, all helped the advance in AInalga-
mated The activity in the stocks Of
electric manufacturing companies may
have been connected with the develop
ments in the copper trade. Westing-
house Electric was at one time up II
points and closed with net gain of Ii.
The majority of railroads reporting
today 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.
1'dul. IIldC SYSTEM, LOUISVILLE NdSH-
Vile, and a number of important South
ern railway stocks and smaller railroads
reported decreased earnings. The show
ing 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 SouthWesterns, Pacifics and grang-
ers became very strong late in the day.
The hard and soft coal carriers were ac-
tive and strong all day. gains in some
of the leaders reaching between two and
three points, and in Hooking Valley four
points. Money seemed to be in abundant
supply and confidence that it would con-
tinue so added to the strength of the
market There was reported from
Washington a purchase of $2,500000 of
government bonds from New York firm
for delivery before Jan. l. 1t is expect
ed that there will be quick and very
large return of cash from the channels
of enormous holiday trade
The bond market was moderately active
and firm. Total sales par value, 81, 49,
O0O United States IS advanced II per
cent at the last call.
STOCKS.