The Montgomery advertiser., 1901-12-27
WALL STREET REVIEW BUoYANT CONDITION BEFORE
 THE CLOSE. Bears Beat a Nasty Retreat, and Buying to Cover Changed the Complexion of the Market
 at the Last.

NEW YORK. Dec. 26-The bears in the stock market beat precipitate retreat in the later hours of the days session and their eager rush to buy in order to cover short con tracts developed a fairly buoyant condition before the close. There some relapse in the more volatile stocks, but the closing gen orally was strong and active and near the top level, The volume of dealings showed q material increase over that prevailing for the last few days. The bears were inclined to con tinue their campaign when the market opened this morning and they reflected a number of serious fnIoads upon prices. But they soon became aware that their offerings 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 overwhelming proportion as of late. The vigorous support accorded this stock and the success achieved in driving the bears to cover in 1t important factors in turning the general market upward 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 acute distress and of having
 the confidence that the recent experience in copper was to be repeated in sugar. Rumors got abroad that negotiations were in progress for
 patching up a truce in the trade war. There 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 for today's rumors, the shorts were thrown into a fright. and rushed the price up from the low I2K a net gain of 6N Amalgamated Cop per, sharing in the heaviness of the early market also developed a very strong tone, adding to the sentimental effect of the bound in sugar. The price to 69Is and closed only a shade lower at a net gain of 2% The quieter tone of the London copper market. reports of some large takings by man ufac turers, the strength of Rio tfntos in Paris, reports that agreement between copper producers was imminent under the pressure of the fall in price, all helped the advance in Amalgamated. The activity in the stocks of the Electric Manufacturing Company have been connected with the developments in the copper trade. Westinghouse Electric was at time up " points and closed with net gain of 4. The majority of railroads report ing 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. Paul. That system Louisville and a number of important ported decreased earnings The showing was ignored apparently because of the very high level of earnings in the third week of De- cember of last year and notably heavy in the SouthwyesteTn region. The Southwest ern, Pachcs and Changers became very strong late in the day. The hard and soft coal car riers were active and strong all day, gains in some of the leaders reaching between 2 and points and in Hooking Valley points. confidence that it would continue added to the strength of the market. There was re- ported from Washington purchase of S2.- 500, 900 of Government bonds from New York firm for delivery before Jan |. It is expected that there will be a 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), S2,44o,ooo