The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-12-27
STOCKS AND BONDS.

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 fairly buoyant condition be-
fore the close. There were some relapses
in the more volatile stocks, but the clos
ing generally was strong and active and
near the top level. The volume of deal
ings showed material increase over that
prevailing for the last few days. The
bears were inclined to continue their
campaign when the market opened his
morning and they affected number OF
serious inroads upon prices. But they
soon became aware that their offerings
were being absorbed in volume and con-
tidence which sounded a 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 it were important
factors in turning the general market
upward and in swelling the demand for
other stocks to an extent which lesscned
sugars proportion of dealings in the mar
ket. The bears in the stock showed
growing evidence of acute distress and of
having over extended their accounts, ap-
parently in the confidence that the recent
experience in Copper was to be repeated
in Sugar. Rumors got abroad that nego-
tiatons were in progress for patching
I'D a truce in the trade war. There was
a growing suspicion that while both crude
a rn a
low prices. the margin between crude and
refined is still sufficient to afford profit
upon the industry of refining. Whatever
may DC the grounds of today's rumors, the
shorts we're thrown into fright and
rushed the price up from the low point
at 1O3M to 1917. The stock closed at
112 IA, a net gain of 6%. Amalgamated
Copper. after sharing in the heaviness of
the early market. also developed very
strong tone, adding to the sentimental
affect of the rebound in Sugar. The price
rose to soy and closed only a shade
lower at net gain of rs. The quarter
tone of the London copper market, re-
PORTS of some large takings by manu-
facturers and the strength of Rio tint
as in Paris on reports that an 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 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 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, number of important South
western systems and smaller railroads re-
Ported decreased earnings. 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 eleven per cent over those of
the preceding year, and were notably
heavy in the Southwestern region The
Southwesterns, Pacifics and Changers be-
came very strcng late in the day. The
hard and soft coal carriers were active
and strong all day, gains in some of the
roads reaching between 2 and points
and in Hooking Valley 4 points. Money
seemed to be in abundant supply and
confidence that it would continue sc