The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-12-27
BEARS BEATEN BACK
Close on Stock Exchange De-
veIops Buoyant Condition.
BULLS GAIN CONFIDENCE
Sugar Retains Lead of Market
With Close Rivals.

New York. Dec. es.-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 or TO cover short contracts de-
veloped a fairly buoyaut 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 dealingz
showed material increase over that pre-
vailing for the last few days. The bears
were inclined to continue their campaign
when the market opened this morning,
and they effected a number OF serious in
roads upon prices. But they soon became
sorbed in a volume and confidence which
sounded a warning. Sugar continued TO
be the leader OF the market. bunt by nc
means in so overwhelming q proportion
as Of late. The vigorous support accorded
this stock and the success achieved in
driving the bears to cover IN IL were i'm
portant factors in truning the general
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 dis
tress, and OF having over-extended their
accounts apparently in the confidence tina.
the recent experience in Copper was 70
be repeated IN Sugar. Rumors got abroad
that negotiations were in progress for
patching up a truce in the trade war.
There was growing suspicion that while
both crude and refined sugar are selling
at very low prices, the margin between
crnde and refined is still sufficient TO az
ford profit upon the industry OF refining
Whatever may be the grounds OF todays
rumors. the shorts were thrown into a
fright, and rushed the price up from the
low point at 1885 to 1884, The stock
closed at 112i4, a net gain of 60. Anal
gamated Copper sharing in the heayiness
of the early market also developed q
very strong tone. adding TO the sentimen-
tai effect OF the rebound IN Sugar. The
price rose to 691s. and closed only a
shade lower at a net gain OF rs. The
Quieter tone Of the London copper mar
ket reports OF some large takings by
manufacturers, the strength Of Rio Tin
tos 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. The
activity in the stocks Of electric manufac-
turing companies may have been connect
ed with the developments in the copper
trade. Westinghouse Electric was at one
time up Il points and closed with a net
gain OF II. The majority OF railroads re-
porting today gross earnings for the third
week in December shiwed decreases COM
pared with last year, and this was an in
fuence in the early decline, especialig in
St Paul, Louisvill and a number Of i'm
portant southern systems and smaller
railroads reported decreased earnings.
The showing was ignored apparently De
cause Of the very high level OF earuings
in the third week Of December OF last
year, which were some II per cont over
those of the preceding year. and we're
notably heavy IN the Southwestern re-
gion. The Southwesterus. Pacihes aud
Grangers became very strong late II the
day. The hard and soft coalers were &c
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 10 be in abundant SUP
ply. and confidence that Il would con-
tinue so added to the strength Of the
market There was reported that there
will be purchases Of S2.5oo0o0 Of govern
ment bonds from a New York firm for
+ delivery before January I. II Is expected
( that there viii be quick and very large
return Of cash from the channels Of
an enormous holiday trade.
The bond market was moderately ac-
tive and firm. Total sales, par value.
s. $4,000. United States hves advanced =
+ per cent II the last call.
! -losl-c -.r-oas 81 e-oc,s Eara as follow.