The Montgomery advertiser., 1902-01-29
WALL STREET REVIEW SUCCESSFUL TURN AGAINST
 THE SHORTS Weakness of the Grain Market Turned Into Bull Argument as Showing Good Condition of
 the Winter Wheat Crop.

NEW YORK, aJn 2s-A lsuccessful turn was made against the shorts in today's stock stocks represented new buyings from outside sources cannot be conjectured. Conditions which were the main ground for selling yester- day remained unatered today without affect ing the strong tendency toward recovery. The weakness in the grain markets, which yester, day was made the basis of rumors of financial troubles' was turned to bull argument today showing good conditions for the Winter wheat crop. The formulation by the United Mine Workers of flat demands for higher wages, which depressed the coalers yesterday, were ignored today. The report Of December net earnings of the Erie and the Reading sys- tenn were equally ignored. The decrease in the net earnings of Erie for the month was s B. t63. The Southern Railway also reported a decrease in net earnings in December of S8S, 700. All of these stocks were quite con spicuous for activity and strength. It ,,is |, coalers has been in anticipation of this showing and that today's buying was short covering These vagaries of sentiment indicate the pro fessional character of the trading. The most influence in the advance was the stimulating effect of the strong recovery of 3 more points in Copper. The dealings in this stock were al most twice great as those in any other stock. The further advance in raw copper and the heavy buying in London was taken. to indicate that large requirements have been left uncovered, waiting for the price to touch bottom. The advance fin Amalgamated was taken by speculators to indicate a sentiment in favor of an advance by the Standard oil party. which has long been supposed to favor quietude in speculation. Coupled with puh- lished utterance of J. P. Morgan, expressing confidence in the maintenance of the country's prosperity, the effect was to impress specula- tors with the idea that great financial powers were again in accord in favoring higher prices for stocks. The upward movement broadened and gained force up to the close, which was at about the best and strong. The reported agreement to maintain rates among Western railroads and meat packers was a strengthen ing influence. The speculation in sugar was based On the expectation of an advance in the production and had an important sympathetic effect. As incident of the advance, there renewal of many old rumors- of consoi- dations absorption involving the local trac- tions. the Vanderbilts. Chicago and Eastern Illinois and Louisville and Nashville, Chicago, Indianapolis and Louisville and Evansville and Terre Haute and many others that have pre- viousy been in circulation. The statement in the British House of Commons that note from the Dutch Government Is under consid- eration. presumably bearing upon overtures for peace from the Boers. helped the closing strength in the market.
 The bond market strong and individual bonds were overwhelmingly conspicuous as of late. Total sales (par value), S4. 393 900. United States bonds were all unchanged on the last call.