The age-herald., 1902-01-29
7ORN WAS MADE AGAINST THE SHORTS Strong Tendency Toward Re- covery Made in Stock Market TRADE WAS PROFESSIONAL The Advance of Points in Amal- gamated Copper Had stlmuIat-
 ing Effect In the Metal
 Division.
TRADE WAS PROFESSIONAL

New York January 2S.-A successful turn was made against the shorts In to- days stock market. How far the day demand for stocks represented buying from outside sources can only be con- pected. Conditions which were made the ground for selling yesterday remained unaltered today without affecting the strong tendency toward recovery. The weakness in the grain markets, which yesterday was made the basis of rumors of financial troubles, was turned to a bull argument today as showing good condi- tions for the winter wheat crop. The formulation by the United Mine Workers of fiat demands for higher wages, which depressed the coalers, were ignored to- day. The report of December net earn ings of the Erie and the Reading sys- tenn were equally ignored. The decrease in net earnings for the Erie for the month was $11S,163 and the decrease in the sur plus of the Reading for the same period was $21S,243. The Southern railroad also reported a decrease in net earnings in December of 700. All of these stocks were quite conspicuous for activity and strength. It Is thought that part Of the recent selling of the 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 three more points in Amalgamated cop- per The dealings in this stock were al- most twice as great as those in any other one 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 in Amalgamated was taken by spectators to indicate sentiment in favor of an advance by the Standard Oil party which has long been supposed to favor quietude sn speculation. Coupled with a public utterance of J. Pierpont Morgan, express ing confidence in the maintenance of the countrys prosperity the effect was to impress speculators with the idea that great financial powers were again in ac- cord in favoring higher prices for stocks. The upward movement broadened and gained force up to the close which was at about the best strong. The reported agreement to maintain rates among Western railroads and meat packers was a strengthening influence. The specula- tion in sugar was based on the expecta- ton of an advance in the production and had an important sympathetic ef- feet. As an incident of the advance there was a renewal of many old rumors of consultations or absorption involving the local fractions. the Vanderbilts, Chicago & Eastern Illinois and Louisville &S Nash vile, Chicago, Indianapolis and Louis ville Evansville & Terre Haute and many others that have previously been in circulation. The statement in the British parliament that a note from the Dutch government is under considera- tion, presumably bearing upon oyertures for peace from the Boers, helped the closing strength in the market
 The bond market was strong and in- dividual bonds were not so overwhelm- ingly conspicuous as of late. Total sales par value $4,3S3, ,0O0.
 United States bonds were all unchang- ed on the last call.
 New York Stock Market.
 Es,i,,ae., KVira to M,,-oh. r.-