The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-12-15
in THE STOCK MARKET.
Heavy Offerings We're Made During iht
Opening Hour.
BROKERS' WERE BOLD AND DETERMINED
Conflict of Speculation Interest Was
Fierce and Prices Moved Both
ways from the Middle.

New York. December Interpretations OF
a further stress of liquidation in the stock
market were not disappointed this morning.
Heavy offerings were thrown upon the mar
ket from the outset and the brokers we're
very bold and determined in Offering prices
down. but II was obvious that there was
NOT so acute a pressure OF necessity upon the
market to realize as was the case yesterday
and several developments over night helped
to encourage support OF prices. The mar
ket thereafter did not at any time take on
the extreme Generalization of yesterday as
was feared, and about midway oil the session
the bears had relinquished their position and
were willing to roar as gently as sucking
dove" The conflict OF speculative interests
was fierce one before the issue was decided
and prices moved both ways at once in the
opening market and never long in one direc-
ton The determined support in Sugar was
notice 10 the bears from the outset that
they were not to have things all their own
way and though they wiped out sugar
opening rise in short order and made heavy
nroads at other points in the lndustrlal
list and even forced st. Paul a half point
below yesterdays low level for the year. the
absorptive power OF the steady buying de-
Subsequent attacks were made uron the iron
ard steel stocks the New Yo-h city special
ties and in fact upon ever stock wnere
any information could be had Of heavy
account on the long side. with the hope OF
wnng out margins and forcing liquidations.
The success achieved mus. have been very
moderate Judging from the almost com
plete recoveriea wi ich vera caused IN nearly
all cases when the shorts began 70 cover
II WAS MOTTO stle. on thu ether hand, that
the hrvinE demand died away at the higher
level OF prices achieved, This encouraged
rer ewed efcrts by the bears UP 10 the period
of tho lcst reaction. when they refraned from
attacking the market and the closing was
firm near the top level at substantial net
enns all through tho list. Tho outlook IN
the London money market continued to offer
failure to advance the official rate of dis
count by the Bank OF England in itself OF
fered q suggestion OF relief from yesterdays
apprehension of gold exports from here.
though the belief continued during the morn
ing that gold would go out by Saturday =
steamers. The treasury departments oner
to forego the rebate hitherto demanded be-
fore anticipating the payment of January /
interest had sentimental effect in strength
ening the market. The total amount of In
terest involved is S5oO0'ONO and Its aVallapiN-
ty 1t is believed would make the with
drawa of any gold for export less felt. Then
came the buoyant outburst in English mar
kets on the widely disseminated rumor of the
relief OF Ladysmith and an alleged capture
of Boors. This served 70 brighten the feel
ing in London and occasoned heavy de-
mand for Americans. orders were cabled to
New York long after the usual hours and
Londcn's total purchases for the day were
run up to $4,000 shares. Sterling exchange
responded with drop Of over u a cent on
the pound. Additional gold was received here
today by the branches of Canadian banks;
The relief thus afforded to fears of gold
SHIPMENTS was the dominant factor in the
late strength of the market.
Bonds rallied from the early weakness In
sympathy with stocks. Total sales. par value,
s2o45,00