The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-12-27
SUGAR GOES UP ON RUMORS.
SOMETHING IN THE WIND.
SHORTS RUSH TO COVER
Copper and Westinghouse Electric Show
Marked Advsnoes--The Closing Cen
orally Was Strong and Active.

New York. December 26.-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 order to cover short contracts
developed a fairly buoynnt 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 dealings showed material
Increase over that prevailing for the last
few GAYS. 1ne bears were Inclined 10
continue their campaign when the market
opened this morning and they effected a
number OF serious threads upon prices. But
they soon became aware thnt their offer
ings were being absorbed In volume aud
confidence which sounded a warning.
Sugar continued to he the leader OF the
market. but by no means in 80 overwhelm-
ing proportion as OF late. The vigorous
support accorded this stock and the sue
cess achieved In driving the bears tocover
In II were important factors In turning the
general market upward and In swelling the
demand for other stocks to an extent which
lessened Sugars proportion of dealings In
the market. The bears In the stock showed
having overe1tended their accounts, up.
parently In the confidence that the recent
experience In Copper was TO be repeated in
Sugar. Rumors got abroad that negot:a-
tons were In progress for patching 10 n
truce In the trade war. There was q grow
Ing suspicion that while both crude and
refined sugar are selling at very low prices,
the margin between crude and refined is
still sufficient to afford a profit uDon the
industry of refining. Whatever may be the
grounds FOR today's rumors, the shorts were
thrown into q fright and rushed the price
up from the low point at 1885 to f13Is.
Ihe stock closed at 112A, a net gain
Amslgamated Copper, sharing In the
heaviness of the early market, also de.
veloped very strong tone, adding to the
sentimental effect rebound in sugar The
price rose to 695 and closed only shade
lower at net gain of 2B. The quieter
tone OF the London copper market, reports
OF some large takings by manufacturers,
the strength OF Rio Tintos In Paris, re-
ports that an agreement between copper
producers was Imminent, under the pres.
sure of the fall In prices, all helped the
advance In Amalgamated. The activity in
the stocks of electric manufacturing com
panies may have been connected with the
developments In the copper trade. West
inghouse Electric was at one time up IL
points and closed with a net gain OF II.
The majority OF railroads reporting today
gross earnings for the third week In Deem
Der showed decreases compared with last
year and this was an influence In the early
decline, especially in ST. Paul. That sys-
TEN, Louisville and a number Of important
Southern systems and some smaller rail
roads reported 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 II per cent over those OF the
preceding year ind we're notably
heavy In the Southwestern region
The Southwestern, Paclncs and Grangeri
became very strong late In the day Thu
hard and soft coal carriers were active ant
strong oil day, gains In some Of the lead
ers reaching between 2 and points an,
In Hooking Valley points
Money seemed TO be In abundant suppl
and confidence that It would continue $
added 10 the strength Of the market rher
WAS reported from Washington a purchas
OF $2,600,o0O OF government bonds fror
New York hrm for delivery before aJnr
airy J. 1t is expected that there will b
a quick and very large return Of cash fror
the channels OF enormous holiday trade
The bond market was moderately activ
and firm. Total sales, par value, s2.440