Evening star., 1901-12-26
Short Covering in Sugar Caused ADJ
vance Of 7 Per Cent.
AMLLGAMAqED COPPER STRONG
Good Buying Again Of the Coal
Road Stocks.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, December 26-After an IT.
regular opening, today's stock market re-
covered sharply under demand In which
pools and traders were conspicuous. Lon
don's holiday made the market purely.
local affair, and local conditions governed
prices.
The scarcity in the floating supply OF
Sugar was taken advantage Of to force in
a widely scattered short interest.
After selling down l per cent from the
opening level a rise OF per cent was re-
corded under spirited demand from the
short account. Realizing sales at ITO serv-
ed to halt the advance, but some large lots
were taken above that price.
The buying in Amalgamated Copper was
said to have been better than at any time
Of late, and that stock was one Of the
strong features of the midday market.
An attempt to break the. price of Ameri-
can Smelling, on the decreased prices Of
silver and lead, was effective during the
morning and some long stock was dis
lodged on the decline. This stock Is said
to have the support of strong pool, but
the time for an active campaign in the
long account has not come and there may
De little resistance to a movement Of an
opposite character.
An advance of 10 per cent in the stock
of the Westinghouse Electric Company s
stock was noteworthy incident in the In
dustrial department. The steel stocks
We're strong under a renewal of inside re-
ports Of an intention to make them active
after the first Of the year.
Manhattan was active and higher after a
weak opening In which all the traction
shares were depressed. Rumors Of hostii-
1ty on the part of the new city admins
tration were used in forcing the early set
back. Manhattan was first to get support
from inside and rallied easily
The buying Of the railroad list reflected
good tone and gave some color to the
prospects for an active investment inquiry
after the new year. New York Central was
advanced sharply under a good dema nd
and the covering of considerable short in
terest. Covering in St. Paul and other
western issues helped prices from 1 to 2
per cent. Hooking Valley issues were espe-
cially strong at record prices under further
evidences Of splendid earnings and the
prospects for retiring the preferred stock
at par and an increased dividend on the
common.
AS the road Is earning over per cent on
its entire capital, the position of the COM
mon stock Is, in the circumstances, most
promising. Reading shares were active I'M
der an active demand in which pool brok-
ers were prominent. Erie, Delaware and
Hudson and the anthra cite coal shares gem
orally come to the front whenever the
conceded to be one Of the most natural re-
fected in the present market.
Coal shares are In favor for the double
reason that they have benefited by an ac-
tive and profitable season and because they
have not been manipulated to prohibitive
prices. Low-priced stocks are almost GER
tain to become conspicuous in any new de-
mand and many shrewd judges rely upon
such issues to assume the leadership in
the next general advance.
Decreased earnings are appearing in the
southwest as the result of short crops and
the effects of the drouth. In spite of this
fact, that group attracts splendid pool sup
port, today's action of Missouri Pacific be-
Ing case in point. Occasional decreases
are to be expected for a time because of
crop shortages, but there may be some
surprises as the result Of counteracting In
f1uences Of an increased miscellaneous
traffic.
The money market was moderately salts
factory during the day, the call rate ruling
between and per cent during the active
borrowing period. The last hour witnessed
further covering of short stock, a new
squirt in Sugar carrying the price up to the
top level of the day. The entire list rallied
easily in sympathy, and the bulk of the
short account was forced to cover The
governments purchase of 50 JOO,O 600 bonds
to be delivered before January 1, and pre-
dictions of easier money forced a sudden
reversal in professional sentiment.