The age-herald., 1901-12-29
STOCK MARKET
 BROAD AND ACTIVE There Were Few and Small
 Changes in Prices A GOOD DAY TO REALIZE The Continued Recovery In Sugar, In Which Dealings Were Again Large,
 Sustained the Market-A
 Strong Bank Statement.
A GOOD DAY TO REALIZE

New York, December 2s.-Today's broad and active stock market resulted in small changes in prices of stocks owing to the very large amount of profit taking sales which were made. The market was an eN- ceIlent one for realizing profits whlch are of tempting proportions, as a result or the considerable rise in prices the last few days. There was vigorous and well distributed demand which absorbed the offerings without serious inroads upon prices. The continued recovery in sugar in which the dealings were large again, sustained the market. The unexpectedly strong bank statement made the closing strong after the realizing had commenced to make some impression upon prices. Amalgamated copper failed to hold It's gain and closed only 4 higher after hav- ing been at one time 14s higher. Sugar ] Saved a net gain of 2A from an extreme advance of 31s. In the railroad list Read 1 ing was the feature on a continuance of the recent buying attributed to banking interests. The stock closed IS higher. ] Baltimore and Ohio and Missouri Pacific were notable strong. The realizing in rail- : road stocks kept the gains within mod crate limits. The compilation of returns of earnings for 37 railroads for the third week in December shows decrease of 3.46 per cent compared with last year. This is the first time decrease has been shown for the corresponding period since 1896. Other roads reported today showed similar tendency including the soft coal carriers. Hooking Valley suffered from realizing in consequence The large gain in cash by the banks is attributed to re- turns from the local channels of the holi- day trade. The nominal increase in loans was considerd favorable in view of the ac- tivity in the stock market. Large holders of securities, with a vital interst in sus- taining prices of their holdings have had to contend with a mum Der of adverse cir cumstances this week. These circumstan- ces have been supplemented in their influence by the active work of a well organized party who succeeded in making large inroads in the prices of a number of prominent stocks with sympathetic ef- feet on the list
 operations by the bears was overdone according to the indications of the lat ter part of the week and their efforts to retrieve their position by covering short contracts caused their recoveries to above last weeks closing prices. These developments gave some anima-
 
 dency to dulness characteristic of the holiday period Activity has been large ly cengested in a few speculative favor ties and there has been no evidence of what Is called outside interest in the market beyond some investment buying of high grade bonds and stocks, presum- ably in anticipation of the January dis bursements of profits. These disburse- ments will reach unprecedented propor- tions this year and will include many new dividend payers besides the impor- tant increase in distribution by old divi- dend payers. Preparation for these dis bursements makes large temporary de- mands upon the market and the activity of the money market has kept appre- hension alive with flurries caused by calling loans would throw stocks held on margin upon the market and thus initiate against operations for an ad- vance. Sugar has assumed the domi- nant position in the market held by Amalgamated copper and its violent de- cline affected the whole market while it lasted. Its equally violent recovery was a factor In rallying the market. This stock was sold with reckless free dom by the bears on the assumption that conditions in the trade were anal agous to those recently prevailing In the copper trade, giving ground for expect ing similar prolonged decline in the BIOCk- The campaign resulted Tn a rOut. The question of the railroad earnings presents contradictions which have led to suspicion that conditions have been under manipulation for the purpose of influencing public opinion on the subject of combinations and community of own ership
 Explanations are offered that severe cold weather has caused a check to railroad traffic that Is only temporary and this has caused a decrease in the earnings, The undertone of speculation has remained confident and the belief prevailed that the passing of the year end money requirements would be fol- lowed by a January rise in prices such as is not unusual in the stock market The extraordinary trade in the iron and steel industry, the unprecedented holi- day trade, the prosperous conditions of general business and evidences of relief from the prolonged crisis in Germany are I6oked to benefit the future stock market
 ,io There has been a good absorption of bonds during the week. U. S. coupon Ss and the old As advanced b and the 5s registered declined A and 5s coupon 1a per cent from the closing call of last week.
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