The times. [volume] (Richmond, Va.) 1890-1903, 1902-01-01
PRICES SOUGHT
HIGHER LEVEL
Year Ended on Stock Exchange With
Confidence in Values.
The MONEY MARKET STRINGENT
Call Loan Rn,e Went TO Is Per Coat. aud
lowered Arouud That Fisurs-Proit
Taking Made Close Easy aud
Below Best Prices.
The MONEY MARKET STRINGENT
(By Associated rrcss.)


NEW YORK. Dec. $1.-Ihc year closed
on lae Stock Exchange with a dcrnonstra-
ton of confidence in the substantial basis
OF values The immediate factors sScTr
somewhat conflicting and Che earlE
market was Irregular in conscausIfcc. But
The buNiua' demand cleared tlla market .
offerings ana carrieu prices 10 n higher
levei during the course of the day. The
publication of yearly summaries, showing
q record OF achievements In excess ofgarS
previous year. had n strong sentimental
effect on tradinG. Confidence was general
That the turn OF the year would see q re-
taxation OF the money markets. allowing
means for speculation to express its con-
iidcnce by purchase OF stocks. The money
market was aEain decidedly stringent to-
dag and very active. the rate gong TO II
per cent. early in the day, ana lowering
about that point at Inter periods. the
shifting OF loans forced some holders OF
stocks TO throw them over. but other buy
.rS who seemed 10 be provided with ample
shifting of call loans, were ready to take
Them. The activity in the call loan
Jn8TRct hUg ever. was attributed in part
TO the SecL. LIZ of means for the l4rg"
buying of socks which was again in cl.i-
ocnce. aud which was rather better dis
Iributed than that Of yesterday. Prepala-
tions for the heavy annual disbursements
were me largest factor IN the strength
Of the money market. The -CoalerS con-
tipued very active and in the main firm.
although there WAS ii very large amount
J
cred significant that the brokers who were
heavy buyers Of Reading yesterday took
large amounts of Baltimore and Ohio to-
day. 4 shdru reaction in Sugar was Il
contributins cause to the early ileaviness
Of the market. the break extending TO
over , points The granting of a tcm-
porary injunction against the proposed
retirement of Northern Pacific preferred
caused some depression among the Pacl-
lie stocks
An offer made by J. p. Morgan & CO.
during the day to pay par for Northern
Pacific pre- erred had the effect of allaN-
ing some OF the apprehension that the
formation of the Northern Securities
Company would be effectively ohsumcted.
The appearance of the November state
ment OF net earnings Of Union Pacific,
showing a large increase was a factor
i'm relieving depression II! that pct of the
market. The November statement OF
Readings net earnings. following that for
Erie. published yesterday. confirmed the
confidence in the Coaiers. The Fries
somewhat supplanted the Readings in
was lifted ~. Later in the day New York
Central. selling minus the December divi-
dend. rose III Baltimore and Ohio gain
cd as mnch. There was 4 vigorous recov-
cry in Sugar. which carried it more than
n point over last night. and .A1aIgamated
Copper also rallied strongly. Sterling cX-
change became easier in RESPONSE TO the
higher money rate here. This served TO
soothe the fear that gold may 90 out
carly in January Foreign money
markets also reflected Il confidence in 4
prompt relaxation of money rates after
January list. 1t is not expected that there
Will bn n notable relaxation on money
rates in New York until we'll into the
coming month. PrOfit-takinC made the
closing easy and considerably below. the
The bond market was moderately active
unG irregular. Total sales, par value