The Montgomery advertiser., 1902-01-01
WALL STREET REVIEW CLOSE OF THE YEAR ON THE
 STOCK EXCHANGE. Demonstration of Confidence in the Substantial Basis of Values.
 Buying Demand Cleared the
 Market of Offerings.

NEW YORK, Dec. 3l.-The year closed on the Stock Exchange with a demonstration of confidence in the substantial basis of values. The immediate factors were somewhat conflict ing and the early market was irregular in con sequence, but the buying demand cleared the market of offerings and carried prices to a higher level during the course of the day. The publication of yearly summaries showing a record of achievements in excess of any pre- vious year had a strong sentimental effect on trading. Confidence general that the turn of the year would see a relaxation of the money markets allowing means for specula- tion to express its confidence by purchase of stocks. The money market was again decidedly to 5 per cent early in the day and lowering about that point at later periods The shift throw them over. but other buyers who seemed to be provided with ample funds, which were not affected by the shifting of call loans were ready to take them. The activity in the call loan market. however, attributed in part to the securing of means for the large buying of stocks. which was again in evidence and which was rather better distributed than that of yesterday. Preparations for the heavy an- nual disbursements were the largest factor in CTS continued very active and in the main firm. although there was much realizing in Reading It considered significant that the brokers who were heavy buyers of Read ing yesterday. took large amounts of Balti- more and Ohio today. sharp reaction in sugar was contributing cause to early heaviness of the market, with the break tending over three points. Granting of tenn porary injunction against the proposed retire. ment of Northern Pacific preferred caused some depression among the Pacific stocks. An offer made by J. P. Morgan & Co. during the uay to pay par for Northern Pacific preferred had the effect of allaying some of the appre- henson that the formation of the Northern &c., curities Company would be effectively ob- structed. The appearance of the November statement of net returns of the Union Pacific showing a large increase was a factor in relieving depression in that part of the mar ket The November statement of Readings net earnings. following that for Erie, pub lished yesterday, confirmed the confidence in the coalers. The Fries somewhat suppianted the Readings in strength and activity and Lackawanna was lifted 7k Late in the day New York Central, selling minus the dividend, rose 2k over last night. Baltimore and Ohio gaiped as much. There was vigorous recov- cry Sn sugar. which carried 1t more than point over last night and Amalgamated Cop per also rallied strongly. Sterling exchange became easier in response to the higher money rate here. This served to sooth the fear that gold may go out early in January. Foreign money markets also reflected confidence In a prompt relaxation of money rates after Jan. |. It Is not expected that there will be notable relaxation money rates in New York until well into the comln month Profit taking made the closing easy and considerably below the best.
 irregular. Total sales (par value). $2 97O, 0o0 United States 2's coupon and the old As ad- vanced h per cent. on the last call