The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-01-03
BROADAND ACTIVE TRADE
TRADING DAY OF THE YEAR
HAD a GOOD UNDERTONE.
Prices Generally Higher, with Marked
ove in Important Issues
Money Markets Are Easier.

NEW YORK, Jan. 2.-The first day OF
trading for the new year on the Stock Elk
change was signalized by a jump in the
volume of transactions to upward OF a
million shares. The coalers and the Pa
cities were easily the leaders in the mar
ket. but the dealings were broadly dis
tributed and the strength was very fairly
disseminated through the general list. The
Industrial stocks were inconspicuous, eX-
cept for a few of the most important is
sues, such as United States Steel, Sugar
and ~Amalgamated Copper and Peoples Gas.
Amalgamated Copper had a period of weak
ness during the early part of the day. and
Sugar showed occasional relapses. There
was very heavy realizing in the course OF
the day, but the offerings were well taken,
and at a cost of only fractions in the
prices. The way in which one stock, or
group of stocks, and then another was
brought forward into the advance. was
characteristic of the methods of profess
sional operators of large calibre, and as
each new point of strength developed, the
preceding stocks were sold to realize. In
this way the equipoise was maintained,
and speculative holdings were transferred
from one quarter to another, permeating
lAAC IN AAclA LAC NAAAbA 49, GP
parently based on general considerations
of a good prospect Of continued prosperity
OF the country for the new year, and the
hope of an early relaxation in the money
market. Call loan rates were not so strin-
ent as on Monday and Tuesday, but the
money market continued stiff and the bulk
of operations was apparently by those not
dependent for resources on the call loan
market. The inspired intimations OF the
| COmnletiOn of the retirement OF Northern
Pacific preferred, and of the rapid progress
of exchange into the Northern Securities
Company's stock had a notable effect in
relieving the depression which has been
caused by the fears that that project would
be INSTRUCTED before its successful consum-
nation. The payment for redemption OF
Northern Pacihc preferred was believed to
be a factor in relieving the money market.
The prospect Of a further effect from the
large January disbursements was addi-
tional motive in the speculation. With the
Northern Pacific project out OF the way, II
IS believed that other projects for combina-
lions will be pushed forward. II is con-
fdently believed that the anthracite coal
ers are destined for such a combination,
The speculation in this group and in the
Facifcs to-day may be attributed to these
causes. The buying of b. q o. was by the
same brokers conspicuous in the operation:
In the anthracite group. 1t was asserted
that the Pocahontas Coal Company had ar
ranged for royalties on much OF its Goa
land from companies controlled by the
United States Steel Corporation which
helped the strength in Norfolk & West
ern and also in United States Steel. The
prediction by the recognized authority In
the trade that the coming year will be one
OF the banner years in the steel industry
and rumors of unimpaired earnings for De-
cember also helped the United States Ste"
stocks. Reports were current of a coming
&C nsolidation of electrical manufacturing
companies. Amalgmated Copper was helped
by the frmness OF the raw copper marke'
ir London and by rumors that a power
full syndicate had been formed to hold the
Company's accumulated stocks of copper
The foreign money markets promptly re-
sponded to the turn Of the year, and werS
all easier, with a cheering effect on stock
markets. The closing here was active and
easy on realization.
The railroad bond market was active anC
broad, and there was a good absorption OF
high grade of bonds. Total sales at PAL
value were 81, 100000. United States re-
funding twos and the old tours declined ,,
and the fves advanced IS per cent. on the
last call.
Following are the days share sales and
the recorded prices changes: