The daily morning journal and courier., 1902-01-03
THE STOCK MARKET.
First Day of New Year SignaIized by n
 Jump in Trading.

New York, Jan 2.--The first day of I trading for the new year on the stock
 exchange was signalized by jump in
 the volume of transactions to upward l of million shares. The coa1ers and | the Pacifics were easily the leaders in l the market, but the dealings were broadly distributed and the strength was very fairly disseminated through | the general list, The industrial stocks
 were noticeably inconspicuous, except ! for few of the most important issues, l such as United States Steel, Sugar, | Amalgamated Copper and Peoples Gas. | Amalgamated Copper had a period of | weakness during the early part of the | day, while Sugar showed occasional re- | lapses. There was very heavy realiz- ing in the course of the day, but it was well taken and at a cost of only frac- tions 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 professional operators of
 large calibre. and as each new point of
 strength developed the preceding stocks
 were sold to realize In this way the
 tQulpOlSe was Illdllldllleu dIlu SpeCuld-
 tive holdings were transferred from one
 quarter to another, permeating the
 whole market.
 The demand was apparently based on
 general considerations of a good pros-
 pect of continued prosperity of the
 country for the coming year and the
 hope of an early relaxation in the mon
 ey market Call loan rates were not so
 stringent as on Monday and Tuesday,
 but the money market remained steady.
 The inspired intimations of the compile
 tion of the retirement of Northern Pa cific preferred and of the rapid pro- gress of exchange into the Northern Se- curities cornpany's stock had notable effect in relieving the depression which has been caused b ythe fears that that project would be obstructed before it's successful consummation. The pay ment for redemption of Northern Pa cific pref. was believed to be a factor in relieving the money market The 1 prospect of a further effect from the large January disbursements was an additional motive in the speculation. | With the Northern Pacific project out | of the it is believed that other projects l | ward. It is confidently believed that | the anthracite coalers are destined for ] such combination. The buying of Bal |, timore and Ohio was by the same brok- l CTS conspicuous in the operations in | the anthracite group. It was asserted | that the Pocahontas Coal company had | arranged for royalties on much of it's coal lands from companies controlled | ty the United States Steel tion, which helped the strength in Norfolk and Western, and also in United States Steel. The prediction by the recogniz- ed authority in the trade that the conn., ing year will be one of the banner | years in the steel industry and rumors of unimpaired earnings for December also helped the United States Steel | stocks Reports were current of com ing consolidation of electrical manu- | acturing companies Amalgamated | Copper was helped by the frmness of | the raw copper market in London and | by rumors that a powerful syndicate had been formed to hold the company's l accumulated stocks of copper. The | money markets promptly responded to the turn of the year, and were all cas- CT with a cheering effect on the stock I market. The closing here was active md easy on realizing.
 The railroad bond market was active md broad and there was a good ab- ,orption of high grade bonds Total ;ales par value, &640,000.
 United States refunding 2s and the Id is declined 1s and the 5s advanced l $ per cent. on the last call,