The age-herald., 1902-01-03
4 MILLION SHARES
 TRADED IN STOCKS 1902 Starts Off With Marked
 Prospects Ahead VERY HEAVY REALIZING Speculative Holidays Were Transfer red From One Quarter to Another
 With Small Fractional Cost
 to Prices-closed Steady
VERY HEAVY REALIZING

New York January 2.-The first day of trading for the new year in the stock ex- changes was signalized by a jump in the volume of transactions to upward of 0 million shares The coalers and the Pa- rifics 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 except for a few of the most important Issues, 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 and Sugar showed occasional re- lapses. There was very heavy realizing n the course of the day, bvt 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 an- other was brought forward into the ad- vance was characteristic of the methods of professional operators of large caliber, and as each new point of strength deyel- pped 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 the whole market. The de- mand was apparently based on considera- lions of good prospect of continued prosperity of the country for the new year and the hope of an early reaction In he money market. Call loan rates were not so stringent as on Monday and Tues lay, but the money market continued tiff and the bulk of operations was ap parently by those not dependent for re- sources on the call loan market. The in- Bpired intimations of the completion of the retirement of Northern Pacific pre- ferred and of the rapid progress of ex- change into the Northern Securities Com pany's stock had a notable effect in re- lieving the depression which had been caused by the fears that that prospect would be obstructed before its successful eonsummation.
 The payment for redemption of North ern Pacific preferred was believed to be a factor in relieving the money market. The prospect of further effect from the large January disbursements was an additional motive in the speculation. With the Northern Pacific project out of the way 1t is believed that other projects for combinations will be pushed forward It is confidently believed that the anthra- cite coalers are destined for such a com bination. The speculation in this group and the pacifics today may be attributed to these causes. The buying of Baltimore and Ohio was by the same brokers con- spicuous in the operations in the anthra- cite group. It was asserted that the Pocahontas Coal Company had arrang- ed for royalties on much of its coal land from companies controlled by the United States Steel corporation which helped the strength in Norfolk and Western and also in United States steel The predic- tion by the recognized authorities in the trade that the coming 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 a coming consolidation of electrical manu- featuring companies. Amalgamated cop- per was helped by the firmness of the raw copper market in London and by ru- mors that a powerful syndicate had been forced to hold the companys accumulated stock of copper. The foreign money market promptly responded to the turn of the year and were all easier with a cheering effect on stock markets.
 The closing here was active and easy on realization.
 The railroad bond market was active and broad and there was a good absorp- tion of high grade bonds. Total sales par value $4640,000 United States refundine 2's and the old As declined k and the Ss advanced B per cent on the last call.
 New York Stock Market.
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