The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-01-01
Traders EELIN' GOOD
Great Confidence on Stock
Marker Prevails.
MARKET CLOSES EASY
Money Market Takes Prices
Up and Down at VIII.

New York. Dec. s1.-The year closed on
the Stock Exchange with demonstra-
ton of confidence in the substantial
basis of values. The immediate factors
were somewhat conflicting and the early
market was irregular IN consequence.
but the buying demand cleared the mar
ket OF offerings and carried prices 10 a
higher level during the course OF the day.
The publication OF yearly summaries
showing d record OF achievements IN ex-
cess Of any previous year had q strong
sentimental effect on trading. Confidence
was general that the turn OF the year
would see a relaxation OF the money mar
kets allowing means for speculation 10
express its confidence by purchase OF
stocks. The money MARKET was again
very active today, the rate going TO Is
per cent early in the day and lowering
about that point at later periods The
shifting Of loans forced some holders OF
stocks to throw them over. but other
buyers who seemed to be provided with
ample funds which were not affected by
the shifting of coall loans, were ready 10
take them. The activity in the call loan
market, however. was attributed in part
to the securing OF means for the large
buying of stocks which was again In evil
dence and which was rather better dis
tributed than that of yesterday. Prepa-
rations for the heavy annual disburse-
ments were the largest factor IN the
strength of the money market.
The coalers continued very active and
IN the main firm, although there was very
large amounts Of realizing in Reading.
Il was considered significant that the
brokers who were heavy buyers Of Read
ing yesterday took large amounts Of Bal
timore and Ohio today. A sharp reaction
in Sugar was a contributing cause TO
early heaviness Of the market, with the
break extending over three points. Grant
ing OF a temporary injunction against
the proposed retirement of Northern Pa
cific preferred caused some depression
among the Pacific stocks. An offer made
to pay par for Northern Pacific pre-
ferred had the effect OF allaying some OF
the apprehension that the formation OF
the Northern Securities company would
be effectually obstructed. The appear
ance Of the November statement OF net
returns OF the Union Pacific, showing a
large increase. was a factor in reliev-
ing depression in that part OF the market.
The November statement OF Readings
net earnings following that for Erie pub
lished yesterday confirmed the confidence (
in the coalers. The Fries somewhat sup
planted the Readings IN strength and
activity, and Lackawanna was lifted ~. /
Late in the day New York Central. sell |
ing minus the dividend. rose pa over last !
night Baltimore and Ohio gained as
much. There was vigorous recovery in |
Sugar, which carried it more than
point over last night, and Amalgamated I
Copper also rallied strongly. Sterling /
exchange became easier IN response TO ,
the higher money rate here. This served /
TO soothe the fear that gold may go out /
arly in January. Foreign money mar
kets also reflected a confidence in a /
prompt relaxation OF money rates after 4
January L II IS not expected that there /
will be a notable relaxation on money /
rates in New York until well into the /
coming month. Proft-takinz made the /
closing easy and considerably below the I
best. The bond market was moderately
active and irregular. Total sales, par 1
value, $4,000. United States twos. /
and the old Tours advanced Is I
per cent on the last call.
Closing prices Of stocks were as follows: /