The age-herald., 1902-01-01
STRENGTH SHOWN
 IN STOCK MARKET Year Closed With Feeling of Confidence Among Traders PRICES SOUGHT HIGH LEVEL The Money Market Was Again Decid- edIy stringent-Moraan's Offer
 to Buy Northern Pacific Pre-
 ferred at Par Allayed Fear.
PRICES SOUGHT HIGH LEVEL

New York, December 31.-The year clos ed on the stock exchange with demon stration of confidence on the substantial basis of value. The immediate factors were somewhat conflicting and the early market was irregular in consequence but the buying demand cleared the market of offerings and carried prices to a higher level during the last hours of the day. The publication of yearly summaries showing a record of achievements in ex- cess of any previous year had a 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 to express it's confidence by purchase of stocks.
 The money market was again decidedly stringent today and very active, the rate going to 15 per cent early In the day and lowering about that point at later periods. The shifting of loans forced some hold FITS of stocks to throw them over but other buyers who seemed to be provided. with ample funds, which were not affectf ed by the shifting of call loans were ready ko take them The activity in the csll loan market, however, was 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. Pre- parations for the heavy annual disburse- ments were the largest factor iri the ptrength of the money market.
 The coalers continued very active and in the main firm, although there was very large amount of realizing in Reading. It was considered significant that the brok- FITS who were heavy buyers of Reading yesterday, took large amounts of Balti- more 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 temporary injunction against the proposed retirement of Northern Pacific preferred caused some depression among ihe Pacific stocks
 An offer made by J. P Morgan & Co.,, during the day to pay par for Northern Pacific preferred had the effect of allay- Ing some of the apprehension that the formation of the Northern Securities Company would be effectively obstructed. The appearance of the November state ment of net returns of the Union Pacific showing a large increase was a factor In relieving depression in that part of the market. The November statement of Readings net earnings following that for Erie, published yesterday confirmed the confidence in the coalers. The Fries some what supplanted the Readings in strength and activity and Lackawanna was lift ed 715. Late in the day New York Cen tral, selling minus the dividend rose 21s over last night. Baltimore & Ohio gained as much There was a vigorous recov- cry In sugar, which carried it more than a point of last night and Amalgamated copper also rallied strongly. Sterling ex- change became easier in response to the higher money rate here. This served to soothe the fear that gold may go out early in January. Foreign money mar kets also reflected a confidence in a prompt relaxation of money rates after January 1. It is not expected that there will be a notable relaxation on money rates in New York until well into the coming month. Profit taking made the closing easy and considerably below the best.
 The bond market was moderately active and irregular. Total sales par value s2.- 970,O00.
 United States 2s coupon and the old 4s advanced h per cent on the last call. New York Stock Market.
 By Private Wire to Murphv SA Cn