The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-01-03
THE STOCK MARKET WAS
MANIPULATED WITH SKILL.
Predicted That the Coming Year win Be
the Banner Year in the Steel
Industry.

New York, January 2-The frat day OF
trading for the new year on the stock ex-
change was sigualized by a jump In. the
volume OF transactions to upward OF a
million shares. The coalers and the PACT
fics were easily the leaders In the market,
but the dealings were broadly distributed
and the strength was very fairly dissent
mated through the general list. The In
dustrial stocks were lnconsplcuous. except
for a few OF the most important issues,
such as United States Steel Sugar and
Amalgnmnted Copper and Peoples Gas
Amalgamated Copper had period Of weak
ness during the early part Of the day
and Sugar showed occasional rclapses.
There was very heavy realizing in the
course Of the day. but the offerings were
well taken and at a cost OF only points
in the prices. The way 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 caliber, and ms each new point OF
strength developed the preceding stocks
were sold TO realize. In this way the equip
disc was maintained and speculative hold,
ings we're transferred from one quarter TO
another, permeating the whole market. The
considerations OF q good prospect Of CON
tinued prosperity OF the country for the
new year and the hope OF an early relaIa'
lion In the money market. Call loan rates
were not so stringent Us on Monday and
Tuesday. but the money market continued
stiff, and the bulk OF operations was ap
parently by those not dependent for re
sources on the call loan market. me IN
spred intimations of the completion oil
the retirement OF Northern Pacific pre-
NJ
change into the Northern Securities com
pany's stock had n notable effect III re
lleving the depression which mas been cans
ed by the fears that that project woult
be obstructed before Its successful consum
nation. The payment Tor redemption o
Northern Pacific preferred was believed q
be factor In relieving the money market
The prospect OF a further effect from III
large January disbursements was an addl
tionAl motive In the speculation. wiz
the Northern Pacihc project out OF the way
II ID believed that other projects for com
binations VIII be pushed forward. II !
confidently believed that the anthraelt
coalers are destined for such combination
The speculation In this group and the Pa
clfcs today may be attributed TO thes
cnuses The buying OF Baltimore and Obi
was by the same brokers, conspicuous Il
he operatiOns IN the anthracite group. |
was Inserted that the PDeahontas Goa
company arranged for royalties on much O
It's coal lands from companies CONTROLS
which helped the strength ia Norfolk an
western and also In United States stee
The prediction by the recognized author
ties ia the trade that the coming yea
win be one OF the banner years In III
steel Industry and rumors Of unimpalre
Earnings for December also helped the Uni
ed States stocks. Reports were current (
= coming consolidation Of electrical mqnl
factoring companies, Amsigninated Coz
per was helped by the hrmneks OF the IA
conner market In London and by rumol
That 4 powerful syndicate had been fore.
IL hold the company's accumulated steel