The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1902-01-03
THE MARKETS
wall StraAt Enrlaw.

New York, Jan. 2-The first day OF
trading for the new year on the stock
exchange was sgnalized by a jump in
the volume of transactions to upwards
of million shares. The coalers and
the Pacifcs were easily the leaders In
the market but the dealings were
broadly distributed and the strength
was very fairly disseminated through
the general list. The industrial stocks
were inconspicuous, except for few OF
the important issues. such as United
states Steel, Sugar and Amalgamated
Copper and Peoples Gas. Amalgamated
Copper had II period of weakness dur
ing the early part of the day, and Sugar
showed occasional relapses. There was
very heavy realizing in the course OF
the day, but 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 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 de-
veloped the preceding stocks were sold
to realize.
The demand was apparently based on
general considerations of, II good pros
pect of continued prosperity of the
country for the new year and the hope
of an early relaxation in the money
| market. The inspired intimations of the
completion of the retirement of North
ern Pacific preferred and of the rapid
progress of exchange into the Northern
Securities conpany's stock had Il nota-
BILE effect in relieving the depression
which was caused by the fears that
that project would be obstructed before
it's successful consummation. The pay
ment for redemption of Northern Pa
cific preferred was believed to be q
factor in relieving the money market.
The prospect Of Il further effect from
the large January disbursements was
an additional motive in the specula
ton. With the Northern Pacific pro-
ject out OF the way, it is believed that
other projects for combinations will be
pushed forward. 1t is confidently be-
lieved that the anthracite coalers are
destined for such a combination. The
speculation in this group and the Pa
cities 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 an
thracite group, 1t was asserted that
the Pocahontas Coal company had an
ranged for royalties on much of it's 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 prediction by the recognized
authority in the trade that the coming
year will be one of the banner years in
the steel industry, and rumorS of I'M
impaired earnings for December. also
helped the United States Steel stocks.
Reports We're current of Il coming con-
solidation of electrical manufacturing
companies. The closing was active and
easy on realizing. Total sales today, l.
0J2. 400 shares.
The railroad bond market was active
and broad, and there was Il good alb
sorption of high-grade bonds. Total
sales, par value, $4,6i0,G0O.
United States refundins 2's and the
old As declined Il. and the as advanced
Is per cent on the last call.