The Montgomery advertiser., 1902-01-03
WALL STREET REVIEW MORE THAN A MILLION SHARES
 CHANGE HANDS. Coalers and sPacifics Were Easily the Leaders in the Market.
 Industrial Stocks Incon-
 spicuous as Rule.

NEW YORK. Jan. 2.-The first day of trad
 in for the new year in the Stock Exchange
 transactions to upward of a million shares.
 The coalers and the Pacifcs were easily the
 broadly , distributed and the strenrth was Very
 fairly disseminated through the general list.
 The industrial stocks were inconspicuous, ex-
 such -as United States Steel, Sugar and Amal-
 gamated Copper and Peoples Gas. Amalga-
 mated Copper had t period @ d or ssa s Gur
 occasional relapses. There were very heavy
 realizing in the course of the day, but the of
 fractions in the prices The way in which one
 stock or group of stocks and then another
 Characteristic of sthe methods of professional
 operators of large calibre and each new
 point of strength developed the preceding
 stocks were sold to realize. In this way the equipose was mantained and speculative
 holdings were transferred from one quarter to another, permeating the whole market. The demand was apparently based on general con- D alterations of good prospect of continued prosperity of the country for the new year and | the hope of an early relaxation in the money
 market Call loan rates were not so stringent Monday and Tuesday. but the money | market continued stiff and the bulk of opera tions was apparently by those not dependent |, for resources the call loan market. The inspired intimations of the completion of the retirement of Northern Pacific preferred and of the, rapid progress of exchange into the Northern Securities Company's stocks had a notable effect in relieving the depression which has been caused by the fears that that pros pect would be obstructed before its successful consummation. The payment for redemotion of Northern Pacific preferred was believed to be a factor in relieving the money market. The prospect of a further effect from the large January disbursements was an addi- tional 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 he- lieved that the anthracite coalers are destined for such a combination. The speculation in this group and the Pacihcs today! may be at tributed to these causes. The buying of Balti- more and Ohio was by the same brokers. con- | spicuous in the operations in the anthracite group N was asserted that the Pocahontas much of it's coal land from companies con- | trolled 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 authorities in the trade that the coming year will be of l the banner years in the steel industry and ru- mors of unimpaired earnings for December also helped the United States Steel stocks. Reports were current of a coming consolida- Amalgamated Copper was helped by the firm ness of the raw copper market in London and 1 by rumors that a powerful syndicate had been | formed to hold the company'S accumulated stocks of copper The foreign money market promptly responded to the turn of the year and all easier, with cheering effect on stock markets The closing here was active and on realization.
 The railroad bond market was active and
 broad and there was a good absorption of high grade bonds. Total sales (par value), S4 640.- 900. United States refunding 2s and the old As declined K and the 5's advanced h per cent on the last call