The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-01

NEW YORK, Dec. 31-The year
| closed on the stock exchange with a
very hopeful and confident sentiment
predominating. During the first two
hours OF business the aggregate sales
reached a larger figure than in anv
similar period for many months, the
total reaching to nearly three quarters
or million shares. During the latter
half of the session trading was much
interrupted by the New Years cele-
brat1on of the produce exchange on the
nelghboring floor, in which many men,
oers or the stock exchange participant
ed, While the spirit of preparation for
the stock exchange frolic was also
IN the air. The taking of profits on
the tWo-day rise made considerable
impression upon prices during the final
houf, so that some conspicuous stocks
lost all their early gains.
Vast Relief.
The great central factor in the DAYS
market was the safe passing of what
has been considered a danger point
in money affairs. The fact that New
Years day has been reached without
money embarrassment is taken to DEM
onstrate the success of the plan for
meeting the extraordinary require
ments upon the money market at this
season. For the moment the possible
future requirement to be met by rea-
son of extended loans and deferred
payments of obligations is lost sight
of and confidence is general that the
normal relaxation in money rates will
follow the turn of the year. Current
reports of railroad earnings also show
larger ratio of increase in gross earn
ings, raising the hopes Of an improved
showing in net returns.
The yearly reviews now appearing
of the closing years extraordinary
h1d ctr Rr1I
effect on speculation, and the govern
ment's estimates of the very large
cereal crops gave substantial ground
for hopeful feeling over the future.
Of the days special developments, the
maintenance of the 7 per cent divi-
dend on Delaware & Hudson stock
was reassuring factor, especially in
Fthe case of the coalers The group,
however, was affected by realizing.
The rise in the price of copper had
generally favorable effect besides
its specific effect on Amalgamated.
Heavy Speculation in Manhattan.
The state railroad commits
sion's intmation that it had
plan for improving the hand
ling of congested traffic on the
local street railways induced heavy
speculation in Manhattan. Brooklyn
Transit was held back on account of
jury condemning it's car service A
feature of the day was the diligence
with which all classes of stocks were
bid up so long as offerings continued
light. A number of recent f1otations
which have been practically dormant
owing to the tight money market, were
vigorously advanced. Examples were
United States Realty and American
Steel Foundries, and on the curb In
ternational Marine (When iSSued). The
money market continued stiff today,
but eased off in the late transactions.
The trust companies continued to call
loans and the forces of depletion of bank
reserves seemed to be still at work,
but all such considerations were ignor-
ed in the almost exultant confidence
expressed by the stock operators that
the turn of the year will see the end
of their money troubles.
The bond market was broad and
active and made general advances.
Total sales, par value, $2,345, 000 Unit
ed States bonds were all unchanged on
the last call.