The Birmingham age-herald., 1903-01-01
STOCK MARKET ENDS
 THE YEAR HOPEFUL In First Two Hours Aggregate Safes Reach Large Figure. PROFIT TAKING CAME LATER Trading Was Much Interrupted By the New Years Celebration on me
 Produce Exchange, In Which All Members Took Part.
PROFIT TAKING CAME LATER

>r-v work December 31.-The year closed on the stock exchange with very honaful and confident sentiment predom- mating. During the first two hours 'ne aggregate sales reached larger ngure than in my similar period TOT many months. the total reaching to nearly three-u,arters of a million shares. Dur Inc inc latter half of the session trading was much interrupted by the New Year ce,ebration of the produce exchange Tn which many members of the stock ex- change narticipated. While the spirit of nrenaration for the stock exchange frohc also was in the air, the taking oI prohts on the two days rise made considerable impression upon prices during the nnai hour. so that some comparative stocks lost all of their early gains. The great central factor in the days market was .ne safe passing of what has been cohsioeieu a dangerous point in money a1fairs. 1he fact that New Years day has been reached without money excitement IS taken to demonstrate the success or plans made for meeting the extraordinary re- oufrements on the money market thls sea son For the moment the possible future requirement. to be met by reason oi eA tended loans and deferred payments ol obligations is lost sight of and confluence Is general that the normal reaction Tn monav rates will follow the turn of the year. Current reports of railroad earn ings also show a large ratio or increase in gross earnings, raising the hope or all improved showing in net returns.
 Early reviews now appearing for the closing of the year show extraoroinary prosperity had a strong sentimental erect on speculation and the government esu- mates of very large cereal crops gave substantial ground for a hopeful feeling over the future. Of the days special de- velopments the maintanence of the per cent dividend on Delaware and Hudson was a reassuring factor, especially Tn the case of the coalers. The rise in the price of copper had generally favorable CT feet, besides its special influence on amai- gamated. The state railroad commisslons intimation that it had plan for improv- ing the handling of congested traffic on the local street railways induced heavy speculation in Manhattan. The feature or the day was the diligence with which classes of stocks were bid up so long as offerings continued light. A number Of fotations which have been practically detriment, owing to the tight money market were violently advanced. Exam ples were United States Realty and Amer ican Steel foundries, and on the curb In- ternational Marine. The money market continued stiff but eased off in the late transaction. The trust companies con- tinued to call loans and the forces of de- pletion of bank reserves seemed to be still at work, but all such considerations were ignored in tho almost exultant con- fidence 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. s2,345,000 United States bonds unchanged on the last call.