Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1903-01-01
WALL STREET QUIET,
YEAR CLOSES WITH VERY
HOPEFUL FEELING PREVAILING.
MONEY DAWGER-PolNT PASSED
confidence General That Normal Re-
taxation in Money Rates VIII Fol-
low Turn of the Tsrelvc-Montl:-.
Bond Market nroad and Active.
YEAR CLOSES WITH VERY
MONEY DANGER-P ONT PASSED
Confidence General That Normal Re-
Bond Market Broad and Active.

NEW YORK. December 3I-Thc year
closed quiet on the stock Exchange. with
q ve,r hopeful and confident sentiment
predominatng. During the first two
hours of business the aggregate sales
reached a larger figure than in any SINH
Tar period for many months. The taking
OF profits on the two~days rise mace
considerable impression upon prices dli-
ring the final hour so that some con-
apjcuous stocks lost all of their early
gains. The great central factor IN the
days market was the safe passing OF
what had been considered q danger-point
IN money affairs. aud confidence in gen
eral that the normal relaxation in money
rates will follow the turn of the year
Current reports Of railroad earnings
also show a larger ratio of increase in
gross earnings, raising the hope of an
improved showing in net returns. The
yearly reviews now appearing Of the clos
ing years extra ordinary prosperity had
g strong sentimental effect on spccula-
lion, and the Governments estimates OF
the very large cereal crops gave sub
over the future OF the days special de-
vclopment. the maintenance of the per
cent. dividend on Delaware and Hudson
stock was a rcassuring factor, aspec-
Tally in The case of the Coalers. The
group. however. vas effected by realiz-
ing. The rise in the price of Copper
had a generally favorable effect be-
mated Copper.
HEAVY BUSINESS IN MANHATTAN.
The State railroad commission :, lntma-
ton that II had a plan for improving
The handling Of the congested traffic on
the local. street railways induced heavy
speculation in Manhattan. Brooklyn
Transit was held back, owing to the
preseptment by the Kings county grand
turS. condcnning its car service. !. num-
Der OF recent Quotations. which have zen
practically dormant owing to the tight
money market, were vigorously ad-
vanced Examples were United States
Rea1ty and American Steel Toundries,
and on the curb. International Marine
twhen Issued.
The money market continued stiff to-
Jag, but eased off in the late transac-
lions. The trust companies continued to
rail- loans, and the forces Of depletion of
bank reserves seemed TO be still at work
but all such considerations were ignored
in The almost eXultant confidence ex-
pressed by stock spectators that the
turn Of the year viii see the end of their
money troubles.
BONDS BROAD AND ACTIVE.
The bond market was broad and &C
tive and made general advances. Total
aales. par value. s22:5,0oo United States
bonds We're all unchanged on the last
call
The sales OF stocks were 997.9to shares.
MONEY AND EXCHANGE.
Close: money ON CALL firm at setl2 per
cent; closing offered at per cent: time
money easy: sixty an, ninety days, 6
per cent: six months, 5 1.2 per cent;
prime mercantile paper. per cent
Sterling exchange heavy, with actual
business in bankers bills, at 4S750a4.S7.55
for demand, and at 4SS10@4S3lb for
sixty days; posted rates, 4ss@4S7 l-2;
commercial bills, 4.S2 3-SGiS3 a-S.
Bar silver. IS Is Mexican dollars.
IS Ia
Government bonds steady. Railroad
bonds firm