The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-01-01
YEAR CLOSES BUOYANTLY
HOPEFUL SENTIMENT PREVAILS IN
STOCK SPECULATIVE CIRCLES.
Stocks Are Bid Up Moderately, hut
Stringency Seems to BE Over.

NEW YORK, Dec. S1.-The year closed
on the Stock Exchange with very hope
full and confident sentiment predominating
During the first two hours the aggregate
sales reached larger figure than in any
similar period for many months. the total
reaching to nearly three-quarters of a
million shares. During the latter half OF
the session trading was much interrupted
by the NeW Years celebration of the
Produce Exchange on the floor, in which
many members of the Stock Exchange par
ticipated. while the spirit of preparation
for the New Years celebration on the Stock
Exchange also was in the air. The taking
of profits the two days rise made con-
siderable impression on prices during the
final hour, so that some conspicuous stocks
lost all of their early gains.
The great central factor in the days mar
ket 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 demonstrate the success of the
plans made for meeting the extraordinary
requirements on the money market at TINS
season. For the moment the possible fu-
ture requirement to be met by reason OF
extended loans and deferred payments or
obligations is lost sight of, and confidence
is general that the normal relaxation In
money rates will follow the turn or the
year. Current reports of railroad earnings
also show a larger ratio OF increase In
gross earnings, raising the hope or an I'M
proved showing in net returns.
The yearly reviews now appearing of the
closing years extraordinary prosperity had
strong sentimental effect on speculation,
and the governments estimate of the very
large cereal crops gave substantial ground
for hopeful feeling over the future. or
the days special developments the main
tenance of the per cent. dividend on Della
ware & Hudson was reassuring factor
especially in the case of the coalers. The
rise in the price of copper had generally
favorable effect. besides its special infiu-
Commissions intimation that 1t had a
plan for improving the handling OF con-
gested traffic on the local street railways
induced heavy speculation in Manhattan
with which all classes of stocks were bid
up so long offerings continued light. A
number of recent fotations which have
been practically dormant owing to the tight
money market We're violently advanced
Examples were United States Realty and
American Steel Foundries and on the curb
International Marine.
The money market continues stiff, but
eased off in the late transactions. The
trust companies continued to call loans,
and the forces of depletion of bank re-
serves seemed to be still at work, but all
such considerations were ignored In the
almost exultant confidence expressed by
the stock operators that the turn of the
year will see the end of their money trOu-
bles.
The bond market was broad and active,
and made general advances. Total sales
at par value were SEAS. 900. United States
Following are the days share sales and
the recorded price changes: