The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-12-25
STOCK MARKET CLOSES FIRM,
WITH PRICES AT THE TOP.
DEALINGS GENERALLY ON \
SMALL SCALE.
Brokers Give More Attention to
Playing Holiday Franks
Than to Trading.

New York, Dec. 2i.-The stock market
closed firm to-day at the rop level OF the
day, with net gains in a few OF the y oml-
nent railroads and specialties reaching a
point or more. The Qay'S movement OF
prices was not Of much significance and the
dealings were on a very small scale, eX-
cept in the local traction group, in which
there was some large buying without any
nearly to the point of Stagnation at times
and the brokers gave more attention 10
the Christmas holiday than to trading in
stocks. The Produce Exchange celebration
began midway of the session of the Stock
Exchange. on the same floor and separated
only by e low partition. Speculative senti-
ment may easily have been ttnctured by
the festivities. The distribution of Christ
mas donations was on a liberal scale and
There was apparently some outstanding
for the holiday. especially as many brokers
are preparing to leave town for the rest of
the week.
FRACTIONS STRONG.
The strength of the local fractions had a
sentimental effect on the whole list, the
rise in Brooklyn Transit extending to over
4 points. No definite explanation of the
rise was forthcoming: but old rumors had
renewed circulation of a passing of control
to the Pennsylvania. Sugar also was well
sustained at . recovery from yesterdays
sharp decline. The most active period of
the trading, however, was during the de-
cline of the morning.
Tn maintenance of the call rate at be-
tween 3 and 10 per cent was the depressing
influence. The blockade restriction en-
forced by the blockading Powers at La
Guayra on the steamer Caracas occasioned
some uneasiness. though 1t had but little
direct influence. The announcement of wage
increases by the New York Central and the
Atlantic Coast Line called renewed atten-
ton to a tendency which is general through
out the world. The passing of the dividend
on st. Joseph and Grand Island first pre-
ferred explained yesterdays late break of
3 points in that stock, to which was added
a 212-point decline to-day.
DIVIDENDS REDUCED.
Canada Southern was also suffering q re-
duction in its dividend rate. The great IN
fuence of these two cases was not en-
couraGing. The rise of 13 points in Cleve-
planned. The stiffness of the call-money
rate and a hardening of the time market
were not effective in checking the rising
tendency in sterling exchange or the fall
ing tendency in New York exchange at in
terror points. At Chicago New York ex-
change fell back TO par, after having ruled
at 40 cents premium last week. More than
half a million dollars was again transferred
to New Orleans to-day, but $3.50, 900 was paid
out by the Subtreasury on transfer of
Alaskan gold from San Francisco. Yester-
days heavy customs. coupled with the fall
ing on in pension payments has resulted in
a wiping out of the Subtreasurer's earlier
Is also rising in London and there were con-
tinued large transfers by cable to that CEN
ter to-day.
There was some distributed activity In
the bond market, but the price movement
was rather irregular. Total sales, par
value, sl,0SO,G0. United States new As ad-
yanced 4 and the old AZ II per cent on the