The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-25
STOCKS MOVE UPWARD
DISTINCT IMPROVEMENT RECORDED
BY Yesterdays MARKET.
Obscure Issues. ns Well as Leaders,
Make Good Advances-Reviewo of
Week-Good Bank Statement.

Sales Of stocks. shares............... 371,1OO
Corresponding day last year........3 53.OW
To corresponding date last year. 1S4 $50, 500
NEW YORK. Dec 24-The stock market
showed unmistakable points of general improve
ment to-day. The session Of the New York
Stock Exchange to-day recorded gains all through
the list. only in the stocks which have been
prominent for some time but IL issues which
have been more less obscure for time.
OF the stocks which moved notably only one
two were in the list of usually prominent
stocks In many cases the gains noted were In
stocks that had not moved for weeks. Just why
II should conduce TO the gayety Of the holiday
celebration to awaken these sleeping securities
from long quiet and rush them up points at
time must be left to the inscrutable minds of
stock brokers on a frolic. Here and there the
disposition to take profits on the rise seemed to
be rrepressible. But this was frowned upon as
throwing a dampening spirit upon the occasion
The lingering effect Of the increase announced
yesterday In the Lake Shore dividend was mani
fest in movements of handful or high grade
stocks some in the railroad list, and some In
the Industrial list. Rumors OF possible demand
increases accompanied some of the advances and
with others there went suggestion or coming
distribution of surplus known TO be in the treas
ures of the companies.
General Electric and Westinghouse Electric, the
price of the latter being bid up across the former,
time past. but relapsing again to below parity
OBSCURE STOCKS ADVANCE
In some of the more obscure stocks II evil
dent that the current in favor of selling move
ments was taken advantage Of to bid up the
market without opposition The action Of the
cotton and wheat markets in response to the
war rumors. which took on an alarmist tone. was
harr fuI rs IN
can interests even in the event of Cotton
sold in New York at the highest price in Deem
Der since the civil war and the price reached
by wheat was the highest for several years
past.
Call money rates easy in the face of the
and all the indications point to a decided i'm
provement In the condition &c be shown by the
ment of currency from the interior and the sub
treasury operations are estimated TO have yielded
upwards Of $1,000 600 of additional to the
banks already since last Saturday. This in
spite OF the heavy transfers 10 New Orleans,
which have run up to s2.75o.0oo since the last
The tone Of the sterling exchange market con-
ton of upwards of So O00 900 the week in the
Bank of England reserve. London was also in
was an irregular reaction late in the day and the
market closed irregular
The bond market was firm. but not very active
Total sales. par value. s2.0l5.0Oo.
REVIEW OF THE WEEK.
The approach OF the Christmas holidays has
been contemplated with cheerfulness in
Wall street. While the market has been ex-
ceedingly dull. the effect has been to keep any
selling pressure off the market, and prices have
been suffered to advance in a sluggish manner.
Some of the dormant stocks have been bid up
many points without transaction. and very light
offerings have been brought out at any stage Of
the advance. The same has beep true in a mod
crate degree of the stocks active in the trading.
caused by the drastic liquidation effected dur
ing the past year has been viewed with con-
showing to be made in annual balance sheets of
the market values of securities held will cut
some anxious Consideration at different times
during the distressing year just closing. How
far active measures have been used In the mark
ct to help this Improvement is a matter of
mise. But the fact that the result has come
with little effect proves the firm underlying con-
dition OF the present market.
MONEY MARKET EASY.
Forebodings over the year-end money markets
are definitely laid to rest, and the ease Of the
money market has been greater during the past
week than for any corresponding period in many
years. But this freedom from pressure for cred
has resulted in any free of them for
speculative uses The buying of securities In
anticipation of funds to be released by the Janu-
airy disbursements has been little perceptble.
This is in strong contrast with such demands in
some Sven Nsen money rates rusd
intimated a possibility of reduction in interest
rates to depostors from to 3ls per cent, have
eral savings banks in Brooklyn have advanced
their interest rate from 31a to per cent. These
incidents have attracted attention to the greater
facilities for investment at advantageous inter
est rates. which have resulted from the lower
level of prices for high-grade securities in the
market
LARGE DEMANDS FOR MONEY.
But free employment of money in the present
market is checked by the consideration OF the
heavy requirements for railroad bonds issues
which are known to overhang the money market.
Some OF these will be for the purpose Of fund
ing temporary loans TO railroads during the past
period of stringency to carry necessary work.
with the intention Of waiting for more propi-
conditions to issue long time loans funded
FORM The official intimations of the purpose to
employ part of the proceeds OF these coming
bond issues In purchase of railroad equipment
ties of corporations dealing in such equipment.
Notwithstanding these qualifying considera-
street that the opening of the new year will see
accumulation Of reserves in New York and
an improved demand for securities.
THE EASTERN WAR CLOUD.
The usual factors Of unsettlement and hesita-
ton of a national campaign lie beyond with
the added uncertainties OF the industrial and
business outlook. Opinions are still fixed in
the iron and steel outlook but by no means
so generally pessimistic the case a few
weeks ago. Other pending problems to be faced
are the question OF war peace between Russia
and Japan and the possible effects on the finan-
cial world and the effect international ex-
change of payment for the Panama canal.
Dealings in bonds have not been on large
mand awakened for few issues OF specula-
tive class.