The St. Louis Republic., 1903-12-25
STOCK MARKET IS HIGHER
IN SPITE OF HOLIDAY.
BROKERS DISCOURAGE EFF
FORTS AT PROFTT-TAKING.
Rumors of Increased Dividends
Tend to Help Some of the
Stocks, Which Go Higher.

New York, Dec M-To-day's stock mar
ket showed points Of strength scattered all
through It, but the room traders. who had
the market an to themselves accepted this
as part OF the Christmas celebration al
most as much as the strains Of the brass
band that enlivened the proceedings on
the noor Of the Stock Exchange during
the last hour Of the session. OF the
stocks which moved notably. only one or
two were In the list Of usually prominent
stocks. In many cases the gains noted were
Just why it should conduce to the gayety
OF the holiday celebration to awaken
these sleeping securities from long
quiet and rush them UP points at a time
stock brokers on frolic. Here and there
the disposition to take profits on the rise
seemed to be irresponsible.
PROFITS DISCOVERED.
But this was frowned upon as having
the effect Of dampening the spirit Of the
occasion. The result Of the increase
announced yesterday In the Lake Shore
dividend was manifest in the movement
of a handful of high-grade stocks. some
IN the railroad and some IN the industrial
list. Rumors of possible dividend in
creases accompanied some Of these ad-
vances. and, with others. there went sug-
gestions of a coming distribution of sur
plus known to be in the treasures of the
companies. There was obviously specula-
tive contest in General Electric and
Westinghouse Electric. the price of the
latter being bid up across the former thus
making good predictions current for some
time past, but relapsing again to below
the parity
In some of the more obscure stocks 1t
was evident that the current disfavor of
selling movements was taken advantage
of to bid up the market without opposi-
ton. The action of the cotton and wheat
markets in response to the war rumors,
which took on an alarmist tone was not
such as to suggest harmful results to
American interests, even in the event Of
war. Cotton sold IN New York at the
highest price IN Dec, since the Civil War
and the price reached by wheat was the
highest for several years past
MONEY Is EASY.
Can money rates were easy IN the face
pf the requirements to carry over un-
II next Monday, and ali the indications
point to a decided improvement In the
condition to be shown by the banks in
next Saturdays bank statement: The
movement OF currency from the interior
mated to have yielded upwards OF $500.
600 Of additional reserves to the banks al
ready since last Saturday. This is IN
spite of the heavy transfers to New Or
leans. which have run up to s2.759,ooo
since the last bank statement The tone
of the sterling exchange market con-
reduction @ % of upwards of sio.eoo0oo, for the
week in the Bank of England reserve.
Discounts in London were also inclined to
relax. somewhat surprisingly. There 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,ooo.
CHEERFUL OVER HOLIDAY.
The approach of the Christmas holidays
has been contemplated with some cheer
fulness in Wall street. While the market
has been exceedingly dull and at times
practically stagnant, the effect has been
TO keep any selling pressure on the mar
ket, and prices have been suffered to ad-
dormant stocks have been bid up many
points without transactions, and very
light offerings have been brought out al
any stage Of the advance. The same has
been true in a moderate degree OF the
stocks active in the trading. The
process of filling up the gaps in val
ues caused by the drastic liquidation eff
viewed with contented spirit in the
financial world. where the showing to be
made in annual balance sheets of the
market values of securities held will cut
an important figure and has been the oc-
casion of some anxious consideration al
different times during the distressing year
just closing. How far active measures
this improvement is a matter for surrnise
But the fact that the result has come
with little effect proves the firm under.
lying condition in the present market
Forebodings over the year-end money
= markets are definitely laid to rest and the
Ksase of the money market mas been great
>er in the last week than for any corre-