The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-12-24
WALL STREET ALTERNATING
UNTIL HOLIDAYS CLOSE.
VANDERBILT ROADS DIS
PLAY SOME STRENGTH.
Belief That War Is Probable in
the Far East Helps to Hold
Back Business in Stocks.

New York, Dec 23.-The stock market
for the most part continues in state of
Information Practically all of the circula-
ton in to-day's market was within the
Stock Exchange body itself. without any
feature Of the days news was the increase
announced in the Lake Shore semiannual
dividend from ga to per cent. The
other Vanderbilts responded to this news
and it had a mild tonic effect on the gen.
eral market. The 3-pofnt drop in Lake
Erie and Western was a marked excep-
ton among the Vanderbilts. As a Lake
Shore controlled company, the Lake Shore
dividend increase seemed without encour-
aging effect on Lake Erie and Western
stockholders, on the suppositfon that the
benefit from operation to the controlling
company would be a first consideration.
The yearly statement of the Lake Shore
earnings was the subject, of widespread
comment in connection with the dividend
increase, the surplus, after charges and
dividends partly, estima q ~ osf falling to
previous year.
DISCUSSION REVIVED.
The movement in the Vanderbilts and
the appearance of the earnings statements
of the various Vanderbilt roads revived
discussion of the necessities OF the New
York Central to be financed in connection
with the extensive terminal Improvements
projected in this city.
The subject of future railroad bond is
sues was kept alive by the suppositions
as to the disposition of the proposed
Rock Island consolidated refunding issue
of $50 900. 900. RumOrS on this SUBJECT
were various and conflicting as between
the adoption of the plan, its complete re-
lection and the issue of u separate mort
gage on unbonded property OF the system
for more immediate needs. The general
contention that heavy borrowing by Var1-
ors railroad systems for the purpose OF
funding temporary loans and for other
purposes are ahead of the money market
is a prime factor in aggrayating the holt
day dullness of the trading, Another Is
the far Eastern war cloud, which is q per-
sisting shadow over all the worlds finan-
cial markets.
CHANCES FOR WAR.
The opinion holds in financial circles
that, with a possibility of a peaceful out
come, the chances are on the side of war.
Much speculative activity was diverted to
the cotton market, where heavy realizing
of profits was effected in the desire TO re-
dlce commitments for the approaching
holiday interval. Sterling exchange weak
ened further to-day and the demand for
remittance was light. the period available
for remittance to cover january oblga-
| lions having practically expired. The
speculative movement in the local trac-
lions was carried on in n rather listless
fashion and some of the high-grade divi-
| dend stocks which figure largely in the
| surplus accounts of great financial cor
| porations were marked up without EN-
countering much opposition.
The bond market WAS firm, Rock Island
Is and Central of Georgia incomes being
| bought up to q higher level. Total sales,
par value, $2075,0O0. Government bonds
| were unchanged on the last call.
I