The Birmingham age-herald., 1903-12-25
STOCK EXCHANGE
 IS DIVERSIFIED
 - Elements of Strength Revealed by Many Lines THE TONE IS IRREGULAR The Trading Is In Immense Volume But Has Holiday Appearance and Some Sleeping securi-
 ties Are Awakened.
THE TONE IS IRREGULAR

New York. December 24-Today's stock market showed spots of strength scatter ed all through it. but the room traders who had the market all to themselves accepted this as a part of the Christmas celebration, almost as much as the strains of the brass band that enlivened the pro- ceedings on the floor of the stock eX- changed during the last hour of the ses- sion. Of the stocks which moved notably one or 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 1t should con- 1duce to the gaiety of the holiday celebra- ton to awaken these sleeping securities from a long quiet and rush them up points at a time, must be left to the in- scrutable minds of stock brokers on a frolic Here and there the disposition to take profits on the rise seemed to be ire pressble. But this was frowned upon as throwing dampening spirit upon the oc- casion
 The lingering effect of the increase an- nounced yesterday in the Laks Shore div idend was manifest in movements of handful of high grade stocks, some in the railroad, and some in the industrial list. Rumors of possible dividend increases &C., companied some of these advances and with others there went suggestions or a coming distribution of surplus known to be in the treasuries of the companies. There was obviously speculative con test 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 the low parity. In some of the more obscure stocks It was evident that the current disfavor or selling movements was taken advantage of to bid up the market without oposi- tion. 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 Am erican interests, even in the event or war.
 Cotton sold in New York at the high est price In December since the civil war and the price reached by wheat was the highest for several years past. Call money rates were easy, in the face or the requirements to carry over until next Monday, and all the indications point to a decided improvement in the condition to be shown by the banks in Next Saturdays bank statement and by the time bank trading is resumed in stocks next Monday. The movement of currency from the interior and the sub treasury operations are estimated to have yielded upwards of three million dollars of additional reserves to the banks already since last Saturday. This is spite of the heavy transfers to New Orleans, which have run up to $2,750000 since the last bank statement The tone of the sterling exchange market contin- ued heavy today, notwithstanding the reduction of upwards of s10, 100000 for the week in the Bank of England reserve. Discounts in London were also inclined to relax somewhat surprisingly. There was irregular action late in the day, ana the market closed irregular.
 The bond market was firm, but not very active. Total sales, par value, s2.015,O00
 Christmas holidays have been contem- plated with some cheerfuness 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 ad- vance in a sluggish manner. Some of inc dormant stocks have. been bid up many points without transactions, and very few offerings have been brought out at any stage of the advance.
 Dealings in bonds has not been large, but demand has been awakened for a few issues of speculative classes.
 United States 3's and old fs have ad- vanced F per cent, and the new 4s have declined + per cent on call during the week.