The Montgomery advertiser., 1904-12-21
WALL STREET REVIEW
STRENGTH or THE MARKET DUE TG
 LIGHT OFFERINGs.
Dullness Was Really Profound st Times. Total for Day Not Being Over .
 Half Million Sharos,

NEW YORK, Dec. 2o.-The strength in
 today's dull market was due to the very light offerings of stocks. The dullness was
 day. although only about half : million
 the business. small ias 1t Vas, was largely
 operstsrs on . lsrs ss.is. who have made S
 the great iHpskets of the recent past seem
 to have withdrawn by common consent and
 to have left the dealings to . smaller but
 There is pretty general agreement that
 revived activity Il: not to be looked for
 many personal and private considerations
 which induce a languid interest in business
 during the holidays by many brokers But
 aside from this the large energies and re- sources devoted to the great annual settle
 ments in business divert much from the
 stock market. This factor seems less opera
 dance of money offering in the loan market.
 The call rate seems to sag instead of to
 stiffen as the end of the year approaches
 Loans M % are made on time for periods up sI.; tc
 six months both at sh and 3% per cent anf
 there is only . languid demand even at
 Pressure continues on our gold supply and
 also on that of London. the average being
 in favor of Berlin. sequence of bond of
 continues. to make its appearancs and to be
 taken off the market with apparent read
 mess This probably serves to explain part
 ly the diversion of operations from the stock market.
 Along with the general agreement in the probability of duil trading after the new years opening. 50 numerous expressions of confidence in higher prices when the market does become active again. These expres- sions of confidence influence the email buy ing such as was in evidence today. Atten- tion is alert also to discover signs of the anttcipatory investment buying which 1t Is an old tradition to look for in Wall Street during December. This is supposed to come from capitalists who expect to receive dvi- dends and interest at the first of the year and who see an advantage in securing their desired holdings before others are seeking the same ends.
 The picture of capitalists of resource sitting down to await the immediate re- cefpt of their increment of wealth for new outlay. does not appeal for its great veri- grade stocks rising scale at this period l is pretty certain to be set down to this | source and 1t is often effective in dissem- mating . comfortable feeling of substantial investment confidence among operators. The movement in New York Central today, | unaccompanied by news of any direct bear ing on the property, was a case in point and
 was of considerable effect on the whole of
 the days narrow market. The restoration of dividend rates on Lake Erie Western preferred, and on Indiana, Illinois & Iowa were favorable incidents. There was some realizing in the United States Steel stocks l on the additional advances fin prices of prod
 ucts. Southern Pacific moved in response to rumors of a coming dividend.
 Foreign exchange was easier. but New York exchange at Chicago receded to near par. Gains were not fully retained. but the closing tone was firm.
 ss32o.ooO. United States bonds were un- changed on call.
 NEW YORK SHOOK LIST.