The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-12-25
Financial.
YESTERDAYS STOCK M4RKEq'.
cios"a Firm with Net Gains In SEINE
Railroads aud SpccIaIt,er,

Ctoars Firm with Net Gains In Some
Railroads and Specialize.
New York, Dec o4.-The stock mar
l1et closed firm to-day and at the top
level of the day, With net gains in a
few Of the prominent railroads and spe-
cialties reaching a point or more. The
days movement Of prices was not Of
! much significance and the dealings
were on very small scale, except in
the local traction group, in which there
was some large buying without any
definite explanation. The trading was
idle, nearly to the point of stagnation
at times, and the brokers gave more at
tention to prangs in celebration Of
Christmas than to trading in stocks
Speculative sentiment may easily have
been tinctured by the festivities The
distribution of Christmas donations was
on liberal scale and helped the pre-
vailing cheer of the usual sentiment.
There was apparently some outstand-
ing short interest also which chose to
cover for the holiday especially since
many brokers are preparing to leave
town for the rest of the week The
strength of the local fractions had a
sentimental effect on the whole list, the
rise in Brooklyn Transit extending to
over points. No definite explanation
of the rise was Forthcoming, but old
rumors were renewed of a passing of
control to the Pennsylvania Sugar
also was we'll sustained at a recovery
from Yesterdays sharp decline
The most active period of the trad
ing. however, was during the decline of
the morning. The maintenance of the
call loan rate at between . and 10 per
cent. was the depressing influence.
The blockade restrictions by the pow
ers at La Guaira OccasiOned some I'M
easiness, though little direct influence.
The passing of the dividend on st. 10
seph and Grand Island first preferred
explained yesterdays late break of So
! points in that stock, to which was add
ed ~ point decline to-day Canada
Sout hern was also sufferer from the
reduction in Its dividend rate. The in
fluence of these two cases was not en-
couraging. The rise Of IS points in
Cleveland, Lorain and Wheeling was
unexplained.
The stiffness of the call money rate
and a hardening of the time market
were not effective in checking the ris~
ing tendency in sterling exchange or
! the falling tendency in New York ex-
change in the interior points. At Chi
cago the New York exchange fell back
to par after having ruled at 40 cents
premium last week. More than half a
million dollars was again transferred
to New Orleans to-day. but S250,000 was
paid out by the sub-treasury on trans
fer Of Alaskan gold from San Francis
! co. Yesterdays heavy customs collec-
! tions, coupled with the falling off in
pension payments, has resulted in a
wiping out of the sub-treasury's earlier
contribution to the money market.
Money Is also rising in London, and
| there were continued large transfers by
cable to that center to-day.
There was some distributed activity
in the bond market. but the prize move
ment was rather irregular. Total sales
par value $1,080,000
United States new tours advanced Il
and the old tours X per cent, on the
! last call.