The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-24
Eject of an Early OutpOuring of
United States Steel Preferred Is
Very Quickly Overcome.
HIGH RATE FOR CALL. MONEY
VIEWED WITH EQUANIMITY By OP-
ORATORS IN THE STREET.
Break in Republic Steel and Iron q
Minor Unsettling Infiuence-New
York fractions Strong.

NEW YORK, Nov. 23.-To-day's stock market
stood up well in the face of a number of
toward circumstances, and closed quite firm at
the top level and on the most active market OF
the day.
Southern Pacific assumed the leadership of an
early advance. which was rather decidedly
checked by outpouring of United States Steel
preferred, which carried that stock down to sou,
and awakened renewed apprehension of its fur
Their demoralizing effect the whole stock mar
ket The persistence with which assertions have
reappesred that the dividend on the common
stock is to be suspended and that on the pre-
fererd stock to be reduced has made its impress
sion speculative sentiment since the authori-
ties in the corporation, who have been appealed
TO for information, go no further than to say
that the question is remaining for the fu-
ture to decide. The suggestion which found its
way to the public to-day, with the appearance
OF being inspired, that reduction of the divi-
dend on the preferred would conform poorly
with the Corporations privilege to issue $685.
oOo second mortgage bonds to retire preferred
stock. seemed to have a more reassuring effect
on the Spectators and helped in the recovery of
United States Steel preferred. The stock closed
with a net gain of a point.
The stiffness of the call money market was
another deterrent factor towards the rise. Call
loans touched ~ per cent. While the demand
Tor money which caused this rise unmiS-
taxable, IT seemed to be viewed with equanim-
1ty. The premium established for New York
exchange at Chicago is taken to point to an early
return flow to this center, which the high call
money rate would help to induce. Confidence is
felt also that any real need for money would
draw gold from London. Saturdays arrivals
fore figure for the full weeks averages in next
Saturdays bank statement The demand for
money is regarded normal to the last week of
the month. For these reasons the current firm
ness OF the call money market does not seem
to disturb sentiment.
another factor of possible disturbance was
the collapse in Republic Steel preferred which
iost points on the day. There was no SYM
pathetic response to this aside from a few of
the other iron and steel stocks. CircumstantiaI
reports We're in circulation of the necessities of
the company for additional capital, which il was
alleged would be met by a bond issue, as well
as by reducing the dividend on the preferred
Stock "A considerable sustaining influence in the
market was the strong tone of the local traction
stocks, led by Metropolitan securities with an
extreme rise OF AZ. The privilege extended to
BROOKLYN Transit TO extend its lines over the
street in which Metropolitan Street railway
tracks already lie, was accepted by spectators
as connrmatory of rumors much prevalent lately
or a general merger Of New York traction com
panles. A more cheerful tone on the london
market was help locally
Inc bond market was active but quite
irregular. Total sales at par value were 81 500
oVo. United States bonds unchanged on
the last call. va
Following are the days share sales and the
recorded price changes: ~