The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-11-24

YESTERDAYS STOCK MARKET
stands UP well Under Untoward Cir
f.. cumstances &C.,

-t- cumstRnces
New York, Nov. 23.-To-day's stock
market stood up well in face of num-
Der of untoward circumstances and
closed quite firm at the top level of the
day and on the most active market of
the day. Southern Pacific assumed the
leadership Of an early advance. which
was rather decidedly checked by an
outpouring Of United States Steel pr,
which carried that stock down to SOC
and awakened renewed apprehension of
its further demoralizing effect on the
whole stock market. The persistence
with which assertions have reappeared
that the dividend on the common stock
is to be suspended and that on the pre-
ferred stock to be reduced has made its
impression upon speculative sentiment
since the authorities in the corpora
ton who have been appealed to for in
formation go no further than to say
that the question is for the future to
decide. The suggestion, which found
its way to the public to-day with the
appearance of being inspired, that re-
duction of the dividend on the preferred
would consort poorly with the corpora
tons privilege to issue $50, 900, 900 of Sec
ond bonds to retired preferred stock,
seemed to have more reassuring effect
on the spectators and helped in the re-
covery Of United States Steel pf. The
stock closed with net gain of point.
The stiffness of the call money mark
ct was another deterrent factor toward
the rise. Call loans touched 71s per
cent. while the demand for money
which caused this rise was unmistak-
able. it seemed to be viewed with
equinimity. 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. Con-
fidence is felt also that any real need
for money would draw further gold
from London. Saturdays arrivals Of
gold amounted to $780, 2s, which will
therefore figure for the full weeks av-
erages in next Saturdays bank state
ment. The demand for money is re-
garded as normal to the last week of
the month. For these reasons the cur
rent firmness Of the call money market
does not seem to disturb sentiment.
Another factor Of possible disturbance
was the collapse in Republic Steel of,
which lost points on the day. There
was no sympathetic response to this
outside Of a few of the other iron and
steel stocks. Circumstantial reports
were in circulation of the necessities of
the company for additional capital
which it 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 new
East river bridge and through a New
York street in which Metropolitan
Street Railway tracks already lie was
accepted by spectators as confirmatory
Of rumors much prevalent lately of a
general merger of New York Traction
companies. A more cheerful tone on
the London market was help to the
local market.
The bond market was more active but
quite irregular. Total sales par value
$2,529, 900.
United States bonds were unchanged
on last call.