The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-10-07

YESTERDAYS STOCK MARKET.
Lethar grc and Dealings the Smallest for
Many Weeks.

LethaEgrc and Dealings the Smallest for
IT, Many Weeks.
New York, Oct. 6.LTo-day's stock
market lay practically in a lethargy
pending the action Of the United States
Steel directors on the common stock
dividend. This action had not been de-
cided up to the close OF the market, and
the repressive influence of the suspense,
accordingly, was nov removed. Deal
ings were the smallest for many weeks
and, small as they were, a large portion
of the while was absorbed by the United
States Steel securities. which were the
only stocks in which the uncertainty
over the dividend action was made the
occasion for speculative price move
ments to any extent. This is largely
due TO the fact that the financial world
has been In great doubt over what the
effect would be of the dividend action.
Whether the passing or reduction OF
| the dividend could result in any further
fall In the price of the company's secu-
rites has been much questioned. The
conservation OF surplus, 1T Is now be-
lieved. would have held the market price
OF the securities better than the distri-
button Of dividends on the common
stock, which has proved utterly unavail-
| ing to hold the market. The sharp adj
vance in the preferred stock this after
noon of more than points, while the
common stock was but slightly affected,
was due to the party that was in doubt
over the declaration Of the dividend and
which believed that the additional Sc
curity for the preferred by the retention
Of the surplus in the treasury would re-
suit In higher prices. Outside of the
Steel stocks the market was exceeding
\ " narrow and the movements insignifi-
cant. The only movement was down
wards and London assisted in this ten
dency to some extent, on account Of the
unsettled opinion in that market from
the British cabinet changes. Some Of
| the selling was reported to be for west
ern account, and may have been asso-
Iciated with the reports of deterioration
| in the wheat field In one or two of the
western states, which also caused a firm
tone in the wheat market. The govern
ment's weekly report on corn was con-
sidered highly satisfactory. but the re-
port on cotton was felt to leave a good
deal to be desired. There was no pres
Isure Of liquidation at any point and the
market recovered in sympathy with the
late upward movement in United States
Steel pfd. The full recovery was not
held, but the closing was steady and
showed very slight net changes as a
rule. The time money market seems to
be growing softer, and apprehension of
any real stringency, has been pretty
we'll dissipated. The large movement of
gold towards London and the cessation
of the Berlin demands for gold seem to
assure the prospects for that center.
The Iateness of the crops does not seem
fully to account for the long postpone
ment of the western demand for cur
rency and the belief is gaining force
that the deposit Of government funds
with western banks has supplied a suf-
ficient proportion of the unusal demand
to relax the pressure upon New York
decidedly.
The market for bonds was very dull
and about steady. Total sales par value
$2,64S,00o. Unitd States IS declined y
and the old Is " per cent. on the last
call.