The Saint Paul globe., 1903-11-24
STOCKS Do VERY WELL
THEY CLOSE FIRM AT THE Tol
LEVEL OF THE DAY
Market Stands Up Well In the Face Of
Untoward circumstanees-EarIy Ad-
canoe Led by Southern Pacific-Unfted
States Steel Receivers.

NEW YORK, Nov. 23.-Today's stock
market stood up well in the face OF un-
toward circums tances, and closed quite
firm at the top level of the day and on
the most active market of the day. South
ern Pacific assumed the leadership of an
early advance, which was rather decid-
edly checked by an outpouring of United
States Steel preferred, which carried that
stock down to 501a, and awakened renew
ed apprehension of it's further dem moraliz-
ing 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 preferred stock to be re-
duced, has made its impression upon spec
ulative sentiment since the authorities in
the corporation who have been appealed
to for information go no further than to
say that the question is one remaining for
the future to decide.
Helps Steel Recover.
The suggestion which found its way
to the public today with the appearance
of being inspired that a reduction of the
dividend on the preferred would consort
poorly with the corporations privilege to
issue $50, 900, 900 Of second bonds to retire
preferred stock seemed to have more
reassuring effect on the spectators, and
helped in the recovery of United States
Steel preferred. The stock closed with
net gain of point The stiffness Of the
call money market was another deterrent
factor towards the rise. Cali loans touch
money which caused this rise was un--
mistakable, it seemed to be viewed with
equanimity. '~
The premium established for New York
exchange at Chicago is taken to point to
an early return flow to this center which
the high money rate would help to in,
duce. Confidence Is felt also that any
real need for money would draw further.
gold amounted to 1851 ,623 which will
therefore figure for the full weeks aver
ages in next Saturdays bank statement.
The demand for money is regarded as
Not Worried About 1t. Aa
For these reasons the current firmness
Of the call money market does not seem
to disturb sentiment Another factor Of
possible disturbance was the collapse in
Republic Steel preferred, which lost z
points on the day. There was no SYM
pathetic response to this outside few
of the other iron and steel stocks. Cir
cumstantlal reports We're in circulation Of
the necessities of the company for addi-
tional capital, which, it was alleged, would
be met by bond issue as well as by re-,
ducing the dividend on the preferred
stock. A considerable sustaining influ-
ence In the market was the strong tone
of the local traction stocks led by Met
ropolitan securities with an extreme rise,
of An The privilege extended to Brook
lyn Transit to extend its lines over the
new East river bridge and through New
York street in which Metropolitan Street
Railways tracks already lie was accept
mors much prevalent lately Of general
merger of New York traction companies.
A more cheerful tone on the London mar
ket was help to the local market.
quite irregular. Total sales. par value,
$3.50, 000 United States bonds were un-
changed on the last call.
Closing List.