The Saint Paul globe., 1904-12-17
STEEL PREFERRED
SELLS ABOVE 81
Increased Dividend Expected
on Other Roads-Readine
Common Strong

New NEW YORK, Dec. 16.-The nervous
tremors which have afflicted the stock
market all through the week were quieted
today and the advancing tendency which
has been in evidence practically ever since
the downward course was arrested on
Iuesday, was more consistent and un-
~ interrupted than at any previous time ON
the recovery. The constant SetbackS and
nesitatlons which have developed at some
time every day were lacking and the days
gains We're held with comparative firm
ness. How much this may have been due
TO the almost millennial mildness of the ad-
Justment Of personal differences growing.
out of the stock market contest and Nom
Gays sharp break and the consequent re-
ne1 OF a state of nervous tension which
mas extended to both sides of the Atlantic
it would be difficult to say.
Confidence Restored
But the prevailing smile with which the
a1a1r has been regarded took on less af-
recitation today and the coincidence of the
restored confidence manifest in the mar
ket did not escape notice. Notwithstand-
ing the restoration of vigor of the mar
kets resisting power there was no anima-
t1on, the days dealings showing little in
crease over those of yesterday The mar
ket was entirely free from any pressure
of liquidation, SO that the small buying
was effective in lifting prices and the
supply of stocks was SO scanty as to
enable holders to advance the asking
price with effect on the selling price. The
United States steel stocks were in con-
the report of the placing of a large order
for steel rails for Pennsylvania.
The increase in the Louisville & Nash
vile produced sympathetic movement
among affiliated properties and the whole
Southern group. Reports of a definite ad-
Justment of the Gould Pennsylvania
troubles met with some disclaim-
ers, but the impression was al
lowed that the seriousness of the
dispute had been exaggerated. The No
vember foreign trade report disclosed a
decline in the excess value of exports Of
over $4,000, goo. But it was observed
that the imports in November of last year
with which the comparison is made, were
the smallest of any month for more than
two years past, while for the month just
past the imports are greater with one ex-
cept1on than ~TUr any preceding month.
The fact that the decrease of over ST., ,000,-
600 in exports of domestic products for the
month Is modified to decrease of only
81, ,5SS, ,968 by the inclusion of all exports
argues further expansion in the export
trade in manufactured products which is
regarded with satisfaction.
Gold Exports Ignored
The outgoing gold movement was prac-
tically ignored. as money was offered in
abundance and at lower interest rates.
The continued inflow of currency from the
interior promises to largely offset the
weeks drain of gold exports and on other
accounts. The premium on New York ex-
change at Chicago proper was slightly
ception of the freedom from pressure on
the market led to lively bidding up of
prices throughout and the closing was
very strong at the top level. Gains of 1
to points are frequent amongst the lead
ing stocks.
Bonds were strong. Total sales, par
value, $4,195, 900. United States bonds
were unchanged on call.