The Montgomery advertiser., 1903-12-05
WALL STREET REVIEW THE MARKET IS ONE OF Ex-
 CITEMENT.
 Animated Advance of the Esr:y Ses- sion Freely Fed by Enormous
 Realizing-The Bears
 Finally Routed. .

NEW YORK Dee. 4.-The new change in stocks from last nights prices shown by to- she excitement and hurly-buriy of the days market. The animated advance Of the carry part of the day was freely fed by enormous realizing which ultimately wiped out pfac- Sicaiiy all the early gain. The mere fact of the onsignificant price changee on such vol urne of business points to thei large selling 70 realize which was effected. The fact thet there was practically no news to account for the movement was conhrmatory of Its profes- sional character. Yesterdays sharp upward inr the week of the advance did bring in some niiRht buying from outside sources through the commission houses, but buying to cover shorts was the most important element In the move ment. The bear fright extended into foreign markets and L.ondon's large buying of United States Steel preferred was supposed to pc largely due to the uncovered short interest in that stock existing abroad. The retreat of the bear interest which began yesterday became a recovery from which the depths Of depres- sion were notably outside of today's movement. The Western and Pacific stocks were not con spicuous sharers in the activity and strength and the Southwestern and Southern stocks tive depression The total dealings rose above d million shares and this enormous business was largely congested in United States Steel preferred and in Brooklyn Transit and Penn sylvania The shorts in United States Steel preferred believed that the buying in that stock was for account of the managers Of the recent bond conversion syndicate. The known means of information of inside affairs of the cor poration possessed by this syndicate was suf-
 icient to make this determined absorption Of the stock terrifying to the bears. No specinc news developed to account for the movement. which reached an extreme of 3A. The stocks net gain was 2. The volume of dealings in Pennsylvania was also enormous throughout the day, but the price movement was narrow. The extreme rise was g and the stock closed A higher than last night. The taking of profits here was therefore very obvious. Brooklyn Translt's late up-rush of 5k points was mani- festly designed to help hold the rest of the market but the continued outpour of stocks made this unavailing. Brooklyn Transit itself closed with only points saved of the net gain. The only explanation of the strength of the stock was the circulation of vague rumoFs of solidation of the New York traction interests. The buying of stocks for London account helped to weaken the exchange market and both discount and the price of gold was lower in London, but the money rate fell off in this market so that gold was taken in London for New York Preliminary estimates indi cate that the receipts of currency from the interior on the direct express movement reached something less than $3.0o0. 900. As the sub-treasurv operations have withdrawn from the banks S3. o4o. 900 1t is expected that the cash item will show decrease of a few hundred thousand dollars. The action of to- days money market indicates a good bank statement.
 Only a few speculative bond issues shared fin the strength and animation of the stock market, notably United States Steel second 6s Total sales of bonds (par value) were 86,5I7,00o. United States bonds were un- changed on the last call