The Birmingham age-herald., 1903-12-05
REALIZING FEEDS ENORMOUS ADVANCE Excitement and HurIey-Burley
 in the Stock Market DEALINGS WERE HEAVY Bear Fright Extends Into Foreign Mar kets and London Buys Largely.
 of United States Steel
 Preferred Stock.

New York, December 4.-The new changes in stocks from last nights prices shown by todays last prices, give no sort of indication of the excitement and hurly- burly of the days market. The animated advance of the early part of the day was freely fed by enormous realizing which ultimately wiped out practically all the early gain The mere fact of the insig- nificant changes on such a volume of business, points indubitably to the large selling to realize, which was effected. The fact that there was practically no news to account for the movement was confirma- tory of its professional character. Tester days sharp upward movement succeed ing the gradual growth during the week of the advance, did bring in some slight buying from outside sources through the commission houses. but buying to cover shorts was the most important element in the movement.
 The bear fright extended into foreign markets, and Londons large buying of United States Steel preferred was sup posed to be largely due to the uncovered short interest in that stock existing abroad. The retreat of the bear interest, which began yesterday, became a rout today. Many of the stocks which have already enjoyed some measure of recov- cry from the depths of depression, were notably outside of today's movement The western and Pacific stocks were not conspicuous sharers in the activity and strength, and the southwestern and south ern stocks concerned In the cotton move ment. showed positively depression. The Arfa and this enormous business was largely congested in United States Steel prefer red, in Brooklyn Transit and in Penn sylvania. The shorts in United States Steel preferred believed that the buy ing in that stock was for account of the managers of the recent bond conversion syndicate.
 The known means of information of in- side affairs of the corporation possessed by this syndicate was sufficient to make this determined absorption of the stock terrifying to the bears. No specific 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 % and the stock closed 14 higher than last night. The taking of
  Brooklyn transit's late up-rush of 5A points was manifestly designed to help hold the rest of the market, but the continued out-pouring of stocks made this unvaiing. Brooklyn transit itself closed with only three points saved of a net gain. The only explanation of the strength of the stock was the circulation of vague runnors of large transfers of the stock looking to consolation 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 mar ket, so that no gold was taken in London for New York.
 Preliminary estimates indicate that the receipts of currency from the interior on the direct export movement reached some- thing less than S30O0,000 As the sub treasury operations have withdrawn from the banks s. 040,000 1t is expected that the cash item will show a decrease of few hundred thousand dollars. The action of todays money market indicates a good bank statement. Only few speculative bond issues shared in the strength and animation of the stock market, notably United States steel second fives. Total sales of bonds, par value, were $6571 ,000 United States bonds were unchanged on the last call
 Estimated receipts at the ports today 53.- 731 bales, against 5l, ,647 last week, and 45,317 last year. For the week 3600 900 bales against BIT 693 last week, and 32601 last year Today's receipts at New Orleans were s076 bales against .914 last year and at Houston 13,S6l against 65ss last year.