The Savannah morning news., 1903-12-05
STOCKS AND BONDS.

New York, Dec. 4.-The net
changes in stocks from last nights
prices shown by. to-day's last prices
give no sort of indication of the ex-
citement and hurly-burly of the days
market. The animated advance of
the early part of the day was freely
fed by enormous realizing, which ulti-
mately wiped out practically all the
early gain.
The fact that there was practically
no news to account for the movement
was confirmatory of it's professional
character, but buying to cover shorts
was the most important element in
the movement. The bear fright ex-
tended into foreign markets and Lon
don's large buying of United States
Steel preferred was supposed 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
to-day. Many of the stocks which
have already enjoyed some measure
of recovery from the depth of depres-
sion were notably outside of to-day's
movement. The Western and Pacific
stocks were not CONSPICUOUS sharers
in the activity and strength and the
Southwestern and Southern stocks
concerned in the cotton movement
showed positive depression. The to-
tai dealings rose above 100000 shares
and this enormous business was large
ly congested in United States Steel
preferred and in Brooklyn Transit and
Pennsylvania. No specific news devel-
oped to account for the movement in
United States Steel preferred which
reached an extreme of SA. The stocks
net gain was 2. The volume of deal
mos in PnnTCxyIIra Y1ia oil
nous throughout the day, but the
price movement was narrow. The
extreme rise was q and the stock
closed Il higher than last night. TAX
ing of profits here was, therefore,
very obvious. Brooklyn Transits late
uprush of 5A points was manifestly
designed to help hold the rest of the
market, but the continued outpour of
stocks made this unavailing. Brook
lyn Transit itself closed with only
points saved of net gain. The only
explanation of the strength of the
stock was the circulation of the vague
rumors of large transfers of the stock
looking to consolidation of the, New
York traction interests.
The buying of stocks for London ac-
count helped to weaken the exchange
market and both discount and the
price of gold were lower in London,
bul lHS llOllcy rate ran OIL. III InlS
market so that no gold was taken in
London for New York. The action of
to-day's money market indicated
good bank statement.
Only a few speculative bond issues
shared in the strength and animation
of the stock market, notably United
States Steel second 5s. Total sales
of bonds, par value, were S6,571 900.
United States bonds were unchanged
on the last call.
Total sales 1131, 400 shares, includ-
ing: Atchison, S6,330; Baltimore and
Ohio, 1920; Canadian Pacific, $500;
Chesapeake and Ohio 1850; Erie, ST.
$50; do preferred, 4.S77; do second pref
ferred, 5000: Louisville and Nashville,
100; Manhattan, 16, 1850; Metropolitan,
1880 Missouri Pacific, 4S060 New
York Central. $3.50; Norfolk and
Western, $500; do preferred 100: On
tario and Western, 6725: Pennsylva-
MIA, 112. 301; Reading, 43. asa: Rock Is
land 1875; st. Paul, $3.50: Southern
Pacific, 23210; Southern Railway, A.
OBS; do preferred. $780, Union Pacific,
1910; Wabash preferred. II, $50; Cop
per, 6S660; American Smelling and
Refining, $3.50; American Sugar. A.
800; Brooklyn Transit 114.215: Peo-
pies Gas, 1850; Tennessee Coal. $3.50;
United States Steel, 26,550; Steel pre-
ferred 216,32S.
New York Stock and Bond List.