The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-05
Net Changes I'm Prices Altogether In
commensurate with Enormous Vol
ume of the Days Transactions.
contested IN A FEW ISSUES
STEEL PREFERRED AND PENNSyL-
vANIA THE MARKET LEADERS.
Brooklyn Transit Heavily Dealt in at
Statement To-Day.

NEW YORK, Dec. 4-The net changes in
stocks from last nights prices shown By to-day's
last prices give sort of indication of the
element 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 insignificant price
changes on such volume of business points in
dubitably to the large selling to realize which
was effected. The fact that there practi-
cally no news to account for the movement was
confirmatory Of its professional character.
Yesterdays 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 impor-
tant element in the movement. The bear fright
extended into foreign markets. and Londons
large buying Of United States Steel preferred
was supposed to be largely due to the uncov-
cred short interest in that stock existing abroad.
The retreat Of the bear interest, which began
yesterday became rout to-day. Many of the
stocks which have already enjoyed some measure
of recovery from the depth of depression 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 total dealings rose above a million shares,
and this enormous business was largely congested
In United states Steel preferred and in Brooklyn
RAPID Transit and Pennsylvania. Shorts in
United states Steel preferred believed that the
ayers OF the recent bond conversion syndicate
The known means Of information OF inside af-
1alrs or the corporation possessed by this syn
dictate 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 extreme OF 3k.
The stock s net gain was 2.
The volume OF dealings in Pennsylvania also
was enormous throughout the day. but the price
y, and the stock closed higher than last night
The taking OF profits here was therefore, very
obvious. Brooklyn Rapid Transits late up-rush
or points was manifestly designed TO help hold
the rest OF the market. but the continued out
Rapid Transit itself closed with only points
OF net gain. The only explanation OF the strength
was the circulation OF vague rurnors of large
transfers or the stock, looking to consolidation
OF the New York traction interests.
Inc buying OF stocks for London account helped
to weaken the exchange market and both dis
counts and the price of gold were lower in Lon
don, but the money rate ran off In this market
50 that no gold was taken In London for New
York Preliminary estimates indicate that the
direct express movement reached something less
than -, 100000. AS the subtreasury operations
have Withdrawn from the banks So 04e co., IL is
expected that the cash item will show a decrease
OF few hundred thousand dollars The action
OF to-days money market indicates good bank
statement.
Only few speculative bond issues shared in
the strength and animation of the stock market
notably United States Steel second fves Total
sales, at par value. were S. 51 000 United States
bonds were unchanged on the last call
Following the days share sales and the
recorded price changes: