The Birmingham age-herald., 1903-12-15
TRADING IN STOCKS BELOW THE AVERAGE Total Number of Shares Did
 Not Exceed 500,000 STRENGTH IS SUSTAINED There Was Considerable Early Hesita- tlon, But the Gradual Advance
 Met With Few setbaoks.
 Bears Disappointed.
STRENGTH IS SUSTAINED

New York, December H-Trading in stocks today fell sharply below last weeks average of activity, the days total hardly exceeding 5o0,oO0 shares. The mar ket, however, showed well sustained strength and closed firm at the top level of the day, or near it. There was con- siderable early hesitation, but the grad ual advance met with few setbacks, and the occasional intervals of dullness was followed by no important reaction. The action of the market was a disappoint- ment to the bear element and their buy Ing to cover furnished one of the import ant sustaining influences. In Pennsyl- vania and United States Steel preferred particularly there was a repetition of the pressure which kept the whole market unsettled during the latter part of last week, and which was believed by the bears to herald a renewed decline. There is a speculative party in the market which avows the conviction that the re- cent considerable recovery in stocks has simply represented a normal reaction from the preceding prolonged decline
 
 cry a decline of still greater force is in prospect. The short duration of last weeks reaction was, in itself, a discour- agement to the followers of this opinion, and they were inclined to reverse their position when prices started upwards again. The more cheerful tone of the London market was a helpful factor here, and buying orders for London account gave it a substantial backing. London took q more hopeful view again of the outlook for peace in the far east. and the discount market there worked easier. Sterling exchange here was very firm with good demand for remittance. But gold was again secured in the London market for shipment to New York to the amount of upwards of two million dol lars.
 The announcement had the usual stim- ulating effect upon the stock market. The beginning of the argument in the North ern securities case at Washington seemed to have some early oppressive effect on activity, but traders seemed to come to the conclusion that the possibility of a considerable delay still in the decision, and the extent to which a possible unfa vorable decision had already been dis counted, left it unavailable for immedi- ate further speculative commitments The dividend on the standard oil company stock, probable tomorrow, will be the oc- casion for the disbursement of $12,O00,0 GOO, and number of other dividend payments, including that of the Consolidated Gas company, will be made at the same time. The impression was created that buying of stocks was going on to some extent In anticipation of the receipts of these funds The strength of the market was pretty evenly dffused, but Amalgamated Copper, Union Pacific and Southern Pacific were notably strong, their gains exceeding the two point mark. A strong demand for raw copper helped Amalgamated. The cold weather was supposed to be of ad- vantage to the coal-carrying roads, and to the demand for seasonable merchandise In all branches.
 Bonds were not very active and were about steady. Total sales par value, $1,- 3S0.000
 United States bonds were unchanged on call.