The Indianapolis journal., 1903-12-04
Progressive Advance in Prices, with
Only a Few HaIts, and Fewer still
of Actual Recessions.
SHORTS SCRAMBLE TO COVER
FAVORABLE NEWS ACCEPTED AT ITS
OSTENSIBLE VALUE.
Unfavorable Developments Ignored
Favorable Conditions Continue in
the Money Market.

NEW YORK, Dec. 3.-The stock market broke
into great animation to-day and developed con-
siderable strength with obvious distress the
part Of shorts The volume Of dealings rose to
the neghborhood Of a million shares. The ac-
tivity progressive, the early part Of the
day being given over to intermittent buying
movements, with intervals or extreme dulness.
The strength of the first part Of the day was
also confined to a few special stocks and was
interrupted by occasional selling movements to
take profits in those stocks. There was
considerab bic number of the stocks OF the first
prominence which did not come into the upward
movement at all. Nearly all of the Western
stocks were laggards until late in the day. and
the cotton-carrying roads had share in the
days activity and strength. Even the move
ment in Pennsylvania, which became of decisive
Influence. was late in developing, and that stock
was one of the many which below last
night in the early reaction
The few industrials which spurted upwards in
sensational manner in the closing dealings
yesterday inclined to reaction profit
taking. Colorado Fuel lost two full points, as
the report of intended bond issue. which
was offered to explain yesterdays rise. did not
seem to promise well for the common stock.
Sugar lost point on profit taking and Amalga-
mated Copper was fraction below last night
at one time. The extensive advertising of pre-
aroused some suspicion towards It. but the stock
came into the late upward movement. Canadian
Pacific suffered from the report of issue
OF capital.
Notwithstanding these drawbacks, the upward
movement of prices gathered momentum and
volume as the day proceeded. and effective
In alarming a more important short interest
than has yet been reached since the turn from
the extreme depression of the market The
vague assertions were freely circulated OF a
large ana determined absorption of stocks by
which make up the dominant powers in the
financial world. The long standing rumor of
and Pennsylvania interests fed eagerly the
report that counsel for the Western Union and
more Western Union poles should be cut. pend
ing judicial decision of the case in controversy.
weather. but the reported interruption of trafic
from the same cause ignored. The New
advance R4ookyn bein n ~ IN th the
leaders of the movement. Rumors OF recent
with traction interests on the Island of Manhat-
tan: We're We're supposed to account for its strength.
improved sentiment over the general financial
and industrial outlook. Opinions heard
had been seen with good hopes of Improvement. t.
Call money loaned again as high as per cent,
Sua dona et s9 Msw cans
in London. both for Boston and New York ac-
count. offered the assurance that actual necessi-
ties can be provided for: The decrease in value
| OF imports at New York for November, of up
wards of s.tO0.000. is an index OF the favorable
| tendency of our foreign trade in it's bearing on
the money situation. The governments estima te
| on cotton. In the reduced amount OF the crop
| indicted is scarcely capable Of so favorable
an am isntecPresaton se but the preyailng mood Of
| trary influences We're ignored.
! Bonds were Irregular Total sales at par value
| were H.s0s.0o0. United States bonds were un-
changed on the last call
Following are the days share sales and the
| recorded price changes: