The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1903-12-05
EASTERN MARKETS.
Ne7U York Stock Market.


NEW YORK, Dec. 4.-The net changes in
stocks from last nights prices shown by to-
days last prices give no sort OF indication
or 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 practi-
cally al the early gain. The mere fact Of
the insignificant price changes on such vol
ume OF business points Individually TO the
large selling 10 realize which was effected
The fact that there was practically no news
10 account for the movement was cOnfirma-
tory Of its professional character. Yesterday 8
sharp upward movement, succeeding the grad
ual growth during the week Of the advance
did bring IN some slight buying from out
side houses. but buying 10 cover shorts was
the most important element IN the movement
The bear fright extended into foreign markets
end the large buying OF United States Steel
was supposed TO be largely due TO the IN
covered 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
depression were notably outside OF to-day >
movement The Western and Pacific stocks
were not separate shsrers in the activity and
the strength and the Southwestern and South
ern stocks concerned in the cotton movement
showed positive depression. The total deal
ings rose above million shares and this
enormous business was largely congested IN
United States Steel preferred and in Brook
lyn Transit and Pennsylvania The shorts in
United States Steel preferred believed that
the buying in that stock was for account Of
the managers OF the recent bond conversion
syndicate. The known means OF information
OF inside AFFAIRS OF the corporations possessed
by this syndicate sufficient TO make this
determined ABSORPTION OF the stock terrifying
20 the bears No specific news DEVELOPED 10
account for the movement, which reached an
extreme OF 81. The stocks net gain was q
The volume OF dealings IN Pennsylvania was
also enormous throughout the day, but the
price movement was narrow. The extreme
rise was q and the stock closed u o higher
than last night. The taking OF profits here
was very obj Gus.
The buyinRA OF stocks for London account
helped 20 weaken the exchange market and
both discount and the price OF gold were low
er n trade. but the money rate ran of in
this market that gold was taken in
London for New York Preliminary estimates
indicate that the receipts OF currency from
the interior the direct express movement
reached something less than 50 600 OOO As
the Eub-treRsury operations have withdrawn
from the banks IS. O4e. 600. II Is expected that
the cash item viii show decrease OF a few
hundred thousand The action OF to-day 8
money market indicates a good bank state
nent.
Only q few speculative bond Issues shared
IN the strength and animation OF the stock
market. notably United States Steel second IS.
The total sales OF bonds. par value were
Sc hTl 600. United States bonds were IN
changed on the lest call