The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-12-05
ANIMATION PERVADES
NEW YORK STOCK MARKET,
LARGE BUYING BY SCARED
BEARS HELPS BUSINESS.
Then Realizing Becomes Enor
nous and Day Closes With
Only Slight Changes.

New York, Dec. 4.-The net changes in
stocks from last nights prices shown by
to-day'S last prices give no sort of indi-
cation of the excitement and hurly-burly
of the days market. The animated ad-
vance 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 insig
niicant price changes on such volume
OF business points individually to the large
selling to realize which was effected.
he TACT that there VAS practically no
news To account for the movement, was
coniirmatory of its professional character.
Yesterdays sharp upward movement. sue
ceedinS The SIuuuai grown during the
week OIL tEe advance, did prinS IN some
sisht bdying from outside sources through
The commission HOUSES, out buying 10
cover shorts was the most important ele-
inent In the movement. The bear fight
extended into foreign markets. and Lon
dons Large buying OF United states Steel
preferred WAS supposed 10 be- largely que
70 the uncovered short interest IN that
stock existing abroad.
BEARS IN ROUT.
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 part u deprt sslVn were notably out
slue OF to-day movement. Inc Western
ana facInc stocks were not conspicuous
snarerS in the acuyity and Strength, ana
.AG SouthN sS,.In and southern STOCKS Con-
cerned III Inc cotton movement showed
positive depression. Tine total dealings
rose above million shares, ana TINS
enormous business was largely congesteu
in United States Steel preferred and in
Brooklyn Transit and Pennsylvania.
Inc shorts III ohiteu states cteeI pre-
fcrred beiievea tnat the Duying i'll mat
STOCK was tor account of the manage
oI lne recent bund-cunversiun syndicate.
Inc known means OF inIoemaIion OF inside
affairs Of the corporation possessed by this
syndicate Was sulucient 10 make tins AT
svrptlon OF the STOCK terrifying TO the
bears. No specific news developed 10 ac-
count for the movement, when reached an
extreme OF ~. The stock net gain WAS
:. The volume of dealings in Pennsylvania
was also enormous throughout the day,
but the price movement WAS narrow. The
extreme rise was a and the stock closed
=. higher than last night. The taking OF
proilts here was therefore very obvious.
UPRUSH UNAvAILNG.
Brooklyn Transit's late uprush of "a
points was manfesuy designed to help
hold the rest OF the market. but the con-
tiuued outpour of stocks made this I'M
awaiting Brooklyn Transit closed with
only points saved of net gain. The only
explanation of the strength Of the stock
was the circulation OF vague rumors of
large transfers of the stock looking to
consolidation of the New York traction in
terests. The buying OF stocks for London
account helped to weaken the exchange
market. and both discount and the price
of gold were lower in London. but the
money rate ran off in this market. so that
no gold .-.as taken In London for New
York. Preliminary estimates indicate that
the receipts of currency from the interior
on the direct express movement removed
lee x A q h
treasury operations have withdrawn from
the banks $o.049,00o. 1t is expected that the
cash item will show decrease Of a few
to-day's money market indicates u good
bank statement.
Only 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 s651,0O0. United States bonds
were unchanged on the last call