The Indianapolis journal., 1903-12-15
STRONG TONE in STOCKS
THE MARKET CLOSED FIRM AT
DAYS TOP PRICES.
Buying to Cover by Bears Was Ele-
ment of strength-Buying for Lon
don Account Another Help.

NEW YORK, Dec. H--Trading in stocks to-
day fell sharply below last weeks average OF
activity. the days total hardly exceeding 5OO,-
900 shares. The market. however, showed we'll
sustained strength and closed firm at the top
level Of the day it.
There was considerable early hesitation. but
the gradual advance met with few setbacks. and
the occasional intervals of dulness when the
buying intermittent followed by no
important reactions The action Of the market
was disappointment to the bear element. and
their buying to furnished one of the i'm
portant sustaining influences. In Pennsylvania
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 This believed
by the bears to herald renewed decline There
is a speculative party in the market which
avows the conviction that the recent consider
able recovery in stocks has simply represented
normal reaction from the recent prolonged
decline. and that with the elimination Of the
recovery decline of still greater force is in
prospect. The short duration Of last weeks
reaction was in itself encouragement 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
buying orders for London account gave it
substantial backing. London took a more hope
full 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
again secured in the London market for ship
ment to New York TO the amount of upwards OF
2,OOOOO0 The announcement had the usual
stimulating effect upon the stock market. The
beginning of the argument in the Northern Sc
curities case at Washington seemed to have
some early repressive effect on activity, but
the possibility of a considerable delay still in the
decision and the extent to which possible
favorable decision had already been discounted
left IL unavailable for immediate further specu-
lative commitments The dividend on the stand
ard OH Company stock payable tomorrow, will
be the occasion for the disbursement of s12 900 000
A number of other dividend payments includ-
ing that OF the Consolidated Gas Company, will
De made at the same time The impression
was created that buying of stock was going
on to some extent In anticipation OF the receipts
OF these funds.
The strength Of the market was pretty evenly
dinused. but Amalgamated Copper, Union Pa
chic and Southern Pacific were notably strong
their gains exceeding the two-point mark A
strong demand for raw copper helped the ANAL
gan1ated stock. The cold weather supposed
10 be OF advantage to the coal-carrying roads
and TO the demand for reasonable merchandise
in all branches.
Bonds were not very active and were about
steady. Total sales at par value 81 $780, 900.
United states bonds were unchanged on call
Following are the days share sales and the
recorded price changes: