The daily morning journal and courier., 1903-12-05
GA S TT o R T Az. sasrs tba 1The Kind You Have Always Bought ''Saa'''' os INAlZM
Einamrfa1.
YEs4ERDAY,S STOCK MARK ET.

Net hanges in s'"cGs Give No Indira- uo" of the psc,temrnt. s.e <. New York. Dec. 1.-The net changes in stocks from last nights prices shown by to-day's last prices give no sort of indication of 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 ultiamtely wiped out practically all the early gain. The mere fact of the insignificant price changes on such a volume of business point indubitably to the large selling to realize which was effected. The fact that there was practically no news to account for the movement was confirm atory of it's professional character. Yesterdays sharp upward movement succeeding the gradual growth during the week of the advance did bring in some slight buying from outside sources through the commission houses. But buying to cover shorts was the most important element in the movement. The hear fright extended into foreign markets and London's large buying of United States Steel preferred was SUD- posed to be largely due to the uncov- cred short interest in that stock exist ing abroad.
 The retreat of the bear interest which began yesterday became rout to-day. Many of the stocks which have already enjoyed some measure os recovery 1 from the depth of depression were mo- tably outside of to-day's movement The western and Pacific stocks were
 not conspicuous sharers in the activity
 and strength and the southwestern and 1 southern stocks concerned In the cot ton movement showed positive depres-
 sion. The total dealings rose above a
 million shares and this enormous busi- ness was largely congested in United
 States Steel preferred and in Brooklyn Rapid Transit and Pennsylvania. 1 The shorts in United States Steel pre- l ferred 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 corporation pos i sessed by this syndicate was sufficient
 to make this determined absorption of the stock terrifying to the bears. No
 No specific news developed to account 1 for the movement, which reached an
 extreme IA. The stocks net gain was 2.
 The volume of dealings in Pennsyl-
 vania was almost enormous throughout
 the day, but the price movement was
 narrow. The extreme rise was 3-4 and
 the stock closed IA higher than last
 night. The taking of profits here was /, therefore very obvious. 1 Brooklyn Transit's late uprush of 5 IA points was manifestly designed to
 help hold the rest of the market, but
 the continued outpour of stocks made
 this unavailing. Brooklyn Transit it.
 self closed with only three points saved
 of net gain. The only explanation of
 the strength of the stock was the cir
 culation of vague rumors of large
 transfers of the stock looking to con- 1 solidation of the New York traction in- 1 terests.
 The buying of stocks for London ac-
 count 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 was taken in London for
 New York. Preliminary estimates in
 dicate that the receipts of currency
 from the interior in the direct express
 movement reached something less than
 S3,O00,O00 As the sub-treasury opera tions have withdrawn from the banks i $S,049,000 it is expected that the cash litem will show a decrease of a few