The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-28
Fluctuations Are Erratic, and I'm Most
Cases without News or in Spite of
News Developments.
PACIFICS ARE FAIRLY STRONG
READING AND PENNSYLVANIA ARE
DISTINCTLY WEAK.
Irregular Tone in All Classes of In
dustriaIs-Expectat of Good
Bank Statement To-Day.

NEW YORK. Nov. 27.-There was very little
activity in stocks to-day The end-week remnant
after the holiday offered small inducement to
members to return to the Stock Exchange from
their Thanksgiving outings before Monday. and
there a small attendance and languid trad
ing in consequence The changing fluctuations Of
prices showed the uncertain mood Of the pro-
fessional traders. whose business made up what
estimated at nine-tenths of the total.
The market started of with bullish demon
stration in Southern Pacific in continuation Of
the recent campaign in that stock. The an
nounced opening of the Salt Lake cutoff of the
road was made the occasion of conjectural esti-
mates as to the increased net earnings to result
Union Pacific came into the movement with even
greater effect, owing to the showing in its an
nual report of the heavy Indebtedness to 1t Of
the subsidiary company on account of advances
for betterment work. This movement was in
terrupted by the heavy selling of Pennsylvania
and Reading. which was unexplained in the cur
rent news. Earnings of the coalers from this
time on will compare with the period last year
after the strike settled when the earnings
Of these companies ran UP to unprecedented
figures. Reports were current that the statement
OF October earnings for Erie would reflect the
large losses by floods suffered by that company.
The Erie stocks. however. did not share in the
weakness of Reading and Pennsylvania. Neither
did Atchison share fully In the strength OF the
Paciics. its extreme advance being limited to
q. Notwithstanding its showing Of an increase
in net earnings for October of $685., 099 rather
more than half of the increase of s665,os5 in
the gross earnings.
The minor industrials were decidedly irregular.
Some OF those which suffered most early In the
week were in eager demand in the loan crowd.
where they commanded premium. while shorts
sought to cover their contracts. The effect was
especially notable on Locomotive preferred. Re
public Steel preferred. on the other hand. was
forced down additional points on renewed
doubts over the maintenance of the preferred
dividend. The stock more than recovered its loss
the close.
The tone of strength developed in the whole
market late In the day was due to the forecasts
OF favorable bank statement tomorrow. The
usual compilers are agreed that the regular in
terror currency movement has been in favor
of New York to the extent Of between one and
two million dollars. while the subtreasury oper-
atoms and the foreign gold received have con-
tributed s1,l00,0G0. The quiet tone of the
weeks gain in cash. most Of 1t having come
early in the week, will figure in tomorrow s
bank statement for tho full effect OF the weekly
averages. Sterling exchange developed some
strength this morning, but broke sharply again
and closed weak Unsubstantiated rumors were
don. The report CT grain exports for the week
shows an increase of upwards of million BUSH
els Of wheat and corn over last week
The bond market was dull and rather irreg-
ular. Total sales at par value were 81. 732. 900.
United States bonds Were unchanged ON the last
call.
Following are the days share sales and the
recorded price changes: