The Birmingham age-herald., 1903-12-02
MORE ACTIVITY IN THE STOCK MARKET Movement Continues HeSitating and Somewhat Irregular REPUBLIC STEEL RECOVERS Passing of Dividend Has Slight Effect on the Industrial List-Money Con-
 tinues Firm and the Bond
 Market Broader.
REPUBLIC STEEL RECOvERS

New York, December 1.-There was considerable increase of activity in to- days stock market and a generally high CT range of prices resulted at the end of the day. The movement continued hesi- tating and somewhat irregular and the small net changes resulting in some of the more active stocks left a suspicion of professional manipulation. Even the purpose of the supposed manipulation was a subject of doubt and dispute, covering such varying suppositions as profes- sional movement against the shorts. the bidding up of prices for the purpose of marketing long stock and even purpose on the part of bearish professionals to make a market for putting out fresh short lines. Speculative sentiment over stocks was equally confused. There was little In the actual news of the day to favor an advance in prices and some of the news was distinctly unfavorable.
 The report of net earnings of Erie for October showed a decrease of $375, ,75S, compared with the preceding year. This was without effect on the market, partly because it had been foretold and was known to have been due to the loss and interruption of traffic by floods. It was partly offset also by the Reading state ment for the same period, which showed an increase in net earnings of all the companies of $67S,579. The general ten dency disclosed in other statements of earnings recently has been for increases in gross earnings to be mostly or wholly wiped out by enlarged operating expenses. The reports of gross earnings for the third week in November thus far published, show an increase on the average of less than two per cent, although the returns from the coalers are not included and this group will compare with large earn ings last year.
 The passing of the dividend on Republic Steel, although it has been feared, had not been fully assured, and conside ring this, the effect in the industrial list was slight. The stock itself fell an extreme 21s. but recovered all but a fraction. There was a reduction in the price of copper in the local market
 The money market continued firm, but the high rate of call loans reached only lh, compared with per cent yesterday The expected transfer of $l 000 900 by tel egraph to San Francisco was made, and in addition, $200,00O was transferred to New Orleans, while New York Exchange dl CHicdSo Tell to d SllBnt discount. me price of gold rose in London. and sterling exchange weakened here, but only s100,OO0 was secured in London for New York account. Announcement was made of about $750.000 of Japanese gold shipped for San Francisco The factors in the ad- vance in stocks were in the form rather of surmise, the old rumor of a Gould Pennsylvania settlement ngur1ng to a large extent The strength of southern roads was attributed to general condi- tions, such as the prosperity of the cot ton belt and the harmony of railroad con- trol assured by the recent Seaboard Air Line deal. There was an attempt to con- vey the impression that large bankers and capitalists had been absorbing stocks in the midst of the prevailing depression of sentiment, looking beyond the proba- ble revival. The market closed firm.
 The bond market was broader but rath- CT irregular. Total sales, par value, were $3S54,00
 United States 2s advanced A per cent on the last call.