The Birmingham age-herald., 1903-11-28
ACTIVITY ! IN STOCK MARKET Few Members Return After Thanksgiving Holiday BULLS ACTIVE AT START Campaign in Southern Pacific Is Con. tinued-Profession Traders Do
 Most of the Business-6onds
 Dull and Irregular.
BULLS ACTIVE AT START

New York, November N.-There was svery little activity in stocks today. The Pend week remnant after the holiday of Ifered small inducement to members to re- turn to the stock exchange from their Thanksgiving outing before Monday, and there was a small attendance and lan- lguid trading in consequence. The chang ling fluctuations of prices showed the un- certain mood of the professional traders
 whose business made up what was esti- mated at nine-tenths of the total
 The market started off with bullish ,demonstration in Southern Pacific in con- tinuation of the recent campaign in that stock. The announced opening of the Salt Lake cutoff of the road was made the occasion of conjectured estimates as to the increase in the earnings 10 result. Union Pacific came into the movement with even greater effect, owing to the showing in it's annual report of the heavy indebtedness to it of the subsidiary com pany, on account of advances for better ment work. This movement was inter- Arupted by the heavy selling of Pennsyl- Jvania and Reading, which was unex- plained in the current news. Earnings of the coalers from this time on will com- pare with the period last year, after the strike was 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 Pacifics, its extreme ad- vance being limited to %. notwithstanding it's showing of an increase in net earn ings for October of $335,099, or rather more than half of the increase of S665,095 in theAgross earnings.
 The minor industries were decidedly ir- regular Some of those which suffered most early in the week, were in eager demand in the loan crowd, where they commanded a premium, while shorts bought to cover their contracts. The ef- feet was especially notable in Locomotive preferred. Republic Steel preferred on the other hand was forced down an addition al 3 points on renewed doubts over the maintenance of the preferred dividend
 The stock more than recovered it's loss at the close The tone of strength de- peloped in the whole market late in the day was due to the forecasts of a favor- able bank statement tomorrow. The usual compilers are agreed that the regu- Var interior currency movement has been In favor of New York to the extent of between one and two million dollars, while the. sub-treasury operations and the for eign gold reserve have contributed oyer sR ,lO0 GOO. -' The quiet tone of the cali money market today indicates that the weeks gain in cash, most of it having come early in the week. will figure in tomorrows bank statement for the full effect as weekly averages. Sterling ex- change developed some strength this tnorning, but broke sharply again and closed weak
 The bond market was dull and rather irregular. Total sales, par value, s1.- fS2ooo. United States bonds were un- changed on the last call