The Saint Paul globe., 1903-11-28

NEW YORK, Nov. 27.-There was very
little activity in stocks today: The end
week remnant after the holiday offered
small Inducements to members to return
to the stock exchange from their Thanks
giving outings before Monday and there
was small attendance and languid trading
in consequence. The fluctuations Of
prices showed the uncertain mood of the
professional traders whose business made
UP what was estimated at nine-tenths OF
the total. The market started off with a
bullish demonstration in Southern Pa
cific in continuation of the recent aam-
paign in that stock. The announced open
ing of the Salt Lake cutoff of the road
was made the occasion of conectural es-,
Inmates as to the increased net earnings
to result. Union Pacific came into the
movement with even greater effect ow-
ing to the showing in it's annual report Of
the heavy trade business brought to 1t
by the subsidiary company on account OF
advances for betterment work.
This movement was interrupted by the
heavy selling of Pennsylvania and Read
ing, which was unexplained In the current
time on will compare 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 COM
pany. Erie stocks, however, did not
share in the weakness of Reading and
Pennsylvania. Neither did Atchison share
fully in the strength of the Pacifics, it's
extreme advance being limited to y,
Notwithstanding its showing Of an in
crease in net earnings for October of
$685., ,099, or rather more than half OF the
increase of $665, ,095 in the gross earnings.
The minor industrials were decidedly ir,,
regular. Some of those which suffered
most early in the week were in eager de-
mand in the loan crowd, where they com
manded a premium, while shorts bought
to cover their contracts. The effect was
especially notable on Locomotive prefer
red
Republic Steel Is Down.
Republic Steel preferred on the other
hand was forced down an additional
points on renewed doubts over the main
tenance of the preferred dividend. The
stock more than recovered its loss at the
close. The tone of strength developed in
the whole market later in the day was
due to the forecasts of a favorable bank
statement tomorrow. The usual compilers
are agreed that the regular interior cur
rency movement had been in favor of
New York to the extent Of between ST.
900, 900 and 81, 900, 600, while the subtreas-
ury operations and the following gold re-
served have contributed over $1,100000.
The quiet tone of the call money market
today indicates that the weeks gain in
cash, most of it having come early In the
week, will figure in tomorrow's bank
statement for the full effect of the week
ly averages. Sterling exchange developed
some strength this morning, but broke
sharply again and closed weak. Unsub-
stantiated rumors were current of addi
tional gold engagements in London. The
report of grain exports for the week
shows an increase Of upwards OF 1,O0O,-
900 bu of wheat and corn over last week.
The bond market was dull and rather
irregular. Total sales, par value, were
81, ,732, ,O00 United States bonds were un-
changed on the last call.
CLOSING List.