New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-28
BONDS.
THE DAYS OPERATIONS IN STOCKS.

stock market values moved in an irregular
manner throughout the greater part Of the day
on q small volume OF business With the eN-
ception Of a few issues. price changes were con-
fined TO small fractions, stocks in which impor-
tant movements were made representing as d
rule companies in which special developments
are supposed TO be pending, as, for instance
Republic Iron and Steel, about which so many
r7lnors have been circulated In the last week
The preferred stock Of this company declined
over . points on a moderately heavy Noiume OF
sales but there was no news to account LOT 'ne
change I'm fits price. It was reported again that
the directors had decided to suspend dlNlaehus'
and the Street apparently believed that
she falling off in the profits in the iron and steel
business IN the last few months. and the proha-
,.p+v Of n still further reduction would make
the maintenance Of payments on TINS STOCK I'M
possible There is authority for the stare
men. thar the dividend on Republic Steel Will
be passed. but il may be put down as d lac1
that the directors viii treat the issue IN the con-
sentative manner that earnings warrant Inc
decline in this security was accompanied oS
weakness in the United States Steel shares al
though the early losses were generally recoV-
ered before the close The hrmer tendency III
she last hour was due in part TO the faNoraole
.or~cast Of to-day's bank statement as baseo
IN IN. known movement Of money 1t was esl-
mated that the banks had gained upward OF
s265e 500 the encouraging feature OF the NOV e-
rnent being the gain on the operations Win 'iie
interior From the course Of money IN the week
.. NAV be assumed that the banks VIII mot De
called on again this year for large amounts Oh
money for shipment TO the interior II wouio
s.e,n safe to predict an increase in cash and re
serve holdings in to-days bank statement II IL
we're not for the vagaries Of the average system
which no man can accurately figure in advance
Foreign houses bought few thousand shares
:, she local market but the influence OF TINS
bu1ing was not sufficiently strong 10 induce
purchases for commission house account opera
tious OF this character being confned 10 sili0--
totals There was a moderate demand LOT
few of the first class railroad issues noIaoly
pe,,rxlx-ania Union Pacific and Atchison. but
as a rule trading represented the opeI@'lOHs Vi
IN. professional spectators. Southern Pacific
changed hands in fairly large amounts huc'ua-
ting within narrow limits and closing at a net
Gain of u r,oiut The days news developments
were generally favorable to higher prices, but
they were absolutely without effect as far as
creating a public demand for stocks was con-
cerned. Railroads reporting earnings for the
third week in November showed many encour-
aging gains as compared with the same time
last year, Southern Railway, for instance, pre-
senting an increase Of S55.3T2. making for the
Chicago Great Western gain Of S2O,3O2- Atch-
ison for the month of October reports a gain
in gross earnings of S665'f94 and an increase IL
net Of $685. 09S For October fifteen roads have
reported, showing an increase in gross earnings
Of IA per cent and gain in net of 20 per cent
making FOR the first four months Of the fiscal
year a gain OF l. per cent in gross and a gain
Of nearly % per cent in net. Twenty-six roads
reporting for the third week in November show
e gain OF Isl per cent. There apparently is
lighter movement Of traffic than recently re-
corded as number OF roads are beginning TO
show falling off from the heavy earnings Of
the last few months. but this, Of course. is to
be expected. as the country's general volume Of
business is contracting.
The market closed strong, with net gains in
most issues. the chief improvement being shown
By some Of the stocks which were under pres
sure earlier in the day. notably the railroad
equipment shares, Sugar Refining and Union
Pacific. A feature of the day in the industrial
list the exaction Of 8 stiff lending rate for
the Of the securities. There sharp
borrowing demand for the Industrial shares
which have for the last week been under bear
pressure. and as a consequence the lending
rates were marked UP from q nominal basis to
active buying in Of short contracts and sharp
rallies in prices. American Locomotive pre-
ferred ran up from 72l4 10 74a4 and noteworthy
Improvement was made by several other issues
Call money ruled at go per cent. and sterling
exchange closed weak after early hrmness