The Montgomery advertiser., 1904-04-16
WALL STREET. REVIEW
ANOTHER DAY OF LANGUID
 SPECULATION.
Timid Operations in Stocks by . small Contingent of Professionals Who Were Not Bold Enough
 to Follow Prices.

New York. April 15.-Today was an- other day of languid speculation and umio operations in stocks by small contingent of professional traders who Wero not bold enough to follow prices to any distance from last nights level. outside of professional operations there was little in the market so far as could De detected. The most conspicuous movement of the day was that in Erie ana the steady accumulation of that stock made some impression on the general list, resulting in q rally from the carly decline. The buying of Erie was unexplained. but the existence of divided holdings in the stock by the same in terests as those arrayed In the contest Tor the control of Northern Pacific re- vived some of the old rumors about the extension of the contest to Erie which were In circulation at the time of the 1rst contest in the northwest. The early heaviness centered largely in the Penn syivania group and was due to the an nouncement of 900 note issue by the Baltimore and Ohio. These temporary expedients for funding operations are felt to be piling ahead of the market pros pective bond and stock issues that will meet the absorptive power of the mar ket as far as 1t may develope for long tune to come. as well as fixing charges upon earnings. This has the effect of discouraging buying of securities The weeks currency movement Indicates another extraordinary accumulation of cash at this center The sub-treasury operations include both the payments for gold bars exported and for Japarrase gold deposited in San Francisco and have net ted to the banks s5.l63.e00. Besides this. the regular express movement with the interior has been heavily in favor of New York, estimates running to over 8, 3,0oO00O. It is taken for granted that another large loan expansion has occurred, in view of the placing of number of railroad note issues since the last bank statement ap- peared. Sterling continued very firm and 1t Is considered probable that further gold will be exported al available oppor tunities. The exports of grain for the week show a falling off from last week of $40 GOO bushels for wheat and 695 GOO bushels for corn. indicating the contract ed supply of commercial bills in the ex change market. The Bank of Eng1and's policy in reducing the discount rate this week. 1t Is believed. to encourage the repayment of London obligations to Paris and this would not relax the pressure on New York for gold to Paris. Tine Lon don Statist said recently:-+
 Tt Is highly desirable that the immense amount of foreign money which has been employed in this market should be mate rialiy reduced It Is dangerous thing for a market like that of London to be dependent to so great an extent as 1t has been for four or five years upon foreign moneys, which might have to be withdrawn at the most convenient time. The market cIosed inert and with insig nificant met changes in the general list. Bonds were irregular. There was sharp advance in the Central of Georgia junior issues. Total sales par value $2,030 GOO. United States bonds were unchanged on call.
 NEW YORK STOCK LIST.