The Birmingham age-herald., 1904-04-30
lNCK TRADING IS N NARROW BOUNDS News Not Favorable to FlRMNdSS SOON GAVE WAY Renorts ofl Railroad Earnings at Hand Made vkry Poor Showing-Mor-
 aaIh to Have Big Gold
 Shipment.
FIRMNasS SOON GAVE WAY

New Yorkt April 2s.-There was little cbanee todat in the tone or character of the stock market which was one of anathv and lirregularity within narrow hounds as tbe moods of the traders changed. Ind days news was not favor able to value6 and the early firmness gave way before the close. That firm ness was duel rather to total absence of selling preksure than to any private support bly, buying stocks. London also helped in a Aympathetic way, but did nothing practical in the way of buying stocks, The London market has made a distinct rekponae to the easy money con- ditions and the investment demand there Is reported to lie decidedly improved.
 Reports bf railroad earnings at hand today madb a very poor showing. even Reading anh Lehigh valley making a poor comparison with last years correspond ing period which was, however, one of large dealings. Wabash and Canadian Pacific showed even less favorable com parisons The average of the decline in net earnings for March is thus expanding to a substantial percentage The high priced coalers were inclined to run off as easily as they haNe recently advanced.
 Stocks held rather firmly, however, un- til the annorIncement of the engagement of s3.5o00O0 ih gold for export tomorrow by J. P Morgan & Co. A small engage ment had bedn announced earlier in the day. This brings the total engagements for the week up to 2,sOO, which is far in excess of any exports from New York for single week heretofore.
 The record exports for a month stand at s27, 450O0O fbr May, 1894. The money market was still unaffected by this heavy drain, but the dimensions of the move- ment had an effect on sentiment. To- days engagements of gold will not figure in tomorrow's bank statement Without them the earlier outgo of gold seems to have been considerably offset by the con- tinued receipts of currency on balance from the interior and by the transfers from San Francisco on Japanese account.
 Sub-treasury operations which include earlier withdrawals of $9,100,0oO gold for export and the San Francisco transfers have taken from the banks $6,14s, ,0OO but the decrease in cash is likely to be re- duced to under S2000.000 by the currency receipts by the regular express move ment The only price movement if im- portance were In specialties. The local gas stocks moved up on rumors of closer association. Tennessee coal was forced down on reports of reinstatement of old control in the property. Fries poor March earnings continued to burden that stock Amalgamated copper seemed to be affected Dy the strength or the cop per movement. The advance in the Unit sd States rubber stocks was unexplained.
 The heavy gold engagements had little effect upon the exchange market. The unwonted appearance of J. P. Morgan X Co., as exporters caused some apprehen- sion that none of the previous exports were on account of the Panama pay ments The weeks exports of wheat are pronounced the smallest in fourteen pf q ta n i37 100000 city bond issue indicate the prospect of the continued expansion of the oan item of the banks.
 Bonds were steady. Total sales, par value s1,S65,00O. United States 2's ad- ganced h, and the new As 14 on call.