The Birmingham age-herald., 1904-11-15
TRADING HAMMERED BY WIRE TROUBLES First Hours Movement of Wild
 Character GOLD GOES TO PARIS Excited Speculation of the Day Was Based Largely on the Increase
 In the Proposed Ship
 ment.
 
GOLD GOES TO PARIS

Neu York. November 14-The excited sneoulation was based by the enlarge ment of gold for Paris today. The wild character of the movement of the first hour in industrials and low-grade rail- road stocks aroused misgivings as we'll These two influences paved the way for the reaction which became quite general during the midday period, and forced the level of prices for the active standard stocks a point or more below Saturdays level.
 The decline was at no time beyond control and the part played by bear sell ing was shown by the late demand to cover shorts. The sales recorded dur ing the first half hour rose to over half a million shares, showing the rate of &C., tivity well maintained at the recent max imum in spite of the interruption of wire service by the storm, which practically paralyzed the activities of some of the commodities markets. The usual arbi- trage operations with such speculative centers as Chicago, Pittsburg, Cincin- natl, Philadelphia and Boston, were cut off, and private wire houses lacked com nunication with points even nearer at hand.
 The unimpaired volume of the demand for stocks under those circumstances, and the character of some of the securities dealt in most violently, were suggestive of narrow origin for the business, and increased the uneasiness of those who were on the watch for signs of reaction. It was supposed, however, that the lat ter strength in the market was due in part to receipts of better orders from out of town sources. The immobility of the call loan rate in face of the gold movement was another factor in the late recovery of confidence.
 The s. 100000 of gold engaged for ship ment to Paris on Thursday, together with the s. 000,000 expected to go to Cuba this week, certainly threaten an important inroad upon the $S,S94,550 of surplus re- serves shown by the Saturday bank state ment. The $2,000,0OO shipped to Cuba on Saturday had not yet figured in that statement. But the money market showed that if the resources of the banks were running low. there was recourse avail able to other sources, as was the case last week, while the banks were reducing loans to the extent of nearly $15, 900. The hope was held out also that the threatened call of the United States treas ury upon the banks for government de- posits might be averted. Loan rates were actually easier towards the end of the day.
 Very cheerful and hopeful advices were received in Wall street from all quarters under pressure. The unfamiliar aspect of the widest gathers will be perceived in the list of stocks which rose at different times from to points. including Duluth-Lake Shore and Chicago and Alton, Kansas City Southern preferred, Nashville, Chat tanooga and St. Louis, Atlantic Coast Line. Chicago, St. Paul, Minneapolis and Omaha, American Linseed. corn pro- ducts, National Biscuit, North American, Pullman. American Hide and Leather preferred, New York Airbrake New York Dock besides many more in which gains ran from 1 to points. The extraordinary variety of the market is shown by the fact that the separate issues dealth in numbered not less than 195.
 Bonds were irregular. Total sales, par value, $9,7s5, 00O United States bonds un- changed on call.