The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-16

NEW YORK. April 15-Today was an
other day of languid speculation and tim
10 operations In stocks by small con-
urgent of professional traders, who were
not bold enough to follow prices to any
distance from last nights level. Outside
OF professional operations there was lit
tie IN the market so far as could be de-
lected. Inc most conspicuous movement
OF the day was that in Erie, and the
steady accumulation of that stock made
some impression on the general list, re-
SuItlng IN rally from the early decline.
The buying of Erie was unexplained but
the existence of divided holdings in the
stock by the same interests as those ar
rayed in the contest for the control of
Northern Pacific revived some of the old
rumors about the extension of the con-
test to the Erie which were in circulation
at the time of the first contest in the
Northwest
The early heaviness centered largely
in the Pennsylvania group, and was due
TO the announcement of a $4,000, 600 note
issue by the Baltimore & Ohio. These
temporary eXpedients for funding opera
tons are felt to be piling up ahead of
the market prospective bond and stock
issues that viii meet the absorptiye power
OF the market as fast as it may develop
for a long time to come, as well as fix
ing charges either ahead of or to share
with present stock issues in claims upon
earnings This has the effect of diScOur-
aging buying of securities. The week S
currency movement indicates another eX-
traordinary accumulation of cash at this
C6uteI- ne SuDITeaSuTy operations n
clude both the payments for gold bars
exported and for japanese gold deposited
IN San Francisco, and have netted to the
banks So, 1853 900. Besides this, the regu-
lar express movement with the interior
has been heavily in favor OF New York,
estimates running to over So 900, 000
New Loan Expansion.
1t is taken for granted that another
large loan expansion has occurred, in
view OF the placing Of a number Of rail-
road note issues since the last bank state
ment appeared Sterling exchange con-
tinued very firm, and it is considered
probable that further gold will be ex-
ported at available opportunities. The
exports of grain for the week show a
falling off from last week of $40, 900 BUSH
els for wheat and AS. 900 bushels for
corn. indicatin the contracted supply of
commercial bills in the exchange market
The Bank of England policy in reducing
the discount rate this week is believed to
encourage the repaymnt of London obli-
cations to Paris, and this would not re-
lax the pressure on New York for gold
to Paris. The London Statist said re-
Gently: 1t is highly desirable that the
immense amount of foreign money which
has been employed in this market should
be materially reduced. 1t is a dangerous
thing for a market like that Of London
to be dependent to so great an extent as
II has been for four or five years upon
foreign money, which might have to be
WITHDRAWN at the most incOnVenient time. .
London is plainly able to command gold
in New York at present for repaymentS in
Paris. The market closed inert and with
IN significant net changes in the general
list.
Bonds were irregular. There was a.
sharp advance in the Central of Georgia
junior issues. Total sales, par value, 81
030. 600. United States bonds were I'M
changed on call.
Closing List.