The Birmingham age-herald., 1904-04-16
SPECULATION FOR
 DAY WAS LANGU|D Erie Movement Was the Most
 Conspicuous BUYING WAS UNEXPLAINED Early ActiI&y centered Largely In Pennsylvania Group-SharP Ad-
 vance in Central of Geor-
 ga Junior Issue.
BUYING WAS UNEXPLAINED

New York, April 15.-Today was another nay of languid speculation and timid op- erations in stocks by small contingent of professional traders who were not bold enough to follow prices to any dis tance from last nights level. Outside of professional operations there was little in the market so far as could be detected. The most conspicuous movement of the day was that in Erie and the steady ac- cumulation of that stock made some im- pression on the general list, resulting in a 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 arr rayed in the contest for the control of Northern Pacific received some of the old rumors about the extension of the con- test in Erie which were in circulation at the time of the first contest In the north west. The early activity centered largely In the Pennsylvania group, and was due to the announcement of a $10,000,O00 note issue by the Baltimore and Ohio. These temporary expedients for funding oper- ations are felt to be piling ahead of the market prospective bond and stock issues that will meet the absorptive power of the market as far as 1t may develop for a long time to come, as we'll as fixing charges either ahead of or to share with present stock issues in claims upon earn ings.
 This had the effect of discouragng buy ing 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 Japanese gold deposited in San Fran cisco, and have netted to the banks $5.- 6l3,000.
 Besides this, the regular express move ment with the interior has been heavily in favor of New York, estimates running to over $3.0O0,0 900. It is taken for granted that another large loan expansion has occurred, in view of the placing of a number of railroad note issues since the last bank statement appeared. Sterling exchange continued firm, and 1t Is con- sidered probable that further gold will be exported at available opportunities
 The exports of grain for the week show n falling off from last week of 6400o0 bushels for wheat and 695,000 bushels for corn, indicating the contracted supply of , commercial bills in the exchange market. The Bank of Englands s action in reduc- ing the rate to encourage the repayment of London obligations to Paris, would not relax the pressure on New York for gold for Paris The Statist said recently: "lt is highly desirable that the immense amount of foreign money which has been [ employed in this market should be ma terially reduced. It is a dangerous thing for a. market like that of London to be dependent to so great an extent as 1t has heen for four or five years upon foreign moneys which might have to be with" drawn at the most convenient tme.'
 The market closed inert, and with i1- significant net changes in the general list.
 Bonds were irregular. There was sharp advance in the Central of Georgia junloc issues Total sales, par value, $2,03OOOO
 United states bonds were unchanged on call.