The Birmingham age-herald., 1904-12-06
STOCK DEALING
 AGAIN EXPANDS l evel of Prices for Day However
 Receded GOLD EXPORT THE CAUSE Engagement of Gold Bars for Ship. ment Is Surrounded With Much Mystery and Acts as a
 Strong Influence.
GOLD EXPORT THE CAUSE

New York, December 5.-Dealing in stocks expanded again today, and the level of prices receded in spite of marked gains in a number of the stocks in which trading was heaviest. The sus- taining power of these marked advances was effective during the early part of the day, anc made possible large prof1t-tak- ing, with small effect on prices. But .:pon xne unexpected announcement of the purchase of million dollars in gold bars at the assay office for export to Europe tomorrow, the market gave way quite generally.
 The effect of this news was aggravated by the information that all available sup plies of gold bars had been bespoken for contemplated further shipment The agents in this transaction were exceed ingly reticent regarding 1t, and the mys- tery surrounding 1t gave additional infiu- ence. The gold Is generally supposed to be destined for Berlin, although conjec- ture on the subject ranged so widely as to include a possible Japanese destina- ton. The latter surmise may be dis missed as chimerical. But what extra ordinary need there may be for gold at any point that causes such a special in- ducement to be offered as must be nec- essary to take gold from New York In the present state of the foreign exchange market is is a mystery to the experts in that department. The sharp decline in the price of everything on Saturday and again this morning, under the largely augmented supply of cotton bills caused the definite dismissal of possible gold ex- ports from the realm of stock market factors.
 Sentiment was all the more affected on that account by the news of the engage- ment. The transfer through the treasury department of s500,0OO to San Francisco, and of $300,000 to New Orleans, made the feeling over the money outlook addition ally sensitive. The money rate itself was barely affected. London discounts receed- ed this morning, and the price of gold there was marked down an additional fraction. The undistributed tranquility of the money market effected some reassur- rance, and contributed to the latter rally in stocks. The strength of the market was general at the opening, induced by the strong close on Saturday, the good bank statement, and the governments estimate of a bumper cotton crop.
 The cotton carriers proved rather hard to move owing to the weight of the realizing which was encountered. The Reading movement then became the cen ter of interest. Its rise to near 83 was not accounted for by any news regard ing the property, and there was disposi- tion to regard the movement as involv- ing a campaign against an outside line of bucketshops Some of the other coalers in both the anthracite and bituminous group sympathized with Reading and there was gossip of a coming increase in the Baltimore and Ohio dividend. num- Der of the industrials made striking move ments, notably the leather stocks Rail- road earnings for the fourth week sf November showed good increases, and traffic officials spoke in sanguine mood of prospects and in glowing terms of present traffic. The assembling of con- gress invited added discussion and the possibility was canvassed of develop ments at Washington to which the stock market prove sensitive. The market closed above the low point, but the rally was rather indifferently held.
 Bonds were heavy Total sales, par value, $5,115,ooo.
 United States gs and old fs advanced 1s and the new As registered "A per cent. on call.