The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-05-14
st. Louis.
STOCKS AND BONDS.

New \ ork, May 13.-The selling which
caused this mornings decline in stocks
had the appearance of a spilling out OF
long stock. There was ne new develop
ment in the situation today to induce
this selling, which was probably due TO
a carried over influence from yesterdays
events.
Authoritative denials of yesterdays re-
port of a deep cut in the price OF steel
billets at PittsburG by a leading interest
did not put an immediate stop 10 the sell
ing Of the United States Steel stocks and
those of the independent companies BIS
cussion OF the iron trade vas reading
feature of the days speculative session
The professional stock operators are not
notable for deep information on technical
topics, but they paid much attention 10
obstruse discussions of the iron trade,
which were put out, in some cases, with
the purpose of reassuring sentiment
These discussions mostly took the fern
of depreciation of any talk Of discour-
agement because of the declining ten
dency in the price of pig iron, alleging
that the higher level recently prevailing
was really artificial aud for special deliv-
cries or other reasons The course OF
prices of stocks indicates that specuia-
tive sentiment was not entirely reassGred
by the tone of these trade reports IN
face of the conceited effects OF stag
nant demand for pig iron.
The threatened labor trouble on the
Great Northern railroad system and the
fear that a contest might spread in the
railroad world was a depressing factor
on the whole market.
The special early weakness of the Sc
curities showed that the influences OF
Yesterdays reduction in grain rates froE
Chicago TO New York was still an iniiu-
ence. Baltimore and Ohio did not share
in the heaviness of this group and in
the markets later rally it was marked
up a point above last night.
The turbulent speculation in the cotton
market and the Illinois State Agricultural
bureaus unfavorable crop report contin-
ued TO act as depressing influence More
attention was paid also to the notable
delay in the planting of the corn crop
The prospect of additional gold exports
oveThung the market and the perception
that the day would pass without engage
ments being made for shipment was a
material factor in rallying the market
late in the day. The conditions in the
exchanges were apparently
the same today as when the engagement
was made on Monday for export But
there was a material reclamation today n
the London money market, due 10 the
progress of the allotment Of the Trans
wall loan. which releases large sums 20
the market which were tied UP BY the
3 per cent required in making spplica-
ton for the loan. If this shall put an
end to the outward movement OF god
from New York for the present. the re-
suit may be OF Importance on the financial
situation
The recovery on the market vas e1-
fected on a much smaller volume OF deal
ing than was the decline. but IT was i'm
peded by the selling Of Rock Island.
which was persistent in the face O. the
late firmness in the general market The
close was heavy and almost lifeless-
The bond market again showed great
variety, with a movement IN some Is
sues which have been dormant for a long
time The prices changed, however. were
stiIl irregular. Total sales. par value,
g As. CSC United States bonds were all
unchanged on the last call
Closing quotations Of stocks were as
follows: