The Birmingham age-herald., 1903-05-13
LANGU|D UPWARD
 TREND IF PRICES
Rock IsIand-Frisco Deal Was
 an Influence
GOLD MAY BE EXPORTED
The Market Was a Variety of Special. ties Dealt In By Those Holders Trying to Sustain the Best
 Level of Prices.

New York, May 12.-There was lan- euid upward movement of prices in spots during a part of the days session of the Stock Exchange, but before the days trading was over selling had developed on the largest activity of the day, which wiped out practically all the previous gains and established losses of point In United States Steel preferred and New York Central. The official announcement of the Rock Island-St. Louis and San Francisco deal was an influence at the opening, although the direct effect was confined to St. Louis and San Francisco Rock Island hung back. There was trad ing in the outside market in the new Rock Island per cent collateral bonds when issued, and the quotations at s2ls to 92 afforded basis for estimating the exchange value of St. Louis and San Francisco under the plan of S2. The price advanced from last nights closing at 7S5h to SOFA but suffered in the general re- action Delaware and uudson's 2% points advance was attributed to the election or E. S. Hartman to the directory. Pub- lshed reports of the Wabash plan Tor Baltimore outlet, direct from Pittsburg, were responsible for the strength In those stocks and the Wheeling and Lake Fries. The Gould group generally was affected Tn sympathy. The strength or Colorado Fuel was connected with re- ports of Rockefeller-Gould control. Cover ing of shorts by professional bears clear ly played large part in the markets re- covery. Their attempts yesterday to un- cover stop-loss orders having proved un- successful, they were disposed to retrace their course The opinion which greeted the monthly crop report added to this disposition. as the deterioration in the winter wheat crop was no greater than expected with good promise of remain, ing bumper crop. The weekly bulletin of the weather bureau offered further en- couragemen. to hope for good crops The speculation remained much depressed, however
 The postponement of a strike on the Southern Pacific was considered satis- factory, but the more serious outlook on the Great Northern system offset this. The unoridied speculation in the cotton market Is the cause of some ap- prehenson by .'eason of the denlard upon the money market caused thereby, and the fears of curtailment of consump- tion The statement of April exports, showing a decrease in the cotton move ment compared with April of last year, indicated the detrimental effect or the high price. The result upon the ex- change market from the curtailed cot ton movement, in view of the inaugura- tion of gold exports, is also dreaded. Foreign exchange ruled firm today and a further outward movement of gold Is looked for. The reduction in the grain rate from Chicago to New York was a depressing influence on the trunk lines all day and this depression became more acute in the late selling movement. The s principal aggravating cause late in the market however, was a report from Pittsburg of cut in the price of steel billets by the principal competitor of the United States Steel corporation. This report carried United States steel pre- ferred suddenly down to a point under last night, the whole market weaken ing in sympathy.
 There was considerable variety in the bond market but the price movement was irregular. Total sales par value s3,1350 GOO. United States 2s declined Ac on the last call.