The Montgomery advertiser., 1903-05-13
WALL STREET REVIEW LANGUID ADVANCE DURING
 EARLY HOURS.
Before the Days Trading Was Over, However, Selling Had Become Active-Gains Wiped Out
 and Losses Established.

NEW YORK. May i2.-There was e lansuid upward movement of prices in spots during fhanse but before the days trading was over. eeliing had developed the greatest achtivity of lne day which wiped out practically all the previous gains and established loses of point IT United States Steel preferred and New
 Yuk Central. The official announcement of the Rock Island-st Louis and San Francisco deal direct effect was confined to St Louis and San Francisco. Rock Island hung back. There ans n @ the 1Es1ed.. and the establishment of quotations at eeh to 92 afforded basis for estimating Francisco under the plan at s2. The rrice advanced from last nights closing at 78h % so&. but suffered in the general reaction. belief that the suspended Hooking Valley deal would be next taken up was reflected in the jump of A. in that stock. Metropolitan. Ds,smsre and m M aaasons eSgoin, advance was the directory. Published reports of the Wa bash plan for Baltimore outlet direct from Fiftsburg were responsible for the strength in those stocks and the Wheeling and Lake Erica The Gould group generally was affected In sympathy The strength of Colorado Fuel Gould control. Covering of shorts by profes- nional bears clearly played a large part in the mhrket's recovery. Their attempts yesterday to uncover stop loss orders having proved un- etccessful. they were disposed to retrace <lHeir course. The opinion which greeted the monthly crop report added to this disposition as the deterioration in the Winter wheat crop wns no greater than expected with a good promise of remaining a bumper crop. The weekly bulletin of the weather department of fered further encouragement for the hope of good crops. The situation remained much de- pressed. however The postponement of a strike on the Southern Pacific was considered satisfactory. but the more serious outlook on the Great Northern system offset this. The unbridled speculation in the cotton market is the cause of some apprehension by reason of the demand upon the money market caused thereby and the fears of curtailment of con- sumption. The statement of April exports, showing a decrease in the cotton movement compared with April of last year indicated the defrimentai effect of the high price. The re- suit upon the exchange market from the ct1rtailed cotton movement. in view of the in 1uguration of gold exports. is also dreaded. Foreign exchange ruled firm today and a fur fher outward movement of gold is looked for. The reduction in the grain rate from Chicago to New York was depressing influence on the trunk lines all day and this depression became more acute in the late selling move ment. The principal aggravating cause of the late break ir the market, however was a report from Pittsburg of cut in the price of steel biilets by the principal competitor of the United States Steel Corporation. This report carried United States Steel preferred suddenly down to a point under last night
 the whole marke tweakening in sympathy.
 There was considerable variety in the bond market but the price movement. was irregu- lar Total sales Cpar vaiue). S3 tS6. GOO. United States 2's declined A on the last call