The Birmingham age-herald., 1903-05-14
\ SPELLING OUT
 OF LONG STOCK
Selling Was Probably Due to
 Tuesdays Influence.
IRON AND STEEL MATCHED
The Course of Stock Prices Indicates That Speculative Sentiment Was Not Entirely Reassured By
 the Tone of Trade.

New York. May 13.-The selling which caused this mornings decline in stocks had the appearance of a spilling out or long stock There was no new develop ments in the situation today to induce this selling, which probably was due to a carried over influence from yesterdays events. Authoritative denials of yester- days report of deep cut in the price of steel billets at Pittsburg by leading interest did not put an immediate stop to the selling of the United States stocks and those of the independent companies Dis cussion of the iron trade outlook was leading feature of the days speculative situation. Professional operators are waiting for definite information on tech nical lines, but they paid much attention to abstruse discussions of the iron trade, which were put out in some cases with the purpose of reassuring sentiment. These discussions mostly took the form of depreciation of any talk of discourage ment because of the current declining ten dency in the price of pig iron, alleging that the higher level recently prevailing was really artificial and for special de- liveries or other reasons. The course of prices of stocks indicates that speculative sentiment was not entirely re-assured by the tone of these trade reports, in face of concrete facts of a stagnant demand for pig iron The threatened labor trouble on the Great Northern system and the fear that a contest if inaugurated might spread in the railroad world, was a depressing factor on the whole market. The special early weakness of the trunk lines showed that the influence of yesterdays reduction in grain rates from Chicago to New York was still an influence 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 agricul- tural bureaus unfavorable crop report continued to exercise some depressing in- fluence. More attention was paid also to the notable delay in the planting of the corn crop The prospect of additional gold exports overhung the market, and the perception that the day would pass without engagements being made for shipment, was material factor in rally ing the market late in the day. The con- dtion in the international exchanges was apparently the same today as when the engagement was made on Monday for ex- port. But there was material relaxa- ton today in the London money market due to the progress of the allotment of the Transvaal loan which reieases large sums to the market which were tied up by the three per cent required in mak- ing application for the loan. If this shall put an end to the outward movement of gold from New York for the present. the result may be of importance on the finan- cial situation. The recovery in the mar ket was effected on a much smaller vol ume of dealing than was the decline but 1t was impeded by the selling of Rock Island, which was persistent in face of the late firmness of the general mar ket. The close was heavy and almost lifeless.
 The bond market again showed great variety with movement in some issues which have been dormant for a long time. The price changes, however, was still irregular. Total sales, par value, s2, 445.000 United States bonds were all unchanged on the last call.