Omaha daily bee., 1903-05-14
LonE stocks Spill Over and Boos
Prices to Some Extent.

Prices to Some Extent.
NEW YORK, May 13.-The selling which
caused this mornings decline in stocks had
the appearance of a spilling-out of long
stock. There was no new development
today. to Induce this selling, which was
probably due TO a carried over influence
from yesterdays events. Authoritative de-
malls of yesterdays report of a deep cut
in the price of steel billets at P~ittsburg
by q leading interest did not put an i'm
States Steel stocks and those of the indie
pendent companies. Discussion of the iron
trade outlook was a leading feature of the
sional stock operators are not notable for
deep information on technical topics, but
they paid much attention to obtruse dis
cussions in the iron trade, which were put
out In some cases with the purpose of re-
assuring. sentiment. These discussions
mostly took the form Of depreciation of
any talk Of d-iscouragement because Of the
current declining tendency In the price of
pig iron, alleging that the highest level
recently prevailing was really artificial and
for special deliveries or other reasons. The
course of prices of stocks indicates that
assured by the tone of these trade reports
In face of the concrete facts of a stag
nant demand for pig iron. The threatened
labor trouble on the Great Northern rail-
road system, and the fear that a contest
once inaugurated might spread in the rail-
road world, was a depressing factor in the
whole market. The early Xxi of the
trunk lines showed that the influence of
yesterdays reduction in grain rates from
Chicago to New YORK was sui an lnIu-
ence. Baltimore & Ohio did not share in
the heaviness OF the group, and in the mar
ket's later rally 1t was marked up about
a point above last night. 2
The turbulent speculation In the cotton
market and the Illinois State Agricultural
bureaus unfavorable crop repor contin-
ued to exercise some depressing influence.
More attention was paid also to the no.
table delay in the planting of the corn
ports o%verhung the market and the per-
ceptiop that the day would pass without
engagements being made for shipment was
a material factor in rallyinR the market
late in the day. The conditions in the
international exchanges were apparently
the same today as when the engagement
was made on Monday for export. But
there was a material relaxation today IN
the London money market, due TO the
progress Of the allotment of the Trans
vaal loan, which releases large sums to
the market which were tied by the 3 per
| cent required in making application for
the loan. II this shall put an end to the
outward movement OF gold from New YORK
for the present, the result may be OF I'M
portance in the financial situation; The
recovery in the market was erected on a
much smaller volume of dealing than was
the decline. but IT was impeded by the
selling of Rock Island, which was per-
sistent in face of the late hrmness OF tho
| general market. The close was heavy and
| almost lifeless.
The bond market again showed great
which have been dormant for a long time:
The price changes, however. were stu
\ irregular. Total sales, par value, &.440,OOo;
Limited States bonds were all unchanged
The following are the quotations on the