The Indianapolis journal., 1903-05-14
STOCKS ARE STILL DULL
PRICES ALSO HAVE A GENERALLY
DOWNWARD TENDENCY.
Slight Rally Late I'm the Day ON the
Nonengagement Of Gold for Export
Other Market Conditions.

NEW YORK, May 13-The selling which
caused this mornings decline in stocks had
the appearance Of spilling out OF ions
stock. There was no new development In
the situation to-day to induce this selling
which was probably due to a carried-over
influence from yesterdays events. Author1-
tative denials of yesterdays report of a
deep cut in the price of steel billets at Pitts
burg by leading interest did not put an
immediate stop to the selling of the United
States Steel stocks and those Of independent
companies. Discussion of the iron trade
outlook was leading feature of the days
speculative situation. The professional
stock operators are not notable for deep in
formation on technical topics. but they
paid much attention to abstruse discussions
Of the iron trade. which were put out IN
some instances with the purpose OF reassur-
ing sentiment. These discussions mostly
took the form Of depreciation of any talk
of encouragement because Of the current
declining tendency in the price of pig iron,
alleging that the higher level recently pre-
vailing was really artificial and for special
deliveries or other reasons. The course
Of prices of stocks indicates that specula-
tive sentiment was not entirely reassured
by the tone of these trade reports in face OF
the concrete facts of stagnant demand
for pig iron.
The threatened labor trouble on the Great
Northern Railroad system, and the fear
that a contest once tnaugurated mlght
spread In the railroad world was depress-
ing factor on the whole market. The spe-
cial early weakness of the trunk nnes
showed that the influence Of yesterdays
Ne% York wss szaR s nAsss sn fna influence Bat
more & Ohio did not share in the heaviness
of this group. and In the markets later
rally it was marked up point above last
night. The turbulent speculation In the cot
ton market and the Illinois State Agricui-
ture Bureaus unfavorable crop report con-
tinued to exercise some depressing iniiu-
notable delay in the planting of the corn
crop.
The prospect of additional gold exports
Overhung the market and the perceptlon
that the day would pass without engage
ments being made for shipment was a ma
terfal factor IN rallying the market late In
the day. The conditions In the interna-
tional exchanges were apparently the same
to-day as when the engagement was maze
on Monday for export. But there was ma
terial relaxation to-day in the London
money market, due to the progress OF the
| a4.ottment for the Transvaal loan, which
releases large sums to the market which
were tied by the per cent. required In
making application for the loan. III this
shall PIT 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 market was affected
on a much smaller volume of dealing than
was the decline, but it was impeded by the
selling OF Rock Island, which was persistent
in face of the late firmness Of the general
| market. The close was heavy and almost
| Hfeless
The bond market again showed great vari-
| ETY., with movement in some issues which
have been dormant for long time. The
price changes, however wlere still irregular.
Total sales, at par value were 2,445, 900.
United States bonds were all unchanged on
| the last call.
Following are the days share sales and
the recorded price changes: