The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-05-14
LIQUIDATION BY LONGS
CAUSES DECLINE IN STOCKS.
DISCUSSION OF IRON OUT.
LOOK FEATURE OF DAY.
Threatened Labor Trouble on
Great Northern Depresses the
Whole New York Market.

New York. May 13.-The selling which
caused this mornings decline in stocks had
the appearance Of a splitting out OF long
stock. There was no new development IN
the situation to-day to induce this selling,
which was probably cue to a carried-over
influence from yesterdays events.
Authoritative denials Of yesterdays re-
port of a deep cut in the price OF steel BILL
lets at Pittsburg by a leading interest did
not put an immediate stop to the selling Of
the United States Steel stocks and those Of
the independent companies.
Discussion of the iron trade outlook was
a leading feature of the days speculative
situation The professional stock operators
are not notable for deep Information on tech
nical topics. but they paid much attention
10 apstruse discussions OF the iron trade.
Vhich' were put out in some cases with the
purpose OF reaSsuring sentiment. These
discussions mostly took the form of depre-
cation Of any talk OF Encouragement be-
cause of the current declining tendency in
the price OF pig iron, alleging that the
higher level recently prevailing was really
artificial and for special deliveries or other
dicates that speculative sentiment was not
entirely treasured by the tone of these
trade reports in face of the concrete facts
OF a stagnant demand fO- pig iron.
LABOR TROUBLES.
The threatened labor trouble on the Great
Northern Railroad system and the fear that
a contest once inaugurated might spread in
the railroad world was a depressing factor
weakness of the trunk lines showed tina,
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 heayiness of this group.
and in the markets later rally it was
m ghs up a point above last night.
marfet and the Illinois State Agricultural
bureaus unfaVorabie crop report continued
to exercise some depressing influence. More
In the planting of the corn crop.
The prospect Of additional gold exports
cveThlng the market and the perception
ments being made for shipment was a ma
tsrial factor in rallying the market late in
the day.
FOREIGN EXCHANGE.
T conditions in the International ex-
changes were apparently the same to-day
as when the engagement was made on Nom
day Tor export. But there was a material
relaxation to-day in the London money
of the Transveal loan, which releases large
sums to the market which were tied up by
the 3 per cent required in making applica-
ton for the loan. II this shall put an end
TO the outward movement of gold from New
YORK Tor the present the result may be of
importance 20 on the financial situation.
on o much smaller volume of dealings than
vas the decline. but it was impeded b. the
s Sc ins Of f. Rock ss Island: which was persistent
market The close was heavy and almost
The bond market again showed great va
t.ety. with a movement In some ISSUES which
AVE been dormant for a long time. The
price changes, however. were still irresu-
i2r. Iotal sales. par value, s., AZ. coo. Uni
last call. '"e
Securities Listed.
annenxs iosx; Nay is.-These securities have been
d.kss and Pacific Railway Company. -ssi. 600 sd-
oiuonai rrst mortgage 5 per cent bonds. making
totai listed -, la.c9: Chicago an. Eastern III,
nn1is RaiiToad Company. $3.50 additional gen
eral consolidated and first mortgage 3 per cen,
coupon bonds. making total listed si4.0 90;
kings County Electric Light and Power Com.
rany. ss2a.Oo additional capital stock. making
total listed Sls5,e coo: Chicago. Burlington and
quincy tsailroad Company. S, ?04. 900 additional
making total amount issued 81, 600 90.