The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-13
DECLINE AT THE CLOSE
Lapgufd Upper Movement More Than
Wiped Out by the Selling Pres
sure-Monetary Conditions.

NEW YORK, May 12.-There was a IAN
guild upper movement Of prices In spots dur
ing part of the days session of the Stock
Exchange, but before the days trading
was over selling had developed in the larg-
est activity of the day, which wiped out
practically all the previous gains and es-
tablshed losses of point in United States
Steel preferred and New York Central
The official announcement of the Rock
Island-St. Louis & San Francisco deal was
an influence at the opening, although the
direct effect was confined to st. Louis &
San Francisco. Rock Island hung back.
There was trading in the outside market
in the new Rock Island per cent. coliater-
al bonds when issued, and the establish
ment of the quotations at 921k to 90 af-
forded a basis for estimating the exchange
value of st. Louis & San Francisco under
the plan at 81. The price advanced from
last nights closing at 7s1z to S024, but suf-
fered In the general reaction. A belief that
the suspended Hooking Valley deal would
be next taken up was reflected In the jump
of Az in that stock. Delaware & Hudson's
2z point advance was attributed to the
election of Z. s. Hartman to the directory.
Published reports of the Wabash plan for
a Baltimore outlet direct from Pittsburg
were responsible for the strength in those
stocks and the Wheeling & Lake Erie's.
The Gould group generally was affected in
sympathy. The strength Of Colorado Fuel
was connected with reports of Rockefeller
Gould control. Covering of shorts by pro-
fesslohal bears clearly played large part
yesterday to uncover stop-loss orders hav-
ing proved unsuccessful, they were disposed
to retrace their course. The opinion which
greeted the monthly crop report added to
this disposition, as the deterioration in the
winter wheat crop was no greater than ex-
pected with good promise remaining of
a bumper crop. The weekly bulletin of the
weather bureau offered further encour-
agement to hope for good crops. The spec
ulation remained much depressed, however.
The postponement of a strike on the South
ern 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 on the money
market caused thereby and the fears of a
curtailment of consumption. The statement
cotton movement compared with April of
| last year indicated the detrimental effect
| of the high price. The result on the ex-
| change market from the curtailed cotton
| gold exports, is also dreaded. Foreign ex-
| change ruled firm and further outward
movement is looked for.
| The reduction in the grain rate from Chi
| cago to New York was a depressing infiu-
| ence on the trunk lines all day and this
| depression becomes more acute in the late
| selling movement. The principal aggravat-
| ing cause of the late break in the market
however, was a report from Pittsburg OF
| a cut In the price of steel billets 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
market weakening in sympathy.
There was considerable variety in the
bond market, but the price movement was
Irregular. Total sales, at par value, were
| s.. 135, 900. United States twos declined II or
| the last call. Following are the days share
| sales and the recorded price changes: