Omaha daily bee., 1903-05-15
NEW YORK STOCKS AND BONDS.
Market Slowly Rises in Morning, but
Closes Wenk ana Ioxx


NEW YORK. May 14-The board room
tttIaoers IN stocks thought this morning
they saw brighter outlook and started re
ner, D,e up prices IN an exceedingly cautious
manner, They demonstrated TO their own
satistacuon that no stock was for sale al
me higher level. So they gave up the
tempted to sell they saw a light demand
ana yielding market. The professional
traders ira are quite as cautious, however, on
me snort side as on the long side as they
find II difficult to buy back stocks at the
lower levels. During the last hour TODAY
there was a spilling out of long stocks by
lethargy OF the market This selling move-
men ment was not Of large volume. but It was
sun in progress when the market closed
making 1t weak and at about the lowest
The rather brighter view of things taken
tone of the weekly review Of the iron ron
trade by the leading authority in that
trade: Its statistics show that production
high record promising to be eclipsed by
that for May. Notwithstanding this. the
Ma% FsP9rtsd SP9 o6 Dq apPTeGiaPy less on
also that the founders have made large
commitments for which they are still un-
SGIoTty rush & isboGnd dOPtniSn po Come OF this s
II is added, 1T remains to be seen at what
price the deadlock will be broken. The
United States Steel stocks and those of
Independent companies were firm in re-
sponse to this showing But further price
concessions In pig iron were reported dur
ing the day, and the unstable condition in
the iron market had its effect in the late
break in prices.
This mornings report of possible ad-
Justment of the labor difficulty on the Great
Northern system was cheering influence.
But railroads in the northwest were nota-
bly, weak afterwards. st. Paul. in fact led
the late decline with drop to 1% below
last night. Northwestern lost over a point
and its preferred stock, which sold last in
February at 235, was offered down to 2l0
before finding purchaser for a single 100
shares.
The announcement of an export of $l,0O0,-
900 in gold to Argentine was unfaYorable,
taken In connection with other develop
ments in the foreign exchange situation.
Although the open market rate of discount
is declining in London, the retention of the
Bank of England rate was disappoint-
ment. The lowering of the price of gold
on the London market from the level bid
by the Bank of England, necessary to
prevent the absorption of the market supply
for other accounts shows that the bank
authorities desire to conserve their supply
in a short market before attempting n
rate showed some renewed pressure on
London. which increases the probability OF
further exports from New York.
The statement of our foreign trade Tor
April was a Disappointment the increase
| in exports Is over that of last year. proving
70 he only nominal, while the value of the
imports has risen nearly N2,0O0,OO0, with a
resulting reduction of the favorable bal
ance of trade. The unremitung acuVlty IN
| the cotton speculation conduces 10 keep
| alive the solicitude over the foreign ex-
| change situation. -. Es -.
irregular Total sales, par value, Z'55o,0Vo
limited States Is, coupons, advanced - per
| cent on the last call. .,