The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-05-13
STOCKS AND BONDS.

New York, May 12-There was a Ian
guid upturn OF prices in spots during Part
OF the days session or the stock market.
but before the days trading was over
selling had developed on the largest &C
tivity OF the day which wiped out prae-
tically all the previous gains and estab-
hshed losses OF a point in United States
Steel and New York Central
The Official announcement OF the Rock
Island-St- Louis and San Francisco deal
was an influence at the opening. although
the direct effect was confined TO St Louis
and San Francisco Rock Island hung
back There was trading in the outside
market in the new Rock Island 5 Per cent
collateral bonds when issued and the es-
tablishment of quotations at si= 10 g
afforded basis for estimating the change
OF value Of 81. Louis and San Francisco
under the plan at s. The price advanced
from last nights closing AT 81 10 So2,.
but suffered in the general reaction. \
belief that the suspected Hooking Valley
deal would be next taken was reflected
in the jump OF ~ points in that stock.
The Delaware and Hudson q. point ad-
vance was attributed TO the election oI
E II. Hartman 10 the directory Pub
lished reports OF the Wabash plan for
Baltimore outlet direct from PittsburE
were responsible for the strength in those
stocks and the Wheeling and Lake Erie
The Gould group generally was affected
in sympathy. The strength OF the Colo
RADIO group was connected with the report
of Rockefelier-Gould control Covering
OF shorts by professional bears clearly
NJ
Their attempts yesterday TO uncover stop
loss orders having proved unsuccessful.
they were disposed 10 retrace their
course. The opinion which greeted the
monthly crop report added 10 this dis
position. as the deterioration in the win
ter wheat crop was no greater than ex-
pected. with a good promise OF remain
ing a bumper crop. The weekly bulletin
OF the weather bureau offered further
encouragement TO hape for good crops.
The speculation remained much depressed.
however. The postponement OF a strike
on the Southern Pacific was considered
satisfactory. but the more serious outlook
on the Great Northern system Offset this.
The unbroken speculation in the cot
ton market is the cause Of some appre-
hension of the demand upon the money
market caused thereby and the fears Of
a curtailment OF consumption. The
The statement OF April exports showing
a decrease in the cotton movements. com
pared with April OF last year. indicated
the detrimental effect OF the high price.
The result upon the exchange market
from the curtailed cotton movement in
view OF the inauguration Of gold exports
&c ole O1 81
firm today and further outward move
ment Of gold is hooked for The reduction
in the grain rate from Chicago TO New
York was depressing influence upon ali
trunk lines and this depression became
more acute in the late selling movement.
The principal aggravating cause of the
late break in tho market. however. was
a report from Pittsburg OF a cut in the
price OF stel billets by the principal COM
petitor OF the United States Steel corpo-
ration. This report carried United States
Steel preferred suddenly down 10 a point
under last night. the whole market weak
ening in sympathy.
There was considerable variety in the
bond market, but the price movement
was irregular. Total sales. par value.
Sc. $4,000. United States rs declined 4
per cent on the last call.
Closing quotations OF stocks were as
follows: