The Montgomery advertiser., 1903-05-14
STREET REVIEW
SELLING HAD THE APPEARANCE
 OF "sPILLINo oUT.o
Probably Due to "a Carried-over In- fuence from the Day Before.
 United States Steel . Con- siderable Factor.

NEW YORK, May i3.-The selling which caused this mornings decline in stocks had the appearance of spiilins out of long stock ton today to induce this selling. which p;ob- aoiy was due to carried over Influence f. on yesterdays events. Authoritative denials of yesterdays report of 2. deep cut in the price of steel biilets at Pittsburg by leading in- terest did not put an immediate stop to the those of independent companies. Discussion of tae Iron trade outlook was a leading feature or the days speculative situation. The pro- deep information on technical topics. but they paid much atention to abstruse discussions of the Iron trade which were put out in some cases with the purpose of reasuring sentiment. These discussions mostly took the form of de- prsciation of any talk of Encouragement be- pcs of ps os asTns ,ssa shs hsses nj level recently prevailing really artificial and for special deliveries or other reasons The course of prices of stocks indicates that speculative sentiment was not entirely reas- sured by the tone of these reports in the face of the concrete facts of stasnant demand for pig iron The threatened labor trouble on the Great Northern System and the fear that . contest if inaugurated. might spread lin the railroad rsn world was was depressing factor on the the trunk lines showed that the influence of yesterdays reduction in grain rates from Chi caso to New York still an influence. Baltimore and Ohio did not share in the heav- mess If this group and in the markets later rally 1t was marked up point above last
 
 market and In the Illinois State Agricultural Bureaus unfavorabie crop report continued to exercise some depressing influence. More attention was paid also to the notable delay in the planting of the corn crop. The pros- pect of additional gold exports overhung the market and the perception that the day would pass without engagements being made for shipment was material factor in rallying the market In the day. The condition in the international exchanges was apparently the same today as when the engagement was made on Monday for export. But there was material relaxation today in the London money market due to the progress of the al- lotment of the Transvaal loan which releases large sums to the market which tied up by the per cent required in making ap- piication for the loan. If this shall put an end to the outward movement of gold from New York for the present the result may be of importance on the financial situation. The recovery in the market was effected on a much smaller volume of dealing than was the decline. but 1t was impeded by the selling of Rock Island. which was persistent in face of the late hrnness of the general market. The close heavy and almost lifeiess The bond market again showed great variety with q movement in some issues which have been dormant for long time. The price changes, however still irregular. Total sales fpar vaiue), s2.4A5. o0o. IInited States | bonds were all unchanged on the last call. New York Stock List.