The daily morning journal and courier., 1903-05-15
gimameiaI.
YESTERDAYS STOCK MARKET.
Attempt to Bid Up Prices Followed by
 SptIIIng Out of L. ,ng Stock.


 Attempt to B,d Up Prices Followed by SpiIiing Out of Long Stock.
 New York. May 14.-The board room traders in stocks thought this morning that they saw a brighter outlook and they started to bid up prices in an ex- ceedingly cautious manner. They dem- cnstrated to their own satisfaction that stock was for sale at the higher level.
 So they gave up the attempt to lift the market When they attempted to sell they found very light demand and a yielding market. During the last hour to-day there was spilling out of long stock by tired holders grown disgusted
 with the lethargy of the market. The selling movement was not of large vol
 une. but it was still in progress when the market closed making it weak and about the lowest. The rather brighter view of things taken this morning was due principally to the tone of the week. ly review of the iron trade by leading authority in that trade. Its statistics show that production is going on at a tremendous rate. April's high record promising to be ecipsed by that of May. The United States Steel stocks and the stocks of independent companies were notably firm in response to this showing. But further price concessions in pig iron were reported during the day and the unstable condition in the iron market had it's influence in the late break in prices. This mornings report of possible adjustment of the labor difficulty on the Great Northern system was cheering influence. But railroads in the Northwest system were notably weak afterwards. St. Paul in fast led the late decline with a drop to 1% below
 last night. Northwest lost over a point and its preferred stock, which sold last
 in February at 235, was offered down to
 210 before finding a pure chaser for g.
 single hundred shares. The announce
 ment of an export of $1,000000 gold to
 Argentine was an unfavorable influence
 taken in connection with other develop
 ments in the foreign exchange situa-
 tion. Although the open market rate
 of discount is declining in London the
 retention of the bank of England rate
 was a disappointment. The lowering of the price of gold in the London market
 from the level Of the recent bid by the
 Bank of England necessary to prevent
 the absorption of the market supply for
 other account, shows that the bank au-
 thorities desire. to test their ability to
 conserve their gold supply in normal
 market before venturing to reduce the
 discount rate. A drop of 1 centime in
 the Paris rate for sterling and frac- tional decline at Berlin showed some re- newed pressure upon London, which in-
 creases the probability of further ex-
 ports from New York The statement of our foreign trade for April was a dis appointments the increase in exports over that of last year proving to be only nominal while the value of the inl- ports has risen nearly $12,000,00O with a resulting reduction of the favorable bal ance of trade. The unremitting activity in the cotton speculation conduces to keep alive the solicitude over the for eign exchange situation. 4
 The bond market was quite broad but irregular. Total sales par value, $2,55O,- 900. .*.> <,~,
 United States 2s coupon advanced 1s per cent. on the last call.