The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-08
FURTHER DROP IN STEEL
THE GATES IMBROGLIO PRECIPI.
TATED A SHARP BREAK.
General Market Was Dull, Weak and
Wholly Professionalism Bust
ness shows Favorable Conditions.

At New York. yesterday, money on call
was steady at 2q2k per cent; last loan.
pa per cent.
Prime mercantile paper, S1zQ4A per cent.
Sterling exchange was easier, with actual
business in bankers bills at $4.SSh94.SSH
for demand, and s4s4%@4.s4z for sixty
days.: posted rates. $.S5@4.s5h and $500
4S91z; commercial bills. s4S3hQ4S4A.
Silver certificates were 6Od60hc; bar sill
yer. 5s%c; Mexican dollars. 47hc.
At London. bar silver was 271zd an ounce.
There were several points of weakness in
the New York stock market yesterday, and
these were sufficient to turn the room
traders to the bear side of the market. The
operations of this professional element
were the only ones apparent outside of a
few stocks. and they reflected no condi-
tons or even w-ell-established opinions re-
garding the general outlook. The demand
for stocks continued quite insignificant, so
that the moderate offerings. in large part
for the short account of room traders.
made an impression easily on prices, but
the decline failed to induce any liquidation,
and prices readily rallied when the bears
came to cover. The steel shares were the
most conspicuous in the trading and, were
weak from the opening. The reported
closing of a mill Of the Federal Steel Com
pany induced the early decline, which was
langui6 and sluggish. The announcement
Of the resignation from the board of direc-
tors OF the American Steel and Wire Com
pany OF the Seligman representatives, and
their statement of irreconcilable objections
to Chairman Gates and his policy caused a
further sharp break In the steel group. in
which the Federal Steel was rather more
affected than Steel and Wire. Pressed Steel
Car and American Smelling were excep-
tons In the group. the former rising over
a point. Long Island broke sharply after
its recent notable advance on the absorp-
ton by Pennsylvania, and closed 9z points
lower. The bonds of the were also
heavy. The reaction was attributed to
speculative profit-taking. and occurred on
comparatively small dealings. In the rail-
road list. st. Paul. Pennsylvania, Union
Pacific and Baltimore & Ohio had rather a
wide fall on what looked like letting go of
q speculative account. There were heavy
blocks offered of all these. There was a
slight show of strength in spots at the
opening, In response to London's encour-
agement over South African news, but the
rise was but momentary. The rally after
the break In the steel stocks was not well
held. General Electric advanced nearly
three points In the morning. but saved only
one point on the day. The money market
continued very Easy and further gold ex-
ports TO Paris are expected. 1t is not be-
lieved that any gold will go to London in
the present conditions and at the present
level of exchange. which declined yester-
day, both for sterling and for Paris
cheques. Estimates of the amount TO go on
Thursday to Paris run to $1,000. 600, but no
announcements were made, yesterday, of
engagements. The bar traders during the
day professed uneasiness over the gold
movement, as well as over labor difficulties
a. various points, the tendency of the
presidential campaign and the r~eactionary
course of business. which they argue must
have its effect on railroad earnings.
Railroad bonds showed a yielding ten
dency In sympathy with stocks. Total sales.
at par value. were 81, 135, 900. United States
new fours advanced a and the refunding
twos. when issued. threes and old tours
declined Il in the bid price.
Following are the days share sales and
the closing bid prices: