The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-05-08
sTnClxs Ann nnNns.

New York May There were several
points of weakness In the stock market to-
day, and these were sufficient to turn the
room traders to the bear side of the mar
ket The operations of this professional
element were the only ones apparent out
side of few stocks and they reflected no
conditions or even we'll established opin-
ions regarding the general outlook. The de-
mand for stocks continued quite inSig-
nhcant so that the moderate offerings, in
large part for the short account Of room
traders. made an impression easily upon
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 conspfc-
uous an the trading, and were weak from
the opening. The reported closing of a
mill OF the Federal Steel Company Undue
ed the early decline. which was languld
and sluggish.
The announcement of the resignation
from the board of directors of the Amer
lean Steel and Wire Company of the Sellg
man representatives and their statements
of irreconcilable objections to Chairman
Gates and his policy caused a sharp fur
Their 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 exceptions
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 9ls
points lower than Saturday The bonds
of the company were also heavy. The re-
action was attributed TO speculative profit
taking, and occurred on comparatively
small dealings.
In the railroad list, ST. Paul, Pennsyl-
vania, Union Pacific and Baltimore and
Ohio had rather a wide fan on what looked
like letting go Of speculative account.
/, .,F ali
these. There was a slight show OF
strength in spots at the opening in re-
spouse 10 L.ondon's encouragement over
South African news, but the rise was but
momentarily. The rally after the break
In the steel stocks was not well held. and
members of the group generally fell again
to the lowest at the close, which was
heavy throughout. General Electric adj
vanced nearly 3 points in the morndng, but
saved only one point on the day.
The money market continued very easy,
and further gold exports 10 Paris are ex
pected. 1t Is not believed that any gold
win 20 TO London i'm the present condi-
TONS and at the present level Of exchange
which declined to-day, both for sterling
and for Paris checks. Estimates of the
amount to go on Thursday to Paris run
up to $5,000000, but no announcements
were made to-day of engagements The
bear traders during the day professed I'M
easiness over the gold movement, as well
as over labor difficulties at various points,
the tendency of the presidential campaign
and the reactionary 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 par value 81, 1850
United States new is advanced * and
the refunding rs when issued, 3s and old
AS declined u in the bid price.
The total sales of stocks were 2605C0
shares, including Atchison preferred, g.,
722; Burlington and Quincy, 6,4f0; Rock Is
land, 5,355; Missouri Pacific, 1886; Penn
sylvania, $3.50; ST. Paul, $3.50; Union Pa
clhe, 20,2i0; American Steel and Wire, H.
T5 American Steel and Wire preferred,
1850; Brooklyn Rapid Transit. $685. Fed
eral Steel. 20,79O; Sugar 1892.