The daily morning journal and courier., 1900-11-24
Financial.
 THE STOCK MARK ET.
Slump in Steel and Wire as Danger
 Signal.

New York, Nov. 23,-The slump in Steel and Wire of IA points just at the close of the trading last evening was universally regarded as a danger signal. The speculative public came down to Wall street this morning in a mood receptive of suggestions of de- pression and reaction. The first sug- gestion came in the form of further break of points in Steel and Wire. The sudden weakness of this stock did not raise any doubts of the reports hereto fore accepted of the prosperous condi- tions in the trade and the excellent prospects for the future, but it did arouse serious apprehension of deter mination on the part of some of the steel magnates to enter upon a course of slashing competition,
 The wide reaching effect of such an outbreak of hostilities in the steel trade may be measured by the degree of ap- prehenslon exhibited by holders of long stock to-day. The steel stocks them selves were most immediately affected, but heavy declines are shown in almost every department of the stock list. The sharp effect produced was due in part of course to the extended speculative accounts held all through the market. The purpose of the bear maneouvre was palpably to dislodge these holdings, and it was successful As the decline in prices extended, the offerings increased. The local traction stocks, the grangers, the Pacifics and Baltimore and Ohio were the most prominent in the down. ward movement. Sugar was freely sold on the cut of prices of refined sugar and suffice, which seemed to threaten a renewal of the trade war. But the stock was very feverish at all times. Practically the only effective resist ance offered to the decline was in the early dealings. New York Central and Chesapeake and Ohio showed continued strength at that time, New York Gen. tral rising 1 S-S over last night, An effort was also made to boom Amalga- mated Copper on the occasion of it's first being dealt in in the unlisted de- partment of the exchange, but the first price, which was go 1-2 was the high est. The price subsequently fell back lO O' O-c, COlIlpdleu W1tll Jc To III lUt curb market last night. The frequent rallies during the day when room shorts were taking quick profits, showed the professional bear character of the attack on the market,
 But the buying demand seemed not to extend beyond the short interest, and the market quickly lost animation on the rallies. The closing itself was way erlng and uncertain, but at consldera- ply above the lowest for many stocks. There was nothing in the money mar ket to cause apprehension, rates ruling at 1-2 per cent. or lower practically | all day The receipts of gold from the Pacific coast insures a good increase in cash reserves for to-morrow's bank | statement, although the net receipts from the interior on the express move ment show a considerable falling off [ from last week.
 An expansion in loans is expected on account of the speculative activity, but ! the easiness of the money market is that the position of the banks is not materially weakened.
 There were firm spots in the bond | market, but railroad bonds as whole were affected by sympathy with the re- actionary movement in stocks Total | sales, par value, $2 445, ,000.
 United States threes registered ad- vanced 3-4 and the coupon and the fives -2, the old fours 3-S new fours 1-4 and the refunding twos when issued IS per ,ent. on the last call.
 NEW FORK STOCK MARKET.