The Saint Paul globe., 1900-05-08
STEEL Stocks HARD hit
RESIGNATION OF AMERICAN STEEL.
AND WIRE DIRECTORS HAD
GREAT EFFECT
FEDERAL STEEL A LOSER
Some Show of Strength In Railroads
at the ODeninG-Money
Market Continued
Very Easy.
FEDERAL STEEL A LOSER


NEW YORK, May 7-=There were sew
eral points Of weakness In the stock mar
ket today, 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 few stocks, and
they reflected no conditions or even well
established opinions regarding the gem
eral 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 uponpTtces. but the de-
cline failed to induce any liquidation, ard
prices readily rallied when the bears came
to cover.
The steel shares were the most con-
spicuous in the trading and were weak
from the opening, The reported closing
of a mill of the Federal Steel company
induced the early declines, which was
j langutd and sluggish, iThe announcement
OF the resignation of the board of direc-
tors OF the American Shetland Wire COM
palfy, OF the eSeiigndafl representatives
and their statement of frreconcilable OBJ
jections to Chairman Gates and his policy.
caused a sharp further break in the steel
group, in which the Federal -Steei was
rather more affected than Shetland Wire.
Pressed Steel Car and American Smelt-
ing We're exceptions in the group, the
former rising over APPOINT. Long Island
broke sharply after its recent notable ad-
vance on the absorption by Pennsylvania.
and closed s12 points lower than Saturday.
The bonds were also heavy. The reaction
was attributed to speculative profit taking
and'occurred on comparatively small deal
ings. ~ ata
In the railroad list St Paul.. Pennsyl-
yan1a, Union Pacific and Baltimore &
OHIO had rather a wide fall on what
looked like'letting go Of a speculative ac-
count . There were heavy blocks offered
OF all these. There was a slight show of
strength in spots at the opening In re-
sponse to London's encouragement over
South African news, butIthe rise was but
momentary. The rally after the break
in the steel stocks was not well held the
members of that group generally falling
again to the lowest at the close, which
was heavy throughout. General Electric
advanced nearly 8 points In the morning,
but saved only one point on the day.
The money market continued very easy
and further gold exports to Paris are
expected. 1t is not believed that any gold
will go to London In the present condf-
tons and at the present level of ex-
change, which declined today both for
sterling and for Paris cheques. ESti-
| mates Of the amount to go on Thursday
TO Paris run up to S5,006,060, but no an
nouncements We're made today. of engage
lnents. The bear traders during the day
| professed uHeasiness over the gold move
ment, as well as over the labor diff
culties at various points. the tendency of
The presidential campaign and the reac-
t1onary course of business, which they
argue must have its. effect on railroad
earnings. 80
Railroad bonds showed q yieIding ten,
dency In sympathy with stocks Total
sales par value, $1,735.6@. u s. new is
advanced ss and the refunding. Is W. i
Ss, and old As declined VI in the bid price.
STOCK QUOTATIONS.
Furnished by. Charles.rH E. Smith &
| Co, members of the New York Stock ex-
change, Pioneer Press building, who have
direct wires to Chicago and New York.
| Closing prices are bid:g