The times. [volume] (Richmond, Va.) 1890-1903, 1900-05-08
STOCK MARKIET
GENERALLY WEAK
Dealings of Small Volume and
Largely Professional.
THEDENAND WAS INSIGNIFICANT.
Large offerings Made an Impression
on Prices. but the Decline Failed
70 Produce Amy Liq-
uidation.
The DEMAND WAS INSIGNIFICANT

NEW YORK, May There were sew
frai points of weakness In the stock mar
ket to-day, and these were sufficient to
turn the room traders 10 the bear side Of
the market The operations of this pro-
ieSsional element Were the only ones az.
parent outside of q few stocks, and they
reflected no conditions, or even well.
established opinions. regarding the gen
erai outlook.
The demand for stocks continued quite
insignificant, so that the moderate Offer
ings in large part for the short account
Oh room traders made an Impression
easily upon prices, but the decline tailed
to induce any liquidation, and prices
readily rallied when the bears came to
cover
The steel shares were in most conspicu-
Gus trading and weak at the openings
Humiliation in Federal Steel induced the
early decline, which was ianguide and
sluggish. The announcement of the resiS-
nation from the Board of Directors OF ths
American Steel and Wire Company of the
Seiigman representatives, and their state
ment of irreconciiable objections to Chair
man Gates and his policy caused a sharp
further break in the Steel group, In which
the Federal Steel shares We're rather more
affected than Steel and Wire. Pressed
Steel Car and American Smelling were
exceptions in the group, the former rising
over point.
Long Island broke sharply after its re-
cent notable advance on the absorption
by Pennsylvania. and closed 9l2 points
lower than Saturday. The bonds of tbs
company were also heavy. The reaction
was attributed to speculative proflt-tak.
ing. and occurred on comparatively small
dealings
In the railroad list ST. Paul. Pennsyl-
vania, Union Pacific and Baltimore ana
Ohio had rather a wide fall on whak
looked like letting go of a speculative ac-
count There Were heavy blocks offered
OF ali these. There was a slight show OF
strength in spots at the opening in re-
Spouse to London's announcement over
South African news. but the rise was
IN the steel stocks was not we'll held. the
members OF that group generally falling
again to the lowest at the close, which
was heavy throughout. General Electric
advanced nearly ) points In the morn
ing but saved only point on theday-
and further gold exports to Paris are eX-
pected. It is not believed that any gold
will go to London IN the present condl-
tons and at the present level OIL eA-
change, which declined to-day both Tor
sterling and for Paris cheques Estimates
OF the amount to go on Thursday TO Paris
run III, to $4,000, 0O0 but no announcements
were made to-day OF engagements. The
bear traders during the day pro1essed
uneasiness over the gold movement as
well as over labor difficulties at various
points. the tendency of the presidenuai
CAMPAIGN and the reactionary course OF
business, which, they argue. must nave
Railroad bonds slowed a yielding ten,
oency in sympathy with stocks Iotai
sales par value. 81. I35,u0O. United states
new Is advanced IS and the refunding
{when issued z ard old as declined u III
the bid price. ,co -o.
shares.