The daily morning journal and courier., 1900-05-12
E tnauctaI.
 I'll 2 STOCK N4iRK ET.
succumbrd Yrsterdny to Pressure of
 qHiIatton.

succumbed Yesterday to Pressure oi
 liquidation
 New York, May 1.-The stock mar ket succumbed to-day again to the pres sure of liquidation, which effectually overbore whatever elements of strength showed in the early trading, wiped out yesterdays recoveries and carried prices down in many instances to the lowest of the week. There was nothing in the newed weakness in stocks beyond the general supposition that tomorrow $ bank statement will show further con- siderable reduction of the surplus re- serves It was very evident early in the day that the demand for the out standing short interest, who had sold precipitately in the break of Wednes- day, had been about satisfied. No out side demand had been attracted and the bull pools which had resumed operations yesterday found the task of holding up their favorites a hard one. They had some assistance from London, where the market made a show of strength, encouraged by developments in South Africa. But the opening prices here were about the highest The considera ble gains shown by Missouri Pacific, Baltimore and Ohio and National Steel yielded to the selling pressure and were wiped out, the first two stocks taking their place among the weakest of the railroad list. Southern railway prefer red was another severe sufferer.
 But the principal examples of weak ness were found among the speciaties and industrials. Sugar and Steel and Wire were weak from the opening. American Tobacco was under severe pressure all day on rumors of a pro- jected competitor and it's last price showed q net loss of nearly points, following yesterdays loss of 314 points. Many of the metal stocks and the local traction stocks show losses of from to points. Net losses of point or up- wards are very frequent in the railroad list.
 The cash changes of the banks for the week indicate a further decline of cash reserves which is estimated at about a million dollars, the losses by gold ex- ports being that far offset by the re- ceipts of currency from the interior and small gain on sub-treasury operations The process of foreign loans is supposed to have been going on during the week. but the liquidation in the stock market must have been accompanied by the paying off of considerable loans Nev- ertheless it is the general expectation that the bank statement will show further heavy expansion of loans. It is reported and credited in Wall street that the Pennsylvania railroad has plac- ed loans during the week of from S1o,- 000, GOO to $15,OO0,O00, distributed am6tg various institutions. If this rumor proves correct there must have been large increase in the reserve require ment to be added to the actual decrease in cash as the measure of the decline in the surplus.
 Rates for money were not quotably changed in this market. Sterling ex- change was firmer in response to higher discount rates in London, but no gold was engaged for export to London News that the Bank of England was se- curing gold from Russia and the com plaint made in Berlin that some gold was also going from that center to Lon don shows that London $ cal on New York for gold may be deferred
 Prices of bonds gave way during the day in sympathy with stocks. The total sales par value aggregated $1,300000
 United States fours declined A and old fours advanced 1s per cent, in the bid price.