The times. [volume] (Richmond, Va.) 1890-1903, 1900-05-12
STOCK PRICES
LOWEST OF WEEK
The Market Succumbed to the Pres
sure Of Liquidation
GAINS OF DAY BEFORE WIPED OUT
Hates for Money We're Unchanged
and Ruled Steady at From to
2 IL Per Gent. - Prices of
Bonds Fell in Sympathy.

WV a1OtNiA,F May 31.-Ine5 STOCK mar
ket succumbed again to-day to the pres
sure of liquidation. which effectually
oterborc whatever clements of strength
showed in the early trading, wiped out
yesterdays recoveries and carried prices
ao"n IN many instances TO the lowest OF
the week.
There was nothing in the news of the
day to account forsthe renewed weakness
IN stocks beyond the general supposition
mat tomorrow bank statement will
snow further considerable reduction OF
the surplus reserves. 1t was very evident
. early in the day that the demand from
The outstanding interest who had sold
precipitately in the break of Wednes-
day, had been about satisfied. No out
SIDE demand had been attracted. and the
Dull pools which had resumed operations
yesterday found the task of holding up
their farorites a. hard one. They had
some assistance from London. where the
market made a show of strength. encour-
aged by DEVELOPMENTS in South Africa,
but the opening prices here were about
the highest
The gains shown by Missouri Pacific,
Baltimore and Ohio and National Steel
wiped out, the first two stocks taking
their place amongst the weakest of the
railroad list Southern Railway preferred
was another severe sufferer.
The principal examples of weakness,
however, We're found among the special
ties and industrials. Sugar and Steel and
Wire were weak from the opening. Amer
ican Tobacco was under severe pressure
all day on Tumors of q projected COM
peutor. and the price shows a loss of
nearly points following yesterdays loss
and the local traction stocks show losses
of from to points. Net losses of a
point or upwards are frequent in the
railroad list
week indicate a further decline Of cash
reserves, which is estimated at about a
million dollars. the losses by gold being
that far offset by the receipts of currency
from the interior and a small gain on
Sub-Treasury operations. The process of
foreign loans is supposed! to have been
going on during the week but the liqui-
dation in the stock market must have
been accompanied by the paving off of
considerable loans Nevertheless, it is
the general expectation that the bank
statement will show a further heavy ex-
pansfon OF loans.
It is reported and credited in Wall
Street that the Pennsylvania Railway
has placed loans during the week of from
S1OOOo.0O0 to Sl5,000.0oO, distributed
among various Institutions. If this rumor
proves correct there must have been a
large increase in the reserve reouiremnt,
to be added to the actual decrease in cash
as the measure of decline in the surplus.
Rates for many We're not quotabiy
changed i'm this market. Sterling eX-
change was frmer in response to higher
discount rates in London, but no gold
was engaged for export to London. News
that the Bank of ENGLAND was securing
gold from Russia, and the complaint
made in Berlin that some gold was also
going from that centre to London. shows
that London's call on New York for gold
NAV be deferred.
Prices of bonds gave way during the
day in sympa,nv with stocks Total
sales. par value 100000 United States
new As declined 4 and old As advanced
IL in the bid price.
To-uay's total stock sales were 5Ss,ooo
shares.
MONEY AND EXCHANGE.-Money on
call steady at 2@2l3 per cent: last loan
at per cent: prime mercantile paper,
23lsd4l4 per cent. Sterling exchange firm,
with actual business in bankers bills at
S.. ssh a4.SSla for demand and at S4.S49s
for sixty DAYS: posted rates. 4S5g4- S3la
and 4S9a4.S9lS commercial bills. Sass
@4.s414. Silver certificates. Goa6o&' bar
silver 60: Mexican dollars, ALL Govern
ment bonds irregular; State bonds mac
tive; railroad bonds weak.
BANK CLEARINGS.-The total bank
clearings at the principal cities of the
United States for the week ending May
10th were 81, CO.. Sa1 $50. a decrease OF $50
per cent. as compared with the CORE
spending week last year; outside of New
j. Sc 4 Q