The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-05-12
FINANCE ANp TRApE. y
The Features Of the Money and stock
Markets.

Markets.
NEW YORK. May 1l.-Monsy on call
! steady at 202A per cent; last loan per
cent. Prime mercantile paper sis6fs
per cent. Sterling exchange Arm, with
actual business In bankers bills at
81 sSAG4 SSlk for demand and at S4.S4A
for 90 days; posted rates 81 1904 $5H
and 81 1904 S9ls. Commercial bills
81 S3S@4 S4l4. Silver certificates 6Oa1
6OHc. Bar silver 6Oc. Mexican dollars
47kc. Government bonds irregular.
State bonds inactive. Railroad bonds
weak.
The stock market succumbed again
to-day to the pressure of liquidation,
which effectually overbore whatever
clements of strength showed In the ear
~ trading, wiped out yesterdays reeov-
cries and carried prices down in many
instances to the lowest of the week.
There was nothing In the news Of the
day to account for the renewed weak
ness in stocks. beyond the general sup.
position that to-morrow's bank state
mant will show further considerable
reduction Of the surplus reserves. I.
was very evident early in the day that
the demand from the outstanding short
interest who had sold precipttateiy In
the break of Wednesday, had been about
satisfied. No outsiae operations yes
terday found the task of holding up
their favorltes hard one. They haG
some assistance from London. where the
market made j show OF strength, en-
Outraged by developments in South At
rlca; but the opening prices here wern
about the highest. 1'hp considerable
gains shown by Missouri Pacific. Balti-
more & Ohio and National Steel yield
ed to the selling pressure and. we're
wiped out, the first two stocks taking
their places among the weakest Of the
railroad list. Southern railway prefer
red was another severe sufferer The
principal examples OF weakness. how
ever, were found among the spacialtie3
and industrials. Sugar and Steel &;
Wire were weak from the opening.
American Tobacco was under severe
pressure all day on rumors OF pro-
jected competitor ana the price shows
loss of nearly points following yester-
days loss of 5Ia points. Many of the
metal stocks and the local traction
stocks show losses Of from 2 to points.
Net losses of point or upwards are
frequent in the railroad list. The cash
changes OF the banks for the week, in
dicata a further decline Of cash reserves
which is estimated at about a million
dollars the losses BY gold exports being
that far Offset by the receipts of cur
rency 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 tbs
paying Off of considerable loans. Never
theiess, 1t is the genera! expectation
that the bank statement Will show
further heavy expansion Of loans. Il
is reported and credited in Wall stree:
that the Pennsylvania railroad has
placed loans during the week OF from
S1O,OCO,OOO to sl50OO,OOO. distributed
among. various institutions. If this ru-
NOR proves correct there must have
been a large increase In the reserve re-
quirement, to be added to the actual de-
crease in cash as the measure OF de-
cline in the surplus. Rates for money
were not duotably changed in this mar
kat. Sterling exchange was flrmer 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 Ber-
lin that some gold was also going from
that center to London shows that Lon
don's call on New York for gold may be
deferred.
Prices OF bonds gave way during the
day in sympathy with stocks. Total
sales par value Sl,3Oo.OOO.
United States new As declined x per
cent and old as advanced Is per cent lE
the bid price,
II G po,d,