The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-12

LIQUIDATION SETS IN ANEW IN THE
WALL-sTREET STOCKS.
Prices Touch Lowest Level Of the
Week-Improvemen In Local Bus
mess and Promise OF More.

At New York yesterday money on call
was steady at 2d2iz per cent; last loan,
per cent.
Prime mercantile paper. 315d4A per cent
Sterling exchange was firm, with actual
business in bankers bills at $4-Ssl4Q4sS1z
for demand and sS.S4ss for sixty days;
posted rates. $4.S5d4.s5is and s4-S9q4-sslz;
commercial bills, s4S3A@4s44.
Silver certificates were 6olzc; bar silver.
6oc; Mexican dollars. 471zc. At London
bar silver was q 9-16d an ounce
The New York stock market succumbed
again yesterday to the pressure of lquida-
ton. which effectually overbore whatever
elements of strength showed I'm the early
trading, wiped out Thursdays recoveries
end 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 weakness in stocks. be-
yond the general supposition that to-day's
bank statement will show further con-
siderable reduction of the surplus reserves.
1t was very evident early in the day that
the demand from the outstanding short
interest. which had sold precipitately in
the break of Wednesday. had been about
satisfied No outside demand had been
attracted. and the bull pools. which had
resumed operations Thursday, found the
task of holding up their favorites hard
one. They had some assistance from Lon
don, where the market made a show of
strength, encouraged by developments in
South Africa. but the opening prices were
about the best of the day. The consider
able gains shown by Missouri Pacific, Bal
timore & Ohio and National Steel yielded
to the selling pressure and were wiped
cut, the first two stocks taking their place
among the weakest of the railroad list.
Southern Railroad preferred was another
severe sufferer. The principal examples
CT weakness, however, we're found among
the specialties and industrials. Sugar
and Steel and Wire were weak from the
opening American Tobacco was under
severe pressure all day, on rumors of a
projected competitor. and the price shows
loss of nearly points following Thurs
days loss or 3h points. Many or the metal
stocks and the local traction stocks show
losses of from TO points. Net losses
OF point or upwards are frequent in the
railroad list. The cash changes of the
banks for the week indicate a further de-
cline OF cash reserves, which is estimated
at about a million dollars. the losses by
gold exports being that far offset by the
receipts Of currency from the interior and
q small gain from subtreasury operations.
The process of foreign loans Is supposed
TO have been going on during the week,
but the liquidation in the stock market
ing off of considerable loans. Neverthe-
less the general expectation is that the
bank statement will show a further ex-
pansion in loans 1t Is reported and cred
tied in Wall street that the Pennsylvania
Railway has placed loans during the week
Of from s10.000.000 to 100000, distributed
among the various institutions. If this
rumor proves correct there must have been
q large increase in the reserve require
ment, to be added to the actual decrease
In cash as the measure Of decline in the
surplus. Rates for money were not QUOTA
bly, changed in this market, Sterling ex4
change was firmer. in response to higher
discount rate 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 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 at
par value were $1.3O0,O00 United States
new fours declined Il and old tours ad-
vanced 4 in the bid price.
Following are the days share sales and
the closing bid prices: