The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-05-12
STOCKS AND BONDs.

New York. May 1.-THE stock market
succumhed to-day again to the pressure
of liquidation, which effeCtually overbore
whatever clements of strength showed in
the early trading, wiped out yesterdays
recovefies and carried prices down In
many instances 10 the lowest of the week.
There was nothing In the news OF the
day 10 account for the renewed weakness
in stocks beyond the general suppostion
that to-morrows bank statement will show
a further considerable reduction of the
surplus reserves.
1t was very evident in the day that the
demand from the outstanding 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 OPP
erations yesterday found the task of hold
ing up their favorites a hard one They
had some assistance from London, where
the market made a show of strength, en-
couraged by developments in South At
RIGA; but the opening prices here were
about the highest. The considerable 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 places
amongst the weakest Of the railroad list
Southern Railway preferred was another
severe sufferer
The principal examples of weakness,
AoWtNNis were 1Ounu among Nne special
ties and industrals. Sugar and steel and
wire were weak from the opening. Ameri-
can Tobacco was under severe pressure
all day on rumors of a projected competi-
tor and the price shows a loss of nearly
2 points following yesterdays loss of S1s
points Many of the metal stocks and the
local traction stocks show losses of from
2 TO points. Net losses of a point or up
wards are frequent in the railroad list
The cash changes of the banks for the
week indicate a further decline in cash
reserves, which is estimated at about 81. -
100000. the losses by gold export being
that far offset by the receipts of currency
from the interior and a small gain in sub
treasury operations. The process of for
eign loans is supposed 10 have been going
on during the week. but the liquidation
in the stock market must have been ac-
companied by the paying off of consid-
cradle loans. Nevertheless, il is the gen.
eral expectation that the bank statement
Will show a further heavy expansion of
loans. 1t is reported and credited in Wall
street that the Pennsylvania Railroad has
placed loans during the week of from SO -
100000 to $1,000, 900, distributed among va
rious institutions. If this rumor proves
correct there must have been a large in
crease in the reserve requirement. TO be
added to the actual decrease I'm cash as
the measure of decline in the surplus.
Rates for money Were not ouotablv
changed in this market. Sterling exchange
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 I'm Berlin thai
some gold was going from that center 10
London shows that London's call on New,
York for gold may be deferred
Prices of bonds gave way during the dav
III sympathy with stocks. Total sales. oar
value. 100000
United STATES new As declined 4 and old
Is advanced Is In the bid price.
The total sales Of stocks were bSs O0o
shares, including Atchison, $40; Atcbi-
son preferred 20,9JO; Baltimore ana Ohio
ll'9GO Manhattan, 1900; Missouri Pacific
1900 Northern Pacific, Il. POO; Pennsyi-
wanna, 1850 Southern Pacific. 1855: Union
racine 1880 American Steel and Wire
Ze%5; American Tobacco, lis. us; Brooklyn,
rapid Transit, 25,0S5; Continental Tobacco
b'oo0; Federal Steel. s,2iO Sugar 58q35.
New York Stock List
Atchison 23IlIfn Pa. 500,
Atch prL 677s I'm. Pa. prf. ri,
/ ~. & Q. zee. Is Wabash =. 50.
Sah' IA .. 9Sh Wabash prf. =, 2lss