The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-05-12
STOCK MARKET WAS WEAK
-
~
FURTHER DECLINES WERE REGIS
TERED IN MANY of THE
LEADING SECURITIES
MONEY MARKET IN DOUBT
81 >.
Effect of the Big Pennsylvania Loan
Being Taken Into .Consideration
Bank Statement Eagerly
Awaited.
MONEY MARKET IN DOUBT


NEW YORK, May 1.-THE stock mar
ket succumbed again today to the pres
sure of liquidation which effectually over
bore whatever elements of strength show
ed in the early trading. wiped out yester-
days recoYerIes 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 Suppo-
sltion that tOmorroW'S bank statement
will show a further considerable reduc-
ton of the surplus reserves 1t was very
evident in the early day that the demand
from the outstanding interest, who had
sold preciptately in the break of WedneS-
day, mad been about satisfied. No outside
demand had been attracted and the bull
pools which had resumed -Operation YES
terday found the task of holding up their
faVorIteS a hard one. They had some as
Sistance from London, where the market
made show of strength, encouraged by
developments in South Africa, but the
opening prices here were about the high
est. The considerable gains shown by
Missouri Pacific, Baltimore & Ohio and
National Steel yielded to the selling pres
sure and were wiped out, the first two
stocks taking their place amongst the
weakest of the railroad list. Southern
Railway preferred was another severe
sufferer.
The principle examples of weakness.
however. were among the specialties and
industrials. Sugar, Steel and Wire were
weak from the opening, American Tobac-
rumorS of projected competitor and the
price shows a loss of nearly points, fol-
lowing yesterdays loss OF 3iR. Many of
the metal stocks and the local traction
stocks show losses of from 2 to points.
Net losses of q point or upwards are fire.
quent in the railroad list
The cash changes of the banks for the
week indicate a further decline of cash
reserves, which is Iestimated at about
81 O0o,G00 the losses by gold exports being
that far offset by receipts Of currency
from the interior and a small gain on sub
treasury operations. THE process of for
eign loans is supposed to have been go
ing on during the week, but the l1Qutda-
ton in the stock market must have been
accompanied by the paying off of consid-
cradle loans. Nevertheless 1T is the gen.
eral expectation that the bank statement
will show a farther heavy expansion Of
loans
1t is reported and credited In Wall
street that the Pennsylvania railroad has
placed loans during the; week of from
$10,000,000 to $15,000.00os distributed among
various 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 in cash as
the measure of decline oin the surplus.
Rates for money were not quotably
changed in the market.
Sterling exchange was firmer In re-
spouse to higher discount rates In Lon
don, but no gold was engaged for export
to London News that the Bank of Eng
land was securing gold from Russia, and
the complaint made in Berlin that some
gold was going from that center to Lon
don, shows that Dondon's call on New
York for gold may be deferred. l..7s.
Prices of bonds gave way during the
day, in sympathy with stocks; Total
sales; par value. s1,300,0O0. United States
new as declined w. and old As advanced
"A in the bid. price
STOCK QUOTATIONS.
Furnished by, Charles II, l.. Smith &
Co. members of the New Y ork STOCK ex-
change, Pioneer Press building, who nave
direct wires to Chicago ana New YORK
Closing prices are bid: