Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-05-12
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds. Grain.
elton, Provisions, Etc,

New York May 1.-THE stock market
succumbed again today to tile pressure of
liquidation, which cffcctually overbore
whatever clements of strength shown in
the early trading, wiped out yesterdays
rccovcries 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 weakness in
stocks beyond the general supposltpn
that tomorroW'S bark statement Will
show a further considerable reduction of
the surplus reserves. il was very evil
dent early in the day that the demand
from the outstanding interest, who had
sold prccipitatcly in the break Of Wedncs-
day. had been about satisfied. No. out
side demand had been attracted. and the
Dnil pools which had resumed operations
yesterday found the task OF holding up
their favuritcs hard one. They had some
assistance from London. where the mar
ket made show OF strength, encour-
aged by developments in South Africa
bnt the opening prices here were about
tho highest. The considerable gains
SHOWN by Missouri Pacific Baltimore ana
Onio and National Steel. yielded to the
selling pressure. and were wiped out, the
arat Two stocks taking, their places
amongst the weakest of the railroad list
southern hallway. preferred. was another
severe sufferer. The principal examples
OF weakness, however, were found among
INC Snccialties and industrials. Sugar
and Steel and Wire were weak from The
openins American Tobacco was under
- - t'c"Suc .lli Gay on rulnorS Of u
projected competitor, and the price shows
a loSs OF nearly Z points. following ycster-
DAY loss oil u, points. Many of the
metal stocks and the local traction stocks
SHOW losses Of from to 3 poiuts Nct
losses of 4 point or upwards arc frequent
IN me railroad list. The cash changes Of
the bank for the week Indicate a further.
ucc!.he OF cash reserves. which IS csti-
mated NJ about $l,0G00O0, the losses bv
gS 20 n'lns that far Offset by the receipts
OF currency from the interior and n small
Sam on suD-trcaSury operations. The pro-
tess OF foreign loans Is supposed to have
LIQUIDATION in the stock market must hn,o
peeh accompanied by the Dnyintr oif or
cohsideiable loans. Nevertheless it is
~. We gsneral expectation that the bank
'sthtVhleht VIII show Il further heavy OK
pans!on OF loans. /, is reported ana croI
1ted III Wnll street that the Pcnnsvlvnnia
M"airoag mas placed ioans during Inc
t,ihi,,o -, rom MVooe,eDo to Sl5ooo. eco, dis
tis rumor proves correct there u,st
lite becn a large increase in the ,.r
S"iVe requirement.. To be added Ia Inc
nctual decrease In cash as Inc n,na..,,r.,.
OF decline in the surplus, Rates fo,. n,o,,'
We're not uuotablN changed in This ,nnr
ket Sterling exchange was nrunnr In ~,
S I 10 higher discount rates i'm Lon
uon. but no gold was cnt-atted for c,i,'r,.,
70 London. News thnt tho RAM of -,
!hhd was securing gold from Rilssi, ,,,i
-, Nu'nn'iihl made In Berlin that somr
fo o, "'s aiso going from that centre to
5-oNuci. shows that Iuud,n's c,n nv,
New. York for gold may be ,l@rSrrrh oi'
ltlrcs OF bonds gave way durInlr Tho
uaE IN sympathy with stocks rn t.J
sues par value. 81 300 Go ''"'
nltct StItcs new as 1nc,,,o,I :,
o!m 2 advanced y in tho bid nricc1 - "'''
haw 49, totdi stock sales were ass o,o
& i Mew York May Il.-siandard oil. SEA