The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-13
NO LULL IN LIQUIDATION
The Market Refuses to Yield 10
Favorable Developments.
RESPONDS mt the Same Time to the
sIfghtest Pressure - Bank Clear
nncc. show a Small Falling Of
Railway Returns Fairf: Good
Some Heavy Trading in sacciaities.

NEW YORK. May 12.-The course Of
prices on the Stock Exchange this week
indicates that the volume of liquidation
on speculative holdings of securities has
been greater than at any time since the
retrograde movement began. This has re-
suited largely from encouragement be-
cause the market has failed to respond to
the comparatively few favorable develop
ments of positive character. and at the
same time has yielded easily under pres
sure provoked by various untoward &C.
currences.
The American Steel and Wire imbrogiio,
which engaged the street for long time,
was practically closed this week. but not
in a way to inspire confidence in the man
agement Of the company. Other occur
rences that have intensified the bearish
feelings on the stock market have been
further moderate exports of specie, an
unsatisfactory annual showing by the
American Tobacco Company, reduction
in the price of steel bilIets, and the publ
cation of statistics of the production OF
iron, showing that the supply is beginning
to run in excess of the demand.
The weekly trade reports continue TO
tell of a reaction IN general business,
which is attended by lower prices for sta
pie commodities. The average OF prices
Of large number of prices, as computed
by authorities both here and abroad, IN
dictate that commodity values generally
are moving toward a Lowell level. Bank
clearances in the United States show
falling off for the week of 10 per cent as
compared with the previous six days, and
Is 1-2 per cent as compared with the cor
responding period a year ago. Railway
traffic returns held up fairly well, but
trustworthy adyices from various parts
Of the country indicate that the volume OF
traffic is beginning to be affected by the
reaction in general business.
The weekly statement Of averages of tie
associated banks shows a loss in lawful
money of 81. l23 900, or only about siC0,ct0
more than the estimate printed this morn
ing. A slight decrease in the loans may
mark the turning point in the course q
bank accommodations.
The result is a comparatively unim-
portant decrease in the surplus reserves.
The stock market was fairly active this
morning and. in the main, heavy. Prices
rallied little at the opening and again
at the close on the covering Of short con-
tracts at the end of the week.
The heaviest trading was in American
Tobacco, which rallied about two points
from the lowest price; in Sugar Refining
Brooklyn Rapid Transit, Missouri Pacific
and Peoples Gas. The last ramed was ex
ceptionaiiy weak on rumors that the COM
.pany will guarantee the interest upon the
bonds that are to be Issued by the Ogden
Gas Company. This will increase the fixed
charges of the Peoples Gas Company
$500, goo per annum. The assumption o.
the management is, of course, that the
new acquisition will more than earn the
interest upon these bonds.
All of the local traction stocks sustained
net losses of point or more, though none
OF them was dealt in extensively. The
closing was irregular. with majority of
the list fractionally lower than last night.