The age-herald., 1901-05-20
EFFECT OF PANIC
 IS STILL FELT Promise of Renewed Strength
 Not Fully Realized SOME REALIZING OCCURRED Disappointing Feature of the Bank Statement Was Decrease In Cash Reserves-Heavy Losses Are
 Detrimental to Buying.
SOME REALIZING OCCURRED


 newed strength in stocks held out by yes- terday's market was not fully realized today, although the substantial early gains were not all wiped out by the late reactionary tendency, due principally to the bank statement. Just at the close there was an abrupt marking up of a few stocks to top prices apparently by manip- u1atien, which lessened the appearance of weakness.
 The disappointing feature of the bank statement was the decrease in the cash reserves. The preliminary estimates of the interior currency movement indicated that receipts had been so heavy as to off, 2 get the outgo by export and thereby brings treasury requirements and brings the net gain In cash by the banks to $6,- 0O0,000 or upwards. The statement shows declaration on the contrary of $1, ,294 500. The discrepancy is surprising, but the fact is obvious that the relaxation in the T, money arate has lessened the attraction here which was drawing money from the Interior during the stringency of last week and early this week, just as 1t has Fs allowed gold to go to Europe. The heavy liquidation of repayments of bank loans was prominent factor. It is clear that the money market is a factor to be con- sidered in the stock market, with receipts of currency from the interior arrested and gold going out to Europe. The effect of realizing was quickly felt, but counter acting remedies were adopted
 2 The stock market has shown the inevi- table after-effects of last weeks convul- table after-effects of last weeks convul- spite of tradeing. The various violent re- bounds which occurred from the lower e level prices have been cited to strengthen these views. But violent fluctuations were witnessed this week and phenomenal vas It may seem, were always in the mar hsket after sudden commotion. The move prpent of prices is exactly analogus to that v,f the waves in pool where a sudden .NTithdrawal of huge displacing bodies etorce a recession gallowed by an almost wsquafly violent rise and then ensues os- laiilations.
 vel ltIhose who can possibly command 1neans or credit to hold stocks will make vetlnost any sacrifice to make selling of by roperty on which they have any claim thu such market as that of Thursday of In asteweek. Many stock exchange houses nave admitted that the low level of prices last week had not only wiped out their T customers claims upon them, but would ythave yielded only insolvency for them selves had they liquidated. They simply refused to sell and waited the quick re- ~ bound Then they took advantage of the opportunity to sell It was belated liqui- dat1on Of this character which caused the violent relapses of Tuesday and Wednes- - day of this week. which reached fairly N.s ,sensatior,af proportions. With the com pletion of the most urgent of this be- n lated but forced liquidation there followed recovery again. The fortnightly settle ment on the London Stock Exchange on Monday was a complicating factor as T, that market was heavily committed in | Americans, and was short of Northern A.Pacific as this market had been. but the oa.ime offered for preparation enabled Lon otson to meet the crisis and avert the Is .anic which was feared
 seeThe heavy losses suffered by certain thopeculators is detriment to a resump-
 hxyf fhnc 1,o l%o,.
 jeans remaining.
 Bohdon, with an installment of the new Ret Asol issue to meet this week, can ill.,
 ford to spare gold and therefore draws
 T New York; which ships gold to Paris.
 ,,eW Yorks subscription to the new ~, British consos and it's heavy buying of SiAmerican securities from foreigners, ptlarge shipments of which received on posvery incoming steamer, are to be con sondered in explanation of the shipment ,rof gold from the country in spite of the bntinued growth of the country's fav- hro able balance of trade. The April foreign lot Ade statement shows an excess of mer- be ,andise exports over imports for ten fro,ionths of s5S4,2l2303. The diminished de- =. ,yapd for money for speculative pur- 3ses in New York besides allowing for Tlgn markets to relieve their wants, les con ms the importance of the heavy drain chr :. the money market of the treasury. of fe governments surplus for the month ter us, far exceeds $4000, 900, while for the anf .rresponding period last year there was tn .lctual excess of expenditures of over half Ta million { The offerings of government bonds for sredemption are insignificant
 IL. Prices -.of bonds. have not made the
 exerish fluctuations shown by stocks, Ne, nd the, volume of business has de- der leased.
 ber United States new As advanced a. and onl.ie refunding 2s N per cent. The 5s de- sim'lined A below the closing call of last Fig eek.
 Syr -
 New York Stock Market.