The age-herald., 1901-05-19
'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

New York. May 1S.-The promise of re- 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 few stocks to top prices apparently by manip- ulation, 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, set the outgo by export and thereby brings treasury requirements and brings the net gain in cash by the banks to &C., 00o,0oO or upwards The statement shows declaration on the contrary of $1 ,294, ,6OO The discrepancy Is surprising, but the fact is obvious that the relaxation in the money rate, has lessened the, attraction here which was drawing money from the interior during the stringency of last week and early this week, just as it has allowed gold to go to Europe. The heavy hquida ton of repayments of bank loans was a 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
 The stock market has shown the inevi- table after-effects of last weeks convul- table iafter-effects of last weeks convul- spite of tradeing. The various violent re- bounds which occurred from the lower level prices have been cited to strengthen these views. But violent fluctuations were witnessed this week and phenomenal as 1t may seem. were always in the mar ket after sudden commotion. The move ment of prices is exactly analogus to that of the waves in pool where a sudden . withdrawal of huge displacing bodies force recession galowed by an almost equally violent rise and then ensues os- citations.
 Those who can possibly command means or credit to hold stocks will make almost any sacrifice to make selling of property on which they have any claim in such market as that of Thursday of last week. Many stock exchange houses have admitted that the low level of prices last week had not only wiped out their customers claims upon them, but would have 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- dation of this character which caused the violent relapses of Tuesday and Wednes- day of this week. which reached fairly sensational proportions. With the com pletfon of the most urgent of this be- lated but forced liquidation there followed recovery again. The fortnightly settle ment on the London Stock Exchange on Monday was a complcating factor as that market was heavily committed in Americans, and was. short of Northern Pacific as this market had been, but the tirpe offered for preparation enabled Lon- don to meet the crisis and avert the panic which was feared.
 Al The heavy losses suffered by certain -speculators is a detriment to a resump- tion of buying, even by those who have means remaining.
 London, with an installment of the new consol issue to meet this. week, can ill., afford to spare gold, and therefore draws on New York, which ships gold to Paris New Yorks subscription to thel new British consols and its heavy buying of American securities from foreigners, large shipments of which are received on ny every, incoming steamer, are to be con-
 
 { of gold from the country in spite of the continued growth of the country's fav- orable balance of trade The April foreign trade statement shows an excess of mer- chandise exports over imports for ten months of $5S4 ,212, 303 The diminished de- mand for money for speculative pur- poses in New York besides allowing for eign markets to relieve their wants, les sens the importance of the heavy drain on the money market of the treasury The governments surplus for the month thus far exceeds $4,O0O00O, while for the corresponding period last year there was actual excess of expenditures of over half million. The offerings of government bonds for redemption are insignificant.
 Prices of bonds have not made the feverish fluctuations shown by stocks, and the volume of business has de- creased.
 United States new As advanced F. and the refunding 2s A per cent. The 5s de- clined A below the closing call of. last week.