Show Stocks and Bonds Now York April 23Wail street was Inclined I In-clined to read the signs of time day as I meaning a lllllo setback In our pros perlty Tho market had an Undertone I of depression which did not reach to positive I posi-tive weakness A walling attitude would bo lie proper description The reports of the commercial agencies for time week which make their appearance on Saturday Satur-day mornings caused a feeling that Industrial In-dustrial and trado activity and business prosperity wore inol being fully maintained main-tained forrthe llmo being There arc suggestions sug-gestions In varlou llnanclal circles that ruling prices arc serving to diminish consumption con-sumption to an extent that may necessitate necessi-tate curtailment of production and lower In gof prices ThiS report for March of the Lehlgh Vallevfinished the exhibit of unfavorable rc ultsJn the anthracite Held The bank statement while a strong ono according lo the Ordinary rules of Inter pretatlon created an unfavorable Impression Impres-sion Preliminary reports of Limo largo I Inflow of currency from the Interior were fully confirmed by the statement This movement luview of tjic easo of money at this center gives force to the suggestion sugges-tion thai Ihyro la a fulling off In trades activity This view at all events was the key i note of iho draojiinffitcndcncy of prices lo whlcTl thcro were not stmhllcieim exceptions excep-tions to affect limo general lone Time steel Industrials worn special sufferers on reports re-ports of Intended competition by lie Car neglo company in tIme Held for steel and wire companies products and tho shut I lug down for repairs of a plant of the National Steel company The week s Increase of loans Is undoubtedly un-doubtedly largely duo to borrowing on sterling collateral Owing to the cheapness cheap-ness of money hero and the rclailvc dearness dear-ness abroad ihls operallon Is more profitable profit-able Hum drawlmmhe exchange This op cralon as well asUlie export of gold represents rep-resents Lime lending ojC money lo foreign borrowersi1 as thcfoimlrys foreign tnuln conllnueslo accurnuluie credits In our favor Reports of bank clearing do not warrant lie assumption that the return flow of currency Is duo lo diminished trade activity Now York and Bpston are time only Important centers In the country coun-try to show a decrease In clearings for the week compared with last year The Jive other leading rOheryo cities np woll as the total for nih other cities show In crcasesrunnlng from 9 lo over 2S per ccnl riio true explanation must be that the extension ex-tension of banknote circulation and time disbursement of cish by tim Unltoil Slates today has overrun time needs of tIme circulation circu-lation and Is forcing funds bapk Inlo the Idle reserves of banks Prices nC stocks are rather higher at the end gf Ihls week than they were at the end of limo last after having been considerably lower Tim amount of support sup-port accorded lo prices and tho extent OL the demand al any rectioui In prices has been something of a surprise to observers It was feared thai the break In prices In the iron l trade would Induce widespread liquidation In socurllles Wall street by tradlllon looks upon the Iron trade as an Infallible Index of prospects for business conditions Once established that Iron and steel production hums outrun demand and that prices have reached a level lo cffuc lually discourage and curtail consumption consump-tion or that needs for time future have been HO far met as to lend to depression In iron and steel tnd Wall street Is prepared pre-pared lo accept the evidence as conclusive conclu-sive of a culmination of a prosperous cycle with tilt oorialnly of a period to follow of business reaction and comparative compara-tive depression On last Saturday the cut In prices by time American Steel and Wire company seemed to establish time fad of such a condition con-dition In Iho Iron and steel trado and till week oopiied In consequence with evl mInces of general liquidation of Htocku Tho ilrsl check lo time decline catno from time powerful support by Inside interests In time various stocks U became quickly evident also thai In the steel stocks themselves Lime heaviest liquidation had already boon effected by holders who knew what was coining and who had not only sold their holdings of stock but had Kono abort Of the market at the higher level Thus It happened loot the opening sale on Monday mornintr marked lhe lowest low-est price In time Iron and steel movement The eager demand from time shorts lo cover proved an ample sustaining force for thpse stock But Wall street believed that after the hears steel stocks had takon their profits there might l > f a renewed decline and op orators continued lo sell Rimors began lo circulate thai cent confident prodlc Lions of Inaugural dividends on some Blocks and Increases In others wero not well founded and that the spnrulntlve pools which had caused lhej nrcdl Monn 10 bo made had sold out their holdings nnd laken heir nrolllK Estimates were published of tIme improvement planned by some of tho railroads Involving an enormous enor-mous outlay so an lo threaten time ub Horptlon of current Increases In earnings which have luen taunted on for dlsbursc monl In dividends Time conditions which wore demonstrated In LImo Steel and Wlro combunv also had a strong Influence on sentiment on uc rount of theIr bearing on thaI question of time ofllcaoy of Limo gigantic industrial rornblnat pns of tho last year and a half In CQivtrolltnir tho trade conditions fo far as to lessen the dancer of recurrent Industrial Indus-trial depression The prosnect of large exports of gold wu an added factor of depression The urofoMalonnl bear traders fairly reveled In the vitrlou reactionary tendencies tend-encies arid sold stocks with an nni n hand I They sold so froMy that hair dcma d to I cover Mhort conlracls developed keen corn petition How far the demand from this source I was responsible for tho late Ally In time market must wait for clear ccmon < lrillnn m unlll the further closing IIvS I ng out of speculative venluroji and a rexKntlon of time oxcoiBlvo niHUlnulntlnn incident to Iho contest of I spcculttllve forces i TIme IraosHrllonK In Sugar make It an I poar that thai unwary beams ini l sold In the mtgrOgnte rnlliT mor than time total nJork Iwuo of th company The necrx I wily they wen under by their contra in of I buying this amount of mock lo Srtivcr j lncrd them In an unplcninnt irediIuwent when the Jloatlpp JJimplyha I ly hiltin up byra bull iwo tImo timemi i mndo tho nmost of rumors thai time sugar i war was about to bo settled prices ud I inerl nnd dividends Incrooitod iiealh i L Time Molent rlJ In Sugar cflWcmos In duced a general covering movement among time bears nnd their opponents tried to add to their difficulties by rumors ru-mors of favorable developments bearing on valued Tlu bulls had In their favor continued largo earnings by railroads In every section of the country except the anthracite con iers Strenuous efforts were nrndo to reestablish confidence In tho prosperous conditions of the Iron trade affirming the largo consumption of Iron products and time certainty of continued demand to meet tho needs of projects already al-ready entered upon The problem of gold exports and their effect on our money markcl and stock market or rather time extent of such effect ef-fect Is deferred for a short hue al least Tho weeks small shipments had llllle effect OH sentiment Activity In bonds has been mostly confined con-fined to spfLtal cases where individual causes affected prices Tho market generally gen-erally was quiet United Stales refunding 2s when Issued the 3s old Is and 5s declined de-clined V amid this new Is advanced 14 In lhe bid price BOND LIST U S 2i 4s IOWt US2sreg tiJLOSIj6s U S in reg 103 coit 5s 11 U S 3s coup i0 GVcst is U S n is reg l33 Sm LSF gen Cs 12 U S mm Is cutup laut cons Ii2i t s old is reg 1lI1 St 1 C P ls120 ii S old 4s coup 11i 5s l U S s reg 112 So fly GM U S 5s coup 11 Slim R T fs 1 ft G i9tlLl0 Tenui ii set 3s is ti ½ Tc luc is 1151 Nor Pac 3 63 U P 4s 1017 45 io3 Coho So is 53 Or Nay is ltrs So 1tc is CLOSING STOCKS Atchison preferred lrecrred 70 Wabasim F OhIo 51 pmeferrcd 24 Can Pac t E 10 Can So ri 2umd iroerrCLl24i C Ohio 20 Wis Cent 17 ChIc G V iiS1 Third A 107 ½ CImI 33 Q Expreis corn Clmie I h 25 iCtflieS hrcferred l7 Adamns 12 Chic I I 102 Amenicaum 146 Chile N W 161 United States IS C R I P 1Cmh Vells Frtigo 123 C C C St I Ul Miscehhutimeous Cob So Aumi Cot Oil ist preferred 12 ½ preferred 2umd lmreferred 16 ½ Am Malt Del Liud 115 urefercd 21 D Lacic y i7 Ant S R D R G 15 ½ preferred rireferred 707k inm Spirits J Enio 1P4 preferred 17 1st Jmr2crrcd 39u Mn Steel 1loop Zi C Nor hfi 15 preferred 7 l1olc Coat 17 Am S Wire Hock Val hOYt preformed 77 Illinois Cent 11i m Tin Plato 27 Iowa Cent i7 preferred 7S preferred 60 ½ Am Tobacco 10i K C 1 c G IS nreferred 1 13 W 11 Auiaconda M Co 17 prcferral 5 Brook It T 71 Luke Shore 210 Cola F I 11 1 Nash Coumt Tobacco Mmtnlmnt 1j rd preferred S1 Met St B 15S Fed Steel Mex Cemmt 13 ½ preferred tlhummi St L Oh Germ Eiec prefeurcd i5 Glucose Sugar 4i Mo Pac 57 prefrred M Oimio iim4 Interna Palior lo i T 113t preferred Cd lreferrcd 35 Lachede Gas 7111 N J Cent 115 Nat Biscuit 32 NY Central11 preferred Nor Veat 3S Nat Lead 22 preferred 0m preferred 101 Nor Pac 6S Nat Steel preferred 75 preferred Ont Vest 23 N Y Air Brake i5 0 R N 12 Nor Amer 14 preferre1 74 Pac Coast Pennsylvania j3734 1st preferred 33 Reading IS 2nd prefeircd 151 fmreferrcl 5S Piic Mail 32 2nd preferred 31 Peonls ins 101 R U Vest F P Steel Car Id proferreuii 82 urufeured 3 St I S P 10 ½ Puhimumn e Cnri35 1st prcerred 70 Sninml JI I 6 2nd preferreh a5m Stmgar St I S iv 12 hreforrci 111 preferred 0y1 Temin C I St Patmi 119 U S Ienither 12 proferrel 173 preferred St Paul S 0119 U S Rubber ii So Pac 35 nrcterroi So fly 1tt West Uumion preferred 577 Rep I S Tcx Pac iStI preferred UnionPac 5ePCC5tL6o WITH THE POLITICIANS Gov Stone of Pennsylvania says there la no truth In time story printed that ho contemplates calling an extra session of the Legislature In Cleveland O time Twentieth Ohio Congressional district Democrats nominated nomi-nated II M CarrlilKlon for Congress yos tcrday Delegates to the Kansas City convention were chosen The HiCKtlon of calling a Constitutional convention In Virginia primarily for the dlifranchlHcnient of the negroes has been prnrtlcnlly scllled so far as Iho Demo orals are concerned They favor the scheme and will niakn U a party issue |