Show URGENT SELLING ORDERS DEPRESS VALUES fly WALL Ar J. J By thy International evs Service Now New York Jan 6 ln In In tho the actual bank banI statement today the surplus reserves were reduced d and 1 i- and net demand deposits wore were Increased in the average statement surplus reserves WIt wre de decreased decreased de- de creased leans were Increased 1 t Ot and net demand in increased in- in creased sed l of or tho time weakened weaken d or of the market a decline was vas but more selling came than was c counted on The rhe result was MUS a decline that lc left t important stocks a. ono one or two points and more nut net luw lower r Steel Stcl was the principal 1 be because he- he cause of ot the tIme report that a it tt m man n nho M who ho ho ha had gone west est had ha b lI ben en taken tale alt altea ea en su suddenly ill III and ordered hi his stocks ch closed out The Tue selling came from two Important p and sales of ot full fully O MaatS S Sot of ot United States Steel and other othel stan stan- darI rj shares were traced to these 1 officer This considered fl h nn was or I 1 lile nall purchased only the previous 1 da dav The Thc street was as G given cn to understand that lint tolu today's s selling was chiefly o of ot long Jong stock stcL Investigation had ratIe to disclose dis IS- IS close the Identity of or the oper operator tor in question when Then business closed in tho the uL Two Important men w wore vero ro men n 1 but only because they have havo been heen known to op operate late through the tho firms that figured In the operations that disturbed l the market market- orders ardors were caught as ns the selling progressed an and the he market got gota a good clearing out In view of the sharp advance athance that th has followed the taking over O of or tho the railroads by the government gov gov- this reaction is Js not surprising It would no doubt have havo come conic regardless regardless regard regard- less of oC action of any one operator In some quarters the Turkish terms' terms to Russia were hel held responsible for or the I selling Under other con conditions these terms would have been J ignored b by the I market for tor they ther wore only such as were to be expected as a result resul t of oC German German German Ger Ger- man negotiations Belief that the tho government will hold the railroads for a year after the close o of tho the war In order that the problem o ol ot ownership ma may be fully discussed has made mado man many more friends for Cor railroad rail laU road rHad securities Leading authorities expect to sec see all the railroads sell on onan onan onan an investment In basis of between 6 and 7 per ncr cent That means that there Is still a wide margin of speculative opinIon opinion ion in most issues Chief among these are e tho the shares hares of roads recently reorganized g such suchs as s Rock Island Missouri l Pacific Pad tic Wabash and Frisco Fri Buying of In the last hour was of or the best kind Bankers took stocks freely knowing that the selling was due hue to special causes affecting In individuals only There Thero Is no weaken weaken- ing lug Ingin in hl high h places regarding regarding- the stability sta sta- buRy of the market or genuineness of ot th the improvement that is Js under tinder way This feeling Is based on the tho belief beller that absolute confidence has been restored a as is between big business and the government gov gov- NEW Y YORK STOCK LIST I Sales II j I L. L j I C. C. C American fleet Hect Sugar COO 70 U 70 70 American CPU Cn 1 American Car Cor 71 63 65 Cl American n I Locomotive ocomo i 2 2500 IT GIL 3 55 1 OJ 11 American Sm Mt lt 0 ner i jG 76 American merican n 07 American Tel lel Tel TeL lUJ American Zinc Lead and S cro rc 15 1414 11 llY Anaconda Copper Coppel C 62 CO f. 60 60 00 0 on A 86 2 55 All AU tl Gulf Gult 0 W. W I. I S. S S S. S 9 90 91 H 97 97 Baltimore Ic Ohio 2800 SOO 4 53 Superior uler-lr uler COPI Copper r. r 7 70 19 iS 15 lS California Petroleum um 13 B 13 ii 2 12 Canadian Pacific 00 35 Central Leather 4 3 I Chesapeake 5 Ohio 54 64 52 2 53 52 Mil Mu 1 St. St Paul Psul 1700 45 45 Chicago Northwestern Chic Chicago K It I. I 5 ft P. P ZI 19 1 y Chico Copper 42 Colorado lo Fuel Fuci k Iron 6 55 5 2 35 C Corn orn rn Pro ts flet 3 1 31 tl Crucible Steel Stcl 10 00 OO C 52 2 Culm Cane Cuc Sugar nr sacs 0 O 20 29 Dist Distillers Distillers' Securities r 1200 24 33 32 3 Eric Trie 16 16 15 16 General ral 1 1700 I Ol OH General Motors lG 11 i HSU Groat riat Northern pfd 1000 1110 90 89 02 9 do Ore CHit 1000 G 25 21 20 1 Illinois C Central D oi 94 i I Inspiration Copper 47 45 43 43 pit lilt Mer 11 pfd S il 83 J 63 3 International 1 Nickel 25 SI 27 International Paper laper 7 G 2 n 1 Kansas CI City Southern G Copper 1700 52 n SI 1 i Louisville to Nashville H. H Maxwell Motors 26 6 46 25 26 G Mexican 1 Petroleum 81 SL 79 79 Miami Copper r 00 SO 5 20 9 29 2922 29 9 Ml 1 1800 10 23 22 2 1 22 2 Montana Tower lower 71 67 Nevada evada Copper copler f. f 0 1 18 ISi 2121 J 18 ll- ll New cw York Central 71 1 70 O 70 0 N. N Y X N. II I. I Hartford 1000 31 Ii 1 3 30 i Norfolk f Western Wlter 11 l 1034 Northern Pacific tG 66 84 St I Pacific Mall Mail I 1200 22 Pennsylvania CC j 45 15 45 21 61 Coal Cl 44 44 4 Ray Consolidated Copper GO i 22 22 1 Reading nl O. O O 1 j 73 73 7 Rep iron roD f Steel SteeL is 75 70 Arizona Copper 16 iG Southern Pacific Cw 61 63 3 83 51 Southern Railway Halway 23 22 s 3 Studebaker Corporation 90 O 48 4 45 Tru Texas Teas Co 2500 20 1 Union Pacific 11 11 37 1141 U. U S. S Industrial Alcohol 4 IH United Stales States Steel 91 1 I n 52 2 Preferred lr loss Utah Copper Coppel tO fO 78 79 9 nb II pfd tiL R It S 80 iO 2 22 21 21 i Union 1 87 S Electric 41 J I 59 39 9 39 19 Total sales sils MIls for Ih thc hc day |