Show SPECULATORS DISAPPOINTED 54 1 No Cessation in the Liquidation LiquidationS S of Stocks I s r P Ul HAMMERED HAMM REO DOWN g 11 I TOOK OOK A PLUNGE IN TN LATE 1 I DEALINGS S i 0 Nw York May 23 Hopes of oL a turn luru urn In Speculative sentiment were again by the action Ion of stock s k market in hi which wh acute weakness Ss developed devel ped under a free outpouring of ot stocks Jn in liquidation from all aH quarters The l sailing movement m gathered force force with the progress o of the trading was most active at the close and about the high point of the day A violent brcak in United States Steel stocks I After ter the opening had a very un unsettling unsettling settling effect on en the whole list The only y of this special weak weakness ness 1035 was as a rumor that the Chicago plants of the company had pad shut down The TJi trading was w w someWhat disconcert disconcerted I I ed also by Ute the Increase in the en engagements eng g of or gold for export to Argen ArgentIn tIn on Monday bringing the total shipments for that date up to In the early selling there was evidence of or support for Pennsylvania and its it comparative steadiness served as asa a par offset to the weakness elsewhere But that stock was among the leaders of the decline at the last losing two ful points The most conspicuous us dation d however was that in Ia St Paul Paulw which w leh was forced down 3 points un fl r enormous offerings making a new nev for or the movement by a margin of or nearly 2 points Low Record of the t e Year j J The Tile final break took te average level of the market to the Jow Ww record of the year effectually wiping out the lery of ot yesterday and the day da before unfavorable criticism of the under underwriting writing of the new Pennsylvania Ps P stock TOt at the tIle subscription price to stockholders ers era rf was a depressing factor in the gen genera genera era era market The implied necessity of P payIng a toa toia to a syndicate to tos sure secure s eure the subscriptions 8 to 10 the stock was regarded as a discouraging dis indica in tion of or the condition of QC the market for securities Q The T weakness of St Paul was attributed In part to the re rc reports L POtts ports of a threatened strike among the j t freight handlers at t Chicago The bank bankst statement st t m nt disclosed a decrease in cash of MO compared with the tation of ef a gain of from to 2 But the loan lean l an contraction of is 5 5 reduced the reserve requirements sufficiently to leave a small margin of ot increase e for the th surplus The market steadied a moment on the appearance of ot the statement s but prices plunged onward downward again in the late dealings Union Pacific Southern Pacific Mis lIis Missouri I ouri Pacific Atchison Reading and I Amalgamate 3 were the severest suf suC sufferers sufferers S Prica Thc pric s Suffered I Mich liquidation on has been effected in inthe the tl th t e t t is week eek and prices 1 haVe in the e process On sev several se severa eral era days d s the tendency be became becam became came cam precipitate l td and the selling ap apparently apparently I urgent At intervals the mar market market market I ket showed owed s a S tendency to rally and andI operators rs seemed expectant of a cul I mi of the decline and watchful fort for signs of a 8 recovery Professional ProCessional operators changed Change their position from I the snort sl to the long iong side of the mar markt mark markt kt k t once or t tWi twice e during the w k k but these ro false starts and the he un mS evidence of renewed liquidation dation on the recoveries re turned the market downward d again The under underlying underlying I lying 1 ca caus causo s of ot the depression were the same as for some time past and may ma mab I he b summed up in the terms undigested securities fears feats of money stringency during the fall tall widespread unrest of labor l tor or declining Iron markets and a general fear that the prosperous era for or the Ithe country has reached a culmination tion with a a period of reaction to be feed faced ced There Ther hav been a few special developments development during the week which I have had hid more immediate effect In I f causing using the selling of stocks The wild j I peculation in cotton has involved some large losers l on the short side and some Of the selling elling of stocks is believed to toha hats ha e been forced to t make good these losses The Th cotton speculation has been a cause of uneasiness for the fear of its general effect as well Large credits are tied up in cotton speculation and there thOre has he n fear of ot a 8 crash in that market and speculative losses to be met met The market for the th sta staple I ph has bas led to plans for r curtailment of I production and talk of af shutting down cotton mills 11 and it itiS is evident that large reductions In l n export demand are I resulting from the high price e of cot cotton cotton cotton ton with a corresponding reduction in inthe Inthe the supply of foreign exchange exchangeS S Outgo of Gold old The weeks heavy outgo o tg of gold has be been n o of 01 immediate influence In ln de depressing depressing pressing stocks although the domestic money bas baa not been effected elI by the withdrawal of gold The sustained firmness of foreign forein fore n exchange in face of I the th gold exports shows that they were I evidently made as IK U thi cheapest form f rm of remittance in the immediate e pay hay payment meat ment of maturing foreign obligations by bankers Early Earl In the week also the English discount market showed a ris tendency as the enormous obliga obligations obligations tl ns to the Bank of England incurred for applications for the Transvaal Tran aaI loan were paid off The reduction of the bank rate of discount from 4 to 3 per percent percent percent cent on Thursday relaxed the exchange situation alt atlon materially and the hope was engendered that the demand upon New NewYork Ne NewYork I York for jor r further gold would cease It Itis Itis ItIs is 11 however that large loans se so secured secured cured rom Berlin bankers two and thred thre months ago will mature during the n t few weeks weeke The current bal hal balance balance ance of bt r merchandise exports In our favor was below expectations at the time these Berlin obligations were con contracted contra contracted tra ted owing to the small cotton ex cx exports ports a poor showing of or grain exports and amid the large Imports of oC various ma materials Js Considerable further ship shipments shipments ments meats of or gold gokl are thus within the pos possibilities S Uncertain Labor Outlook All the loe news neWs bearing on labor dis disputes I te Is eagerly scaled ed in Wall street I and he fact is dwelt upon that settle settlements I ments meats are ue invariably effected by rais mis raising raisIng ing wages wag The unvarying tenor of these reports leports is 1 associated with the news of deceased decea d traffic on various railroad systems said to be due to re reduced red reduced d ced deliveries deUC rles by manufacturers ow owing owing owIng ing to the uncertainties of their labor outlook A notable impression is caused by reports of the intended abandonment by py various railroad systems of projected improvements as have hav not bed be ll entered upon owing to the high cost of ot of all an grades and of labor The effect of the yielding price of or iron and the uncertainty over the level at which buyers and anti sellers will finally Uy come together is a discouraging influence owing to the accepted im urn of ot time the iron trade as a barometer barometer barometer eter of or business conditions condition in general gener l The maintained Wt views of the outcome of or the bond baud issue and the stock conver conter conversion slop sion project of the United States Steel corporation have increased the th pressure upon the stocks of or the corporation al although although alP though the new ne bonds have advanced The reports commonly accepted that applications for the new bonds including including ing lb those se for the syndicate and for conversion by bv preferred stockholders s I call for tor only of bf b the bonds instead of the projected are offered as reason for tor advancing their I price pr ee owing to the smaller r require requirements requirements ments meats for lot the interest on the issue Crop News Important The crop news is 18 of growing importance importance tance to the stock market as the season progresses and the Ue condition of the winter wheat crop is 15 a helpful factor o out tot ut t the unsatisfactory reports of the cotton crop rop and the prolonged ed Celay Lelay in the planting of or the cotton crop are supplemental factors in the depression of stocks stoc Prices of hoists bonds have hare moved irregularly irregularly on a larger lage volume of dealings sine due principally to the th heavy transactions transactions in the new DeW United States Steel sinking fund is s United States new 45 declined dedi 14 4 per percent percent percent cent as compared with the closing clong cI ng call callot of ot last t week |