Show DEPRESSION IN STOCK MARKET Good Stat Start But Prices F Failed to tos Hold Bold Out s 5 LOSSES SHOWN AT CLOSE LIQUIDATION CONTINUES ON A lARGE SCALE New York May fay stock Mock market started off rather hopefully but before the end or of the two tours hoses sea aes ion aba depression sion had closed in again lWin and the clo cloning in was as weak at consider considerable considerable able net losses throughout The sup supply supply ply or of stock from abroad which had b Een a feature recently inter interrupted interrupted today by the occurrence or of a holiday in London Opening orders to buy for professional traders who had bad old the market short yesterday were ere therefore fore effective in lifting prices ad adt t running to a point or more morein in many of the prominent market lend lends rg s There was no effective demand nd following this advance and b by the end of if the first hour liquidating sales be began gan to dribble on the market The current Increased in force and npr the appearance of the bank state statement statement ment became somewhat precipitate The bank showing howin formed practically the only Item of news which was of in influence fluence In the trading The shrinkage In the cash reserve of 4 proved somewhat less Jess titan than the preliminary estimates Attention centered on the loan Item which was as expanded up upWards upwards Wards of oC OMoO An addition to I deposits which expanded the re reserve requirement b by almost as much as the shrinkage in cash resulted in an In mad ot of over 56 per cent on the surplus reserve rye bringing it down don to 8 19 Upwards or of loot of the loan ex en was as made b by a single institution and is attributed largely to the underwriting subscriptions to the I Pennsylvania bond issue 60 per er lit j t or of which was paid aid in during the it ok cok past On Thursday of oC the corn com comi i ig g week the final installment of the Japanese loan Joan allotment wilt Will call for some Sterling exchange made a further advance today and It Itis Js is evident that preparations are being made for the remittances on the Jap Japanese Japanese anese loan subscription It is not believed by banking author authorIties Hies that these remittances can be completed without R a large export of gold unless the rates for money here should hould rise to a level to offer an Rt at attraction tra traction tion for the leaving of the pro S or of the loan in New ie York for use usein usein in the money market In spite of the grat t ease of money up to the pr present ent tune these conditions had their effect in inducing a renewal reneal of speculative n liquidation The mercantile agencies J 1 also report reported S some interruption to ye re 7 tall tail demand for merchandise oin owing to thE backward backard season MaSOn and II a cautious In the demand for or future require merits Total sales of bonds par value 1 Review of the Week Depressing influenceS have hae on eq the stO stork k market this week eek L resulting in a sharp break in prices f p after the middle of th the week In the early carh part of the week Mk the movement f prices es was very uncertain and tine fluctuated constantly with ith O occasional shows hows of strength The market was as almost whon wholly professional and m narrow the total sales for Tues Thee Tuesday nay day being the lowest of the year The weekly review ot of Iron and steel tub pub published on afternoon b by the pl in trade authority centered atten attention tion on the bill lun in hi that trade and this as the influence e in the break in prices prk es which came caine after afterwards The of the stock market to con conditions in iron and steel trade emphasized sized only more the importance at to that trade as RII an index of tile Industrial and business outlook at largE The st strong effect produced is due to the inference as to what the fu futuro turf turo in the trade may be rather than to actual conditions ns reported The arrest arret of the demand for pig ig iron in itself might Jitt little as ast t the accumulation of stO stocks ks which has d is yet et SO S in spite or the prodigious rodis output that a few layS of U the present rit ratE or of t Inn would serve sere to exhaust stocks But 1 distrust is felt of the consumptive pow rr or owing to the fear that much of the demand for future which rich has been very ery confident while hile the market remained stable ma may be 1 cur tur curtailed tailed tanN with ith the prospect t of yielding prices D aed building 04 01 ta account of weathEr conditions and a pause in demand foi railroad p pending the formation of the are given as cAu causes ot of tM the lull In ion ilOn ond steel which it is hoped may prove t tc but 81 speculative t thad had taken alarm aid has refused tJ t be reassured A contributory cause to the depra Sion Fion of the iron and steel stocks aas a the character f the di u In tk stock market circles on the mn I of thc t to material for the Ia a I ual ml tread r w where e It ran can b 0 d done more t l ply than In thE Stiles t t tas 1 ar argued that this U I I to precipitate the t h flU ques question tion or of tariff revision as it on irOll and steel dut duties tad and w ws liable ble to be made a to the f for ut 4 railroad rates and of cor ia general Caution holders have hae shown a sensitive ding on t this subject for some tI time and thi prospeCt of an approaching legislative campaign Is not viewed with ith The Northwestern railroad situation h hHOPe lisa none HOPe of its power to influence spec spee sentiment and a new outcropping of the multitude of rumors of jf deals In that fleW field was made Imide the in instrument of the efforts rt to start an movement arl in the w week k Tb The action of the Pacific at a their lm Ing delayed annual m meeting tin in dropping from the all the rp nta tives of tM the Harriman Interest t was given givena a very Cr unfavorable tn The me conviction remains strong tron that have been under discussion nn looking JO 10 the maintenance or of harmony barmon but In th absence ab of an any information 11 r these plans plan or nov any authorItative ad mitt mitti i ns that t they y have become affective the thc Northern Pacific election had the of ef feet o of disconcerting lIl Onti I ment 10 Money market affairs have hae played no apparent part In the weeks ks unsettled interest rateS have han been easy and supplies seem m abundant Th The la large with withdrawals on account of the tho return o of guy gov del deposits lt had not th the slightest l ef effe feet fe L Some yet very large Iare financial have been n in t S at th the same Arne time notablY t the calling of to the Pennsylvania eon con bond issue to tM the amount o of tift fifty per cent of the issue Next ext week on May Ia 26 25 subscrIptions are arf pa pay payable able to the extent of tet to of the Tapan Japanese e loan allotted to this roun coun country tr try The conservation of oC the ease tase of the mone money market durin the p tf t these transactions Would be desired b by the financial powers Interested This mA may go goJ goto to explain the belief prevalent in the he stock J market tot thAt the great banking and finan financial I Cial powers were averse to any extended speculation in the stock market lit at this time Weather conditions for Cor the crops have not been red favorable and the weakneSs of the stocks late In the week teas as me the for ro we anise thing like Uke a crop 2 scale aI Foreign politics ha hate not been n without influence on our stock market and the report aftErwards d denied nied of the occupation of a Chinese port b by German troops was the occasion of selling here for foreign accounts The coming comin naval is also an uncertainty In its It effects Bonds have HYC been dull and have devel o a vy tone I United States IS regular and the old Is 48 I adva week advanced M per cent on call on the I |