Show CLEANING UP BY hes Liquidation Proceeding in New NewYork NewYork NewYork York With Otherwise Un Unchanged Unchanged Unchanged changed Conditions PROSPECT OF FRENCH GOLD NEGOTIATIONS SUPPOSED TO BE BEIN BEIN BEIN IN PROGRESS SS New York Novell Liquidation of ot the same painful character as for tor several days past was wa still in evidence In the stock market today and acute depres elon lozi In the stocks immediately affected i iwas was occasioned by fay this selling The weak weakness weakness ness did not embrace the list Hat as a whole at nt any time and the tho market showed some resiliency In the late dealings which sug rested a responsibility on the part of professional bears for part of ot the days dealings Developments regarding the properties pro whose securities were being Bold sold were not the motives for or the sell Ing so s far as was known A process of or cleaning meaning up of or credit accounts by the tho banks was believed to be in force and to involve new relations of or strictness and lind imperviousness to influence and fa a vor or such as prominent capitalists of unbounded resources have exacted from tho the banks The fact tact that the banking situation in New York Is at present in III effect under the centralized control of ot the clearing house authorities through Its loan com corn in connection with the issuing of ot clearing house certificates Is advanced as us explanation for the enforcement nt of the new rules of ot procedure Whatever the cause the fact act Is patent that the forced liquidation of loans by selling lIIng out of f collateral in the stock market is in tn progress from time to time The pro cess ress is obvious in securities in fri which syndicate transactions have occurred The acute weakness yesterday and today toda of ot the Atchison convertible 6 Ii per pea cent bonds i alls ails attention to the tho fact that some of ot this issue by br stockholders was taken recently by a syndicate of bankers The Southern group croup of ot railroads the Erie Thie New York Central Pennsylvania Baltimore Ohio and nd other stocks were under severe pres pros sure siro from time to time The selling of ot somo som of ot these th se stocks was partly need reductions apparently by fears felirs ears of ot coming div A decided impression Im was caused by b the report denied late in the day da of the cancellation by h the Pennsylvania of ot a large order for locomotives American Locomotive was directly affected by this rumor The declaration of the regular dividends on the National Lead stocks helped the metal industries to some ex tent especially American Smelting A rise In the price In London of copper r also conduced to this end There Therl was a 1 feeling of ot encouragement perceptible re ro r garding conditions C in the iron and steel trade which was accounted Recounted for by bv the views expressed by large numbers of leaders in that trade who ho were present in the city db and engaged In consultation over means mAans to conserve the stability of ot the th trade The maintenance ot of the premium on and a rise to above aboe yesterdays e figure was an unsatisfactory item of ot the days news and call cull money was stiff lUft again a ln with the calling of loans In pro gress This was rather vaguely ascribed to preparations for subscriptions to the new Panama bonds and treasury I rates cates although no authentic details were to be learned as to the progress of those thoI operations Increasing interest is felt in the prospect of securing an Installment of gold from the Bank of oC France by the use of treasury certificates as col 01 lateral III teral The increased strength of ot post tion shown by the Bank of ot France in Its weekly statement today and the ab of ot the Bank of England from advancing Its discount rates were re garden as corroborative of ot the likelihood of this thin transaction being consummated Bonds were heavy hea Total sales value par United States s a declined 4 the s i and the 2 per cent on null call |