The San Francisco call., 1905-04-19
New York Stock Market.

NEW YORK. April 1S.-Speculators long Of
stocks showed great deal of trepidation to-
day. which closed a free unloading and rather
severe inroad on prices. The news Of the
day contained nothing TO indicate an impair
ment OF actual value but the action of the
market itself served to create dstrust and
uncertainty over the many stories OF bril-
hant financial projects which have been the
principal motive for the buying of stocks
up 70 the recent high level of prices The
incident having the most direct influence was
the sudden and violent break Of NortheT.n
Securities within the first ten minutes of
trading on the curb market. The first few
sales or the stock were at a fraction higher
than last night, up to 1s1, but after that
there seemed absolutely demand and the
price was offered down precipitately sixteen
points without finding buyers. This news
quickly reached the floor of the Stock Erx-
change and induced slump in the price of
Union Pacific and st. Paul. The quick re-
covery OF ten or twelve points In Northern
The feveriEh action left sentiment very much
unsettled and in the absence of actual news
TO explain the break there was a disposition
70 attribute II 10 the practical operating diff
nculties in the curb market where facilities
are restricted both in the matter OF supply
anot tof the eonyeniences Of the buying, thus
leaving the market narrow and urlrepresent-
ative for any stock OF such an enormous
volume as that of the Northern Securities
OF the related stocks on the exchange de-
prfved this explanation Of its force There
was more FEASIBILITY in the contention that
on the eve of the surrender OF Northern Sc
curities share certificates to be exchanged for
Northern Pacific and Great Northern stock
there developed a certain apprehension that
with the return to the market OF a great
noating supply Of these constituent stocks
II would be found difficult TO keep up their
prices 20 level TO which they have recently
sold The tie-up in the Northern Securities
company has left the actual floating supply
or Great Northern and Northern Pacific very
small, making II easy 10 mark up the price
to figures more than double those prevailing
before the formation OF the securities com
pany. The reports current to account for these
WI hcr-e hoa
sanction OF official authority, have ell indI-
Gated financial readjustment rather than any
actual change in the equities Of the COM
panies- The supposed plan 10 incorporate Great
Norther1l's iron holdings into separate COM
pany is an example. The market position of
Union Pacific also has been the subject of
growing suspicion. The enormous borrowing
demand for this stock. which has attracted
marked attention. has been generally attributed
10 the desire for its use for proxies at the
meeting to authorize the $780, 900. 600 preferred
stock increase. The books are TO close for
sudden realization that this might mean the
/ release TO the market Of very large amount
OF this borrowed stock There some
! dread entertained even that this enormous
borrowing Of stock might represent liuuidat-
ing sales by insiders who were borrowing for
delivery to disguise the source Of the selling
/ In fact there was a very general disposition
20 suspect the speculative conditions Of the
market a whole. Pools which have oper-
atsd in various stocks unloaded to a large
J extent The supposition that there was re
trenchment by selling in the stock market
against the necessities OF the wheat deal also
continued in force. The Weather Bureau $
: weekly crop report relieved some appreher
sion of damage from cold weather. Money
I continued easy survey of the DAVIS net
changes. however. reveals more decided set
back in prices than has occurred in many
weeks. The closing tone the weakest ~
the day and prices were at about the lowest
Bonds Irregular Total sales par
value, Ss. 1856, 600.
Tinted States bonds were all unchanged on
! call
New York Stock list.
E.. r. Hutton Co., l90 California street
I een Francisco. members OF the New York
Stock Exchange. furnish the following official
quotations OF that Exchange: