The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1905-04-19
ESPECIALLY IN THE
PACIFIC STOCKS
Union Pacific Drops Over Four
Points Railroads Lead
the Decline

NEW YORK. April 1S.-Speculators
long on stocks showed great deol of
repldatlon today which caused a free nm
loading and rather severe inroads on
prices. The news of the iav contained
nothing to indicate an Impairment of &C
tual values. but the action of the mar
ket itself served to create distrust and
uncertainty over the MANY stories ~
brilliant financial projects which have
oeen the principal motive for the buying
OF stocks up to the recent high level OF
prices. The incident having the most di-
rect Influence was the sudden and viO-
lent break of Northern Securities within
the hrst ten minutes of the trading in the
curb market. The first few sales of the
last night. up to ISL, but after that there
seemed absolutely no demand and the
price was offered down precipitately 16
points without finding BUYERS This news
quickly reached the floor of the stock ex-
change and induced a slump i'm the price
OF Union Pacific and st. Paul.
Northern Securities Active
me quick recovery of 10 or Il points in
NOrthern Securities was reported almost
Immediately. The feVeriSh action left
sentiment very much unsettled and in
the absence of actual news to explain the
Dreak there was disposition to attribute
II TO the practical operating difficulties
IN the curb market. where facilities are
restricted both in the matter of supply
ana OF the conVenienceS for buying thus
leaving the market narrow and unrep-
resentative for any stock OF sucb an
enormous volume as that of the Northern
SecurltleS company. But the volume of
the offerings OF the related stocks on the
exchange deprived this explanation of it's
force. There was more plausibility in the
contention that on the eve of the sur
render OF Northern Securities share certi-
hcates to be. exchanged for Northern Pa
enc and Great Northern stock, there de-
Neloped certain apprehension that with
the return to the market of great float
ing supply of these constituent stocks IL
would be found difficult to keen up their
price 10 the level at which they have re-
gently sold. The tieup in the Northern
toating supply of Great Northern ana
Northern Pacific very small, making it
easy to mark up the prices to figures more
than double those prevailing before the
formation of the securities company
The reports current to account for these
prices and which have been entirely with
out sanction of official authority, have
all indicated financial establishments
rather than any actual change in. the
equities of the companies. The supposed
plan to incorporate Great Northern's iron
an example.
Union Pacific Breaks
The market position of Union Pacific
also has been the subject of growing sus-
plcion The enormous borrowing demand
Tor this stock. which has attracted marked
attention, has been generally attributed
10 the desire for It's use for proxies at the
meeting to authorize the 800, 000, 900 pre-
close for this meeting tomorrow and there
seemed sudden realization that this
might mean release TO the market or
very large amounts of this borrowed
stock There was some dread entertained
even that this enormous borrowing OF
stock might represent hquidating Sales
by insiders who were borrowing for de-
livery to disguise the source of the sell
ing. In fact there was a very general
disposition to suspect the speculative con-
ditiOn of the market as a whole Pools
q tod hone.
loaded to large extent. The superstition
that there was retrenchment by selling
in the stock market against the neceSsi-
ties of the wheat deal also continued in
force. The weather bureaus weekly crop
report relieved some apprehension of dam
age from cold weather. Money continued
easy. survey of the days net changes.
however, reveals a more decided setback
in prices than has occurred i'm many
weeks. The closing tone was the weak
est of the day and prices were at about
the lowest.
Bonds were irregular. Total sales. par
value. $3,365,OO0. United States bonds
were all unchanged on call.