The Montgomery advertiser., 1905-04-19
WALL STREET REVIEW
CERTAIN sPECULATORs SHOWED
 MUCH TREPIDAT1ON.
Action of the Market Created Distrust and Uncertainty Over Many Reports
 of Brilliant Financial Projects.

New York, April 1s.--speculators of long stocks showed great deal of trepioation which caused free unloading and rather severe inroads on prices.
 The news of the day contained nothing to indicate an impairment of actual ,. vsuss; ras to create distrust and uncertainty over the many stories of brilliant financial pro- tive for the buying of stocks up to the re. cent high level of prices The incident having the most direct influence was sne sudden and violent break of Northern Se- curities within the first ten minutes Of the trading in the curb market. The first iew sales Sf the stock were as frc'Sn bnt a}aer that there seemed absolutely no demand ana the price was offered down precipitately ie points without finding buyers.
 This news quickly reached the floor of the Stock Exchange and induced slump in the price of Union Pacific and St Paul. Northern Securities was reported almost immediately. The feverish action left sem timent very much unsettled and in the ab- sence of actual news to explain the break there was a disposition to attribute It 10 the practical operating difficulties in the curb market, where facilities are restricted both in the matter of supply and or the conveniences for buying, thus leaving the market narrow and unrepresentative for any stock of such an enormous volume as that of the Northern Securities Company.
 But the volume of the offerings of the related stocks on the Exchange depriyea more plausibility 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 certain apprehen- sion that with the return to the market of a great floating supply of these constituent stocks it would be found difficult to keep up their price to the level at which they Say9 recently scd Ths t1sD Sss s9 9 Ss actual floating supply of Great Northern and Northern Pacific very small, making It 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 readJustThents rather than an actual change in the equities of tho companies The supposed plan to incor. porate Great Northern's iron land hold ings into separate company is an ex' ample. The market position or union Pa cifc also has been the subject of growing suspicion. The borrowing demand for this stock which has attracted marked attsn- ton has been generally attributed to the de- sire for it's use for proxies at the meeting to authorize the S100, 900, 900 preferred stock increase. The books are to close for this sudden realization that this might mean a release to the market of very large amounts of this borrowed stock. There was some dread entertained even that this enormous borrowing of stock might repre- sent liquidating sales by insiders who were borrowing for delivery to disguise the
 In fact, there was very general disposi- ton to suspect the speculative condition of the market a whole. Pools which have operated in various stocks unloaded to q large extent. The supposition that there was retrenchment by selling in the stock market against the necessities of the wheat deal also contributed in force. The wealth bureaus weekly crop report relieved some apprehension of damage from cold weather
 Money continued easy. survey of the days net changes, however, reveals a more AEn AnA nf-ha anE fN haU cured in many weeks The closing tone was tho weakest of the day and prices ere at about the lowest.
 Bonds irregular Total sales, par value. SS,365,000. United States bonds vera all unchanged on call
 NEW YORK STnCK IISr