The Birmingham age-herald., 1905-04-21
WAS UAT Uf SLUMPS IN STOCK MARKET Decline Gathered Force as it
 Was Extended MANY STOP LOSS ORDERS Principal Influence In Trading Was Northern Securities Situation.
 Three Days Holiday
 Also Has Effect.
MANY STOP LOSS ORDERS

New York, April 20-The cloud of sus- picion and distrust which has been gath ering over the stock marKet during the whole of the week, broke today with some violence. The decline was contested in the early stages but it gathered force as 1t was extended. The quick exhaustion of the buying demand on the occasional rallies was a sufficient evidence to the professional trades. The speculative posi- tion was still vulnerable.
 They returned to the attack accordingly again. and on each successive slump the weight of offering dislodged was greater The market proved to be honeycompeu with stop-loss orders, which have been greatly increased as the confidence in the stability of the market was impaired. The amount of the decline was sufficient also to wipe out some of the margins of the more substantial class, and in all cases of speculative holdings to impair the margin to such an extent as to lead to very general call for additional col lateral.
 fhe principal influence in the trading particularly was the Northern securities situation, and the great skepticism which ltas been aroused regarding the swarm of rumors centering around the dissolu- tion of the company. and the plans which were expected to grow out of it.. The announcement made during the ses- sion that the $l55,O00.000 of Northern Pa cific stock would be admitted to be traded in the stock exchange in the unlisted department on Monday next, was regard ed as a danger to the speculative posi- f,, hof ufr nd in he nrth hnr n securities owing to the free market that will be thus afforded for the stock. North ern securities on the curb fell to the low level of Tuesdays break, and 1t will be observed that the trans-continental stocks and those connected with them in the deal-rumors, were the principal suHerers on the stock exchange.
 The determination of operators to get out of their holdings was accentuated by the three-day holiday to be faced, practically all the important exchanges of the world being closed until next week with the possibility of important political and military events greater than under ordinary circumstances.
 The diplomatic exchange in progress between Japan and France on the ques- ton of neutrality between Germany and France over conditions in Morocco and the increasing chance of a naval encount- CT in the east, were warning influences 'NON'~ transfer at Albany was offered as pro- fessed reason by many of the traders for their selling of stocks on the ground that their operations would be greatly hampered and restricted by this law. which does not go into effect. however, until June The embittered controversy fin the Equitable Life Assurance society was feared for it's disturbing effect on confidence in financial conditions at large. The furry in call money and the slump in the wheat market aggravated the weakness of stocks and opposed an at tempted late rally. The market closed weak at about the lowest.
 Bonds were weak in sympatny lo'ai sales. par value. %.02o0O0.
 The weak tone developed in this week stock market has kept the minds Of the traders busy to conclude whether they were witnessing continuation of long rise in stocks or reaction normal to the progress of a great rise due to the over extension of weak accounts and the de-