The daily morning journal and courier., 1905-04-19
STOCK MARKET FEATURES
WEAKNESS DEVELOPED ALL
 ALONG THE LINE.

Northern Securities Big Break Starts Ball ROIIing-AH the 'DeaI" Stocks DecIined-U. F., st. F. and I. C. Broke ViOIentiy-LOndon SOId-The Crops
 Less Deal TaIk-U. s. Steel Stock
 Talk.
 Stocks developed severe weakness yesterday. the chief sick ones being those bought of late eagerly on the idea that ideals" were impending. such as Union Pacific, St. Paul and Illinois Central. Liquidation outside of the northwest stocks was not particularly heavy, with the exception of New York Central, which is off 1 points from its recent ''high.'' The big break of 15 points in Northern Securities was the signal for the listed stocks to ''get busy with falling tendency. Prices in many eases fell away easily. Alto gether the market showed that it was not all one-sided, and that stocks can go off as well as go up. The stock sold at 1S1 at the opening, compared with 1S05s as the closing price Monday night. It then appeared that there was no sup- port for the stock and sellers offered it down to 165 before meeting effective buying. A rally of over 10 points fol- ! lowed. -.... .= | The New York Evening Post remarks as to the drop in prices: But it was not the question of crops that affected the Wall street mind to-day; it was its discovery of the fools paradise in which spectators have for some time been living as regards the Northern Securi- l ties affair. That interesting stock broke 16 points at the very opening of Ito-day's business Considering that the stock had advanced 23 points in the preceding week, and had reached q fig ure 50 points above it's price when the Injunction suit was dimissed in Jam uary, this decline of to-day might be
 classed with the proverbial healthy re- I actions
 The weekly crop report, given in an other column, confirms the impression ! that some have entertained that the ex-
 ceptionally low temperatures in many
 states have done much havoc and the ] full extent of the damage is not cover \ ed in the report, as it occurred too late
 to be recorded for the week.
 The arbitrage houses sold 2O,O0(
 shares on balance. The foreign market
 was unsettled from it's own technical conditions and the prospect of q maya
 battle, but became very weak when the
 break in Northern Securities and Union I Pacific here was reported.
 1 There is strong belief that a further
 conversion of Steel preferred stock into
 5 per cent bonds will occur. The com. mon stock is being advanced on this be lief. a
 T While the traders knew the public's
 holdings of Union Pacific were large
 they were surprised by the large mum.
 Der of stop-loss orders uncovered at 1S; and 132. Nearly every commission house
 had stock for sale at these figures, Sup.
 porting orders came in such volume then that many of the bear traders GOV
 cred. Between l3f and 132 inside brok. CTS took the stock in very large quanti. ! ties.
 \ There was further proof yesterday \ that the principal speculative pool was
 trying to get outtof it's stocks. This was manifest in Northern Securities
 Union Pacific and New York Central the three chief issues which the poo had been instrumental in putting up. !. It was figured but yesterday, wher : Steel preferred was selling within
 fraction of 105, that the employees of thu Steel corporation, numbering about
 100000, who had taken advantage of tn, !, three offers to subscribe to preferred
 had an average profit of $30 a share
 amounting, in the aggregate, on tht stock taken up to over $3,000,000. 1, The commission houses reported tha
 the reaction had chilled sentiment ; There was considerable uneasiness aris ing from the talk that something ol . other of an adverse character nigh , happen in connection with the winding , up of the Northern Securities company r The running up of Colorado Fuel ant I Amalgamated Copper was popularly re garded as intended to help sell othel stocks. s..==s3
 c Considerable "inside buying" il , Amalgamated was reported. Flower S f Co. took over 10000 shares and othe
 prominent houses .'absorbed" 1t freely :, Traders fought shy of selling Cope
 short. #g Atlantic Coast Line rose above 160Nbe
 fore the market broke and Louisyill
 was strong. Reports of stock bonu
 are in circulation to explain the ad
 vance in the former.
 General heaviness prevailed abroad London showed renewed nervousness