The daily morning journal and courier., 1905-04-19
YEsTERDAY,s. STOCK MARKET
Free Unloading and Rather Severe In-
 roads on Prices.


 New York, April S.-specuiators long of stocks showed great deal of trepi dation to-day which caused a free un- loading and rather severe inroads on prices. The news of the day contained nothing to indicate an impairment of actual values. But the action of the market itself served to create distrust and uncertainty over the many stories of brilliant financial projects which have been the principal motive for the buying of stocks up to the recent high level of prices. The incident having the most direct influence was the sudden and violent break of Northern Securi- ties within the first ten minutes of the trading in the curb market. This news of the day contained nothing to indi- cate an impairment of actual values But the action of the market itself served to create distrust and uncertain ty over the many stories of brilliant financial projects which have been the principal motive for the buying of stocks up to the recent high level of prices. The incident having the most direct influence was the sudden and violent break in Northern Securities within the first ten minutes of the trad ing in the curb market. This news quickly reached the floor of the stock exchange and induced slump in the price of Union Pacific and St. Paul. The quick recovery of ten or twelve points in Northern Securities was re- ported almost immediately. The fever ish action left sentiment very much un- settled and in the absence of actual news to explain the break there was a disposition tosattribute it to the lack of facilities in the curb market of operat- ing in a stock of such an enormous volume as that of the Northern Securi- ties company. But the volume of the offerings of the related stocks on the enchange deprived this explanation of it's force. There was more plausibility in the contention that on the eve of the surrender of Northern Securities share certificates to be exchanged for North ern Pacific and Great Northern stock, there developed a certain apprehension that with the future to the market of great floating supply of these constit- uer1t stocks it would be found difficult to keep up theiH price to the level at which they have recently sold. The market position of Union Pacific also has been the subject of growing sus- picion. The enormous borrowing de- mand for this stock, which has attract ed marked attention, has been general ly attributed to the desire for it's use for proxies at the meeting to authorize the $100,000,000 preferred stock increase. The books closed for this meeting to- morrow and there seemed sudden re- alization that this might mean a release to the market of very large amounts of this borrowed stock. In fact there was a very general disposition to suspect the speculative condition of the market as a whole. Pools which have operated in various stocks unloaded to a large extent. The supposition that there was retrenchment by selling in the stock market against the necessities of the wheat deal also continued in force. Money continued easy. A survey of the days net changes, however, reveals a more decided setback in prices than has occurred in many weeks. The clos ing tone was the weakest of the day and prices were at about the lowest.
 Bonds were irregular. Total sales par value, $3,365,0OO -
 United States bonds were all un- changed on call. ..