Show STOCKS DUMPED RIGHT AND LEFT Break in iii Northern Securities Started the Movement UNION PACIFIC SUSPECTED CLOSE WAS WEAK AND AT THE BOTTOM BOTTO M New York April 18 Speculators long Ions of stocks showed a great deal of trepidation trepidation trepidation dation today which closed a free fre un unloading unloading Unloading loading and rather severe inroad on prices The news of the day da contained nothing to indicate an impairment of actual values but the action of the market itself served to create distrust and uncertainty over oel 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 v break of Northern Securities Securities Securities ties within the first ten minutes of trad trail trading trailing ing ins on the curb market The first few sales sides of the stock were at a fraction higher than last jast night up to but iUt after that there seemed ab absolutely absolutely absolutely no demand and the price was offered down precipitately 16 points without finding linding buyers bu ers This new news quickly the floor of the stock exchange and induced a slump in the t price of Union Pacific and St Paul The quick recovery recover of 10 or 12 points in Northern Securities was reported al at almost almost most immediately The Time feverish action adion left sentiment very much unsettled and andin andin andin in the absence of actual news to ex cx explain plain the break there then was a disposition to attribute it to the practical operating operatIng ing lug difficulties in the curb market where facilities s are restricted both hoth in the mat matter I tem leI of supply and of the conveniences of the tile buying bu thus leaving the market narrow and unrepresentative for any an stock stok of such an enormous volume as of the Northern Securities com corn company compan patty pany pan But the volume of the offerings of the related stocks on the time exchange deprived this explanation of its force There more plausibility in the contention that on the eve of the surrender of Northern Securities share certificates to be exchanged for Northern Pacific and Great Northern stock there devel developed developed developed a certain apprehension that with the return to the market marlet of a great floating supply of these constituent stocks it would be found difficult to keep up their prices to a level to which they have haye recently sold The in inthe inthe inthe the Northern Securities company compan has left the actual floating supply of Great Northern and Northern Pacific very small making it easy to mark up the time price to figures more than double those prevailing before the formation of the securities company compan The reports cur current current current rent to account for these prices and which have been entirely without sanc sane sanction sanction tion tio of official authority have all ull indi indicated indicated financial readjustment rather than any actual change in the equities of the companies The supposed plan to incorporate Great iron holdings Into a separate company com ny is an example The market position of Union Pacific also has been the subject of growing sus sue suspicion suspicion The enormous borrowing de demand demand mand for this title stock which has attract attracted ed fd marked attention has been generally generall r attributed to the desire for its use for proxies at the meeting to authorize the preferred stock Increase Th books are to close for this meeting to tomorrow tomorrow morrow morro and there seemed a sudden re realization realization that this might mean a a to the th market mark t of a very large amount of this borrowed stock st k There was some dread entertained even that this earn enor enormous borrowing of stock might represent repreSEnt represent sent liquidating sales by Insiders who I I were borrowing for delivery deliver to disguise the source of the selling In fact there thereas was as a very general disposition to t sus sue suspect suspect poet the speculative conditions of the market as a whole Pools which have haye operated in various stocks unloaded to toa toI toa a large extent The supposition that there was Wa retrenchment by b selling In I the stock market mark t against the necessities of the wheat deal also continued in force The weather bureaus weekly w eklY crop report relieved some apprehension of damage mage from cold weather Money loney continued easy A survey of the days da 5 net changes chang s however reveals a more decided setback in I prices than has oc occurred occurred occurred In many weeks The closing tons was wan the weakest of the day and prices were at about the lowest Bonds were Irregular Total sales par value United States bonds were all unchanged on call |