Show BEARS HAVE HAVETHE THE I I BULLS ON THE RUN I II Stock Market arket Unable to Hold Up Tip Under Und Attack I FLOOD OF SELLING SELLI NG ORDERS I WEAK CLOSE AT ABOUT THE I I LOWEST PRICES I Il 7 1 New York April 20 The Thc cloud of sun sus suspicion and distrust which has hung been gath gathering critic ering over oer tf stock market during durin the tle whole of the week broke today with some violence The fhe decline was contested in Ia I early arly stages but gathered force r as it ItI itI I was extended The rho exhaustion of I the buying demand demard on the occasional rallies ram tras tas 85 a sufficient evidence to lo the I professional I trader that the th speculative position was still vulnerable They re i l turned 1101 S to the au attack ck accordingly again I 1 I and anu again and on each successive lve slump i the weight of the offerings dislodged was 6 greater 01 ten tente I The te market proved to be bl honeycombed with sto loss orders which have been greatly atly increased as s the confidence in the stability of the market was impaired I The me amount mount of the decline was sufficient I to wipe out some of the margins of the themore themore themore more substantial sub classes and in all classes of ot t holdings to impair the i margin 1 to such uch i an extent as io o lead to a avery very general I call lr for 0 additional I collateral t a I The principal influence in tie fie trading probably was the tho Northern Securities situation situa and amid the great t skepticism which I has been aroused regarding the tIme swarm ot or rumors centering about the time dissolution of the th company and the plans which were expected to grow row out of it The announce I I J ment IL ma made le during durin the tho session that thal the time 1 1 of Northern Pacific stock I would be admitted to be traded tru d In on the stock Exha in the unlisted depart department df url I ment on Monday next was as regarded as a c a aI fr to th Ih I he speculative position in that I sto stock k and in tIme the th Northern Securities ow lug niK in to tn the th free f l market that thal will be af a forded for Jor tub the th stock Northern Securities S on the curb curl fell to the low level veI of Tuesdays br break brak ak and amid it will be observed that the transcontinental stocks and those connected with them in inthe inthe inthe the deal rumors were the principal suffer sufferers ers ore in the stock exchange The determination tion of operators to lo get out of their hold ings iJ s was accentuated by the holiday holi ay to be faced practically all alt the important exchanges of the world being closed until next week with wilh the possibility of events greater than under ordinary circumstances The diplomatic c exchange in progress s be between between between I tween Japan and France on the question of neutrality ne between Germany and FrancE Prance over Conditions in Morocco and the Increasing ln chance of a H naval en encounter enCounter I counter in the tho east ea t were warning in influences InI s in lii this thi field fI ld The signing of the stock transfer tax at Albany was offered I as a d reason by hy many of the tilt traders for f r their selling elling of stocks on the round ground that their operations would be b 1 greatly hampered and restricted by this law which does not go KO into effect how however however however ever until June The embittered con controversy controversy rs in the tIme Equitable Life Assurance society ie y was feared for its disturbing ef of effect f feet on confidence in financial conditions at large The flurry in call money and the slump in the wheat wh at market aggra aggravated aggravated aggravated the weakness we kness of stocks and opposed ed edI sit ait alternated late rally The market mark t closed weak at about the lowest I Bonds were weak ts sk in h sympathy Total sales par var value |