The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-05-20
EARLY ADVANCE
IS WIPED OUT
OPENING TODAY MARKED BY A
SHARP RISE.
Metal and Railroad Equipment Stocks
Show Most Strength-Liquidatio
Following the Bank Statement Can
cells Gains-The Week Marked by
Liquidation Movement.

New York, May 2O.-Some efforts were made
to lift prices the Stock Exchange early in
the week, but liquidation developed account
of anxiety over the future of the iron and steel
trade.
The discussion Of the determination of the ad-
ministration to purchase Panama canal sup
plies in cheaper markets abroad aroused fear
that the whole subject of tariff revision was to
be opened. Confidence in the working out OF
plans for harmony in the northwestern railroad
field was impaired by the dropping Of the Harri-
man representatives from the Northern Pacific
directorate. Unfavorabe crop weather also con-
tributed 20 the depression and political uneasi-
ness abroad induced some selling here for that
| account The money market was undisturbed
by some large transactions.
| The holiday in London today relieved the stock
| market from the recent pressure to liquidate
from that source and prices rebounded sharply
There were running sales of 5000 shares Of
United States Steel at an extreme gain of a
| point and gains reached about point in St.
Paul, Baltimore Ohio, General Electric, New
| York Central and Locomotive preferred and a
| large fraction in Union Pacific, Chesapeake &
| Ohio, Locomotive and United States Steel pre-
| ferred
| Quite a number Of substantial advances were
made relatively small purchases before the
rise reached a level that induced realizing. The
most strength shown by the metal and the
railway equipment stocks. Union Pacific got
| close to 119. Top prices showed advances rang.
| ing to about a point for United States Steel
preferred, Amalgamated Copper, Colorado Fuel
Lead, Locomotive, American Car, Louisville s
| NASHVILLE, ontario a. W eSleru, CIePeldnu, u y
& st. Louis and Chesapeake & Ohio. Gains were
completely wiped out by movement to real
ize near II O'Clock and most of the standard
| railroad stocks sold fractionally under last
night. Reading off rapidly to 50; Hi
nois Central and sloss.Sheffield declined H., and
Delaware & Hudson, Minneapolis, st. Paul
Sault Ste. Marie and international Pump, TX
to "a. Northern Pacific dropped 3.
| Free and general liquidation, which wal
checked only momentarily, renewed after
the appearance with the bank statement will
it's heavy expansion and deep cut into the sur
plus reserve. There only few notable
| exceptions to losses of result
| Northern Pacific dropped 4, st. Paul, Minneapo
lis, st. Paul & Sault Ste. Marie, United States
Rubber preferred and Smelling, 21a to 3
North Western, Great Northern preferred, Hi
nois Central and General Electric. 2; Union Pa
ciflc, New York Central, Canadian Pacific, At
lantic Coast, Reading, Ontario s. Western ant
Amalgamated Copper, IA Westinghouse Elec
trio, point; United States Steel sold under &c
The proft-taking by shorts made no appreciate
rally and the closing was weak.
Closing quotations reported for The Journal b
Watson & Co., Chamber of Commerce, Mime
| epOlis Closing figures are bid,