The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-11-13
MONEY GOES UP;
STOCKS GO DOWN.
HIGH INTEREST RATES HAVE DE.
PRESSING EFFECT ON PRICES.
The Opening Is Weak, and Downward
Tendency Quickly Develops Buying
Orders Fail to Stem Bear Movement
and Nearly ALI Active Stocks Are
Affected Dealings Large.

New York, Nov. 18.-The weak bank return
OF Saturday showed its influence in the opening
dealings in stocks There were free offerings
in London before the opening here were re-
stricted to small fractions Stocks recently
under control of pools suffered the widest de-
s lines. Losses ran to 1s Q17s in Reading.
Smeltlng, Metropolitan Street Railway, Sugar,
American Locomotive and Republic Steel pre-
ferred, and from 1 to Ia in Northern Pacific
Canadian Pacific, Atchison Pennsylvania Ten
nessse Coal and Amalgamated Copper. A large
tional losses in excess Of a. Dealings were on
large scale and widely distributed
:. Enough buying orders came into the marker
veloped again on the advance and depressed a
number OF stocks sharply that had not figured
prominently in the first selling movement. An
enumeration OF the losses of a point would
nence. Particular efforts were made to shake
out stocks in special quarters, notably in
Reading and some Of the metal stocks. Some
OF the chief declines of the first hour were
Hudson 4, Peoria & Eastern and Great North
ern preferred 8, Tennessee Coal 2h and Illinois
Central. Northern Pacific, Brooklyn Transit,
Metropolitan Securities, Sugar, Smelling and
others or more. The rise Of the money rate
above 16 per cent brought fresh LIQUIDATION
at the end Of the hour
With the money rate up to 20 per cent there
was further liquidation and additional declines
ing induced small rallies, but dullness promptly
brought pause in the recovery. Declines
reached were Great Northern and Delaware &
Hudson 3, Northern Pacific, Central Railroad
OF New Jersey and Consolidated Gas or more
Cleveland Cincinnati, Chicago & st. Louis OK
North Western, General Electric and Sloss
Sheffield Steel 3, Wisconsin Central preferred
Pa and Union Pacific, Wheeling & Lake Eric
second preferred and Lead 2. Bonds were weak
at noon. 49,. st..- NO.. -
Early losses were materially extended during
the noon hour At the low point Reading showed
loss Of eb, Northern Pacific 5M, Consolidated
Gas O. Smelling and Lead 3&, Tennessee Goa
;. ana Canadian Pacific, Ontario & Western
Hooking Valley, Westinghouse Electric, Colo
RADIO Fuel 2 to ~. Buying carried the marke
up quite strongly, afterwards Reading recov
er1ng points and Northern Pacific, Canadian
Pacific, Delaware & Hudson, Consolidated Gas
Smelling and Tennessee Coal 1 to IL. Tradins
then became very dull again.
Prices Rally Strongly.
Relief over the cessation Of heavy louidatio,
o 1.-THE forenoon caused q better demand fo
stocks, and prices rallied strongly. New Yorl
Central, Southern Railway Southern PacifI
recovered fully, aud Missouri Pacific, Republi
Steel preferred and Railway Steel Spring sold
| traction over Saturdays close. Tennessee Goa
regalned all but fraction, and a large humble
OF stocks were quoted from 1 to points aboy
lowest. -. . - wv
New York Stock EXCHANGE quotations renortc
! Tor The Journal by Watson & Co., Chamber a
commerce, Minneapolis. Closing quotations ar
| bid prices. ~H''7.