The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-12-18
BANK FAILURES
CAUSE. A SLUMP
NEWS FROM CHICAGO SETS WALL
STREET PRICES BACK.
Opening Is Down with Prices Tumbling
Western Railroads EARLY Sufferers
Amalgamated Copper Falls OFF
Rapidly, but Makes a Quick Recov-
cry Of Almost Entire Loss.

. New York, Dec: 1s.-With the news Of the
Chicago bank insolvencies to face, prices in the
stock market broke violently all thru the list,
the wide opening declines being rapidly extended:
First sales of Union Pacific of $4,000
shares at 142M and 141a compared with 1443s
on Saturday; St Paul and Smelling lost
Kansas City Southern 2ss, Lead 2X, Colorado
Fuel 2, Peoples Gas TX, Sugar *, Missouri
Pacific la, United States Steel preferred ~,
Aansas q Texas and Canadian Pacific IN and
generally turnout the list from large fraction
to a point. The market showed evidence of sup
porting orders within few minutes, but was
very feverish and unsettled.
w lille the prominent market interests were
oendlng their efforts to support the usually act
I've leaders, there was constant flow OF second
grade and minor stocks which made the market
process difficult In fact there were some stan
dard stocks that showed but slight recoveries
Eventually the market overeame in large part
the semidemoralized conditions that were prev
alent earlier, and rallies of point more
were common. Amalgamated Copper, which for
instance had sold at the opening from 100 down
ing, rallied to 991s. ~ 80 f.5Eg aE
t. When the support Of the market had eliminated
the panicky spirit and afforded basis for SELL
ing,' liquidation was renewed in more orderly,
but even more comprehensive manner. Except
where the first breaks had been very violent,
prices fell back to the previous low level or
lower and there was large number Of addi-
Tennessee Coal 51a and Sloss-She5field Steel g.
Bonds were heavy at noon y .-"
The free liquidation of the morning seemed
to- have cleaned up the urgent selling, and
prices We're permitted to retrace themselves
without encountering any active opposition Raj
lies were not by any means SO extensive or 50
general as in the forenoon, market interests
preferring to induce degree Of steadiness and
confidence rather than spectacular advances.
" Losses Made Up. .
I comparison OF prices later In the day with
| those, at the close Saturday showed that much
| of the earlier losses had been made up and sew
! eral stocks advanced above last weeks closing
The recovery was gradual and diversified. none
| OF the consptcuously weak stocks meeting any
pressure as prices advanced Tennessee Coal
after establishing decline Of points, changed
front and moved up T. - -, !
7safr~ Closing Was Strong. f..
general recovery was supplemented by
| demonstrations In special stocks. United States
Realty was marked up ~, with reaction 0,
8. American Beet Sugar rose over last weak
Tennessee Coal 5, Great Northern preferred AZ
Colorado Fuel 8a. Metropolitan Securities Z
| Metropolitan Street Railway and Northern Pacific
IN and New York Central i. The closing wal
active and strong, with no important losses re
manning ..ft g. -. r.. -" =:
Stock quotations reported for The Journal b
| Watson g. Co., brokers. Chamber Of Commerce
Minneapolis. Closing figures are bid.