The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-05-04
STOCK FOOTINGS
:. PROVE SLIPPERY
MORNING TRADING SHOWS j
GENERAL DECLINE.
Transcontinental Selling Is One of the
Factors Causing Slump Northwest
ern Group of Roads Suffer-At Noon
Practically Whole List Was Off a
Point or More.

New York. May 4.--The stock market opened
nervous and irregular in tone, but with the
of stocks lower. Consolidated Gas
broke 5 points, Tennessee Coal 2ss, st. Paul u
preferred declined about point. Peoples Gas,
Colorado Fuel, Rubber Goods and United States
Steel preferred showed losses of large frac-
ton New York Central and Atchson were
the conspicuous examples of gains, the former
rising a point and the latter a large fraction.
Union Pacific opened up ss, but ran off imme-
diately to below last night.
drop to 99as by United States Steel pre-
ferred and a reaction to one point below yes
terday in New York Central accumulated
early selling movement. High-priced stocks de-
elined with some precipitancy. Consolidated Gas
losing 514, Northwestern 6, Atlantic Coast
Line and Locomotive 2A. Sentiment was
disturbed by the persistent selling Of the trans
continental group and the apparent absence of
support to other leaders Considerable Union
Pacific changed hands between 1917 and 11S3s,
and the stock was alternately ruling above and
below yesterdays closing. The pressure against
the market abated somewhat around 1890
o'clock, and prices rallied moderately on an ad-
vance in Reading. That stock rebounded to
93A. ST. Paul and New York Central hardened
IL. Consolidated Gas 2A and Atlantic Coast
Line 3 points. The market was showing gen.
eral weakness again at II o'clock, and num-
Der Of the standard stocks were quoted at the
lowest Atchison fell IL.
There were some wide declines in active
stocks which had disturbing effect on senti-
ment, and prices crumbled all around under
moderate offerings. The northwestern and south
western Pacific and Vanderbilt railroad stocks
went to the low prices of Monday and Sat
urday. North Western broke II points, with
more evidence Of support Great Northern pre-
ferred, Northern Pacific and Chicago st Paul, Min
neapolis & Omaha lost to 8 and New York
Central, st. Paul, Atchison, Wabash preferred,
Chicago Alton, Wheeling & Lake Erie second
preferred, Louisville & Nashville, Delaware &
Hudson, Lackawanna and Kansas & Texas pre-
ferred 2 to 8. Brooklyn Union Gas lost 10.
Tennessee Coal u. SlossS Sheffield Steel 4, United
States Reduction 31a and Beet Sugar, American
Sugar, Pacific Mail, Car, Pullman Republic
Steel preferred, Smelling, Allis-Chalmers pre-
ferred and United States Rubber preferred 2 to
3. The list Of one-point losses over en-
braced practically the whole list. The market
was steadier at noon. Bonds were easy at noon
The effort to maintain the market on the noon
| rally proved futile and a considerably lower
| range of prices established in of the
leaders before 1 o'clock. The pressure focused
on stocks which would have a sentimental effect
on the general speculation such as st. Paul
Union Pacific, New York Central and United
States Steel preferred. st. Paul sold at 1854
| New York Central 1881, Union Pacific 116A ant
| United States Steel preferred $685.. AmalgamaF
ed Copper was let go in large amounts, and the
offerings Of some Of the coalers were more
extensive. Reading sold at 91h compared witt
! its earlier top price Of 93A, and Erie secont
preferred loss reached 2B. American EXPIRES!
| advanced s. 80 .-.
The rally led to great dullness in the trading
and only held for a short time, liquidation
| De1ng renewed IN force. frlceS Oh all tne leau
ers got lower than before, but the excess owe
| the previous declines amounted to only small
| fractions and the market became quiet ant
| somewhat steadier before 2 O'Clock.
! A rush of shorts to cover in CONSOLIDATED
Gas drove the price violently upwards to 6A
over last night The rally in sympathy wa
general and to ~ or 2 in some Of tn
| speculative leaders. In the final fifteen min
| utes prices melted away again to the loves
| of the day. Lackawanna dropped IN, Al1s
Chalmers preferred 5 and some other specialize
upwards Of points. There were some Sigh
! recoyeries, but the closing was unsettled.
Closing Quotations reported for The Journal b
! Watson & Co.. Chamber Of Commerce., Mime
| aDOlis ~ Closing figures are bid. =