The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-04-20
UNLOADING IS A
BLOW TlPRICES
REACTS FROM YEsTER-
DAYS "BUYING FOR SUPPORT"
Stocks that Figured Prominently in the
Effort to Hold Up Market Before
the Close Yesterday, Today Lose from
Fraction to Several Points.

New York, April 2o.-The opening dealings
showed some pressure Of long stock and cons I'D!
cradle declines resulted. Atlantic Coast Line
dropped points, New York Central IN, st.
Paul, Atchson and Tennessee Coal about a point,
and Union Pacific, Southern Pacific, Pennsyl-
vania, Amalgamated Copper and Smelling large
fractions, Peoples Gas rose ".
Stocks which were bought late yesterday to
support the market and figured prominently in
the closing strength We're unloaded freely today.
This was notably manifest in the southern trans
continental and coal stocks That little inquiry
existed for st. Paul was evidenced by sale of
100 shares at 1872, with the preceding sale a
point higher The low prices of the first hour
~ in Tennessee Coal, New York Central and
Union Pacific, and in st. Paul. TX in Illinois
Central and l to III in Louisville & Nashville,
Ohio, Delaware & Hudson, Erie, Rock Island
preferred United States steel preferred, Anal
gamated Copper, Brooklyn Transit and some
others. Louisville & Nashville was marked up
suddenly from 145A to 14S%, and Atlantic
Coast Line from 1881 to 1919. St. Paul raj
lied to 1885, but the effect elsewhere was only
momentary and prices fell back to the lowest.
Stocks were unloaded in great volume in all
directions, with occasional few feverish rallies
on bear profit taking. Amalgamated Copper
with an intervening rally of point, fell nearly
s1a, with blocks of 1000 to 1000 shares COM
ing out. New York Central lost 81 and St.
Paul 3s. Tennessee Coal fell 384. sloss Sheffield
Steel 8, Colorado 12r Fuel ~ and United States
hohecA IA. SculFalb lOSS WIS Zt2, -NOfll
Western ,3B, Delaware & Hudson 2A, while
declines of to 2 were almost universal. Chi
easo. St. Paul, Minneapolis & Omaha dropped 4.
Northern Securities on the curb sold off over
points. There were some ftful rallies again
before noon Bonds became easy in sympathy
with the break In stocks. r.
Prices melted away again in threatening
manner to about the lowest when call money
furried: There was strong resistance which
rallied st. Paul to above 1S1 and lifted Louis
Vile & Nashville to 49, Enormous blocks came
out again and prices went down. st. Paul, New
York Central and Amalgamated' Copper broke
thru their previous low levels, st. Paul losing
5R, New York Central 81, Union Pacific {
and Amalgamated Copper As. The closing was
exceedingly active and weak. >.[
Prices sagged again after a dull and steady
interval, but did not get lower than before. The
| resistance shown induced some covering BY
| shorts and more effective rally followed. st
Paul and Atlantic Coast Line recovered 2, Uniol
! Pacific and Amalgamat ted Copper TX and quite
| number OF others, a point. The market showed
some softness again before O'Clock.
| The apparent paralysis Of the demand made
the bears bold and their attack dislodged enor
| nous stop-loss orders. Prices crumb1ed, rapidly
and holders became alarmed and threw over .the
| stocks. The break In st. Paul reached 51k
Union Pacific 41s, New York Central 49s, Metro
politan Securities Az, Smelling, Colorado Fue
| and Colorado Coal & Iron 4. Amalgamated Cop
! per, Chesapeake & Ohio, Norfolk & Western ant
Reading were among those losing between 3 an(
points. There were rallies again, running to
| point before the hour expired 49,. ~
Watson & Co., brokers, Chamber of Commerce
Minneapolis. Closing figures are bid