Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1906-05-10
BOTTOM FALLS
OUT OF MARKET
Further Smashing OF Prices In
dIcates Liquidation Of Inn
portant Character.
e., M. ANO ST. P. WEAxE
6upport From This and Other Actives
Stocks Shows EHect-Many Stocks
Decline-RaIIy After Noon
Is Brief.

- ' 49,
smashed at the opening OF the stoc,
tinuance of the heavy selling whicl
began yesterday afternoon.
The rush TO dispose OF securitic
seemed TO indicate liquidation OF al
important character was under way
and speculative holders OF stocks gen
orally became alarmed and made Il pre-,
cipitatc scramble to get OUT of III,
market this morning.
The forced selling was cause by The
calls for additional margins over nigh
from brokers, to which responses this
morning We're lacking or unsatisfac-
tory. and congestcd selling orders re-
suited.
Stocks That Broke Heavily.
anaconda broke IA points. Pullman
~. Northern Pacific 8, Manhattan 4:
Union Pacific, l.. S. Steel. Colorado
Fuel. Great Northern preferred. Read
ing. Illinois Central, Smelling. Della
ware and Hudson. Locomotive. Lead,
Pressed Steel. Minneapolis, St. Paul
;Sld Sauit Ste. Marie and many others
= to 3 points.
AT the stock exchange it was be-
licved the opening break represented
further liquidation by certain large OPP
orators who We're caught in last weeks
slump. This together with short sell
VIZ nv bIOIIlItltIll Etlil siIJStIICt
If support by big banking interests.
especially in such stocks as Steel.
Amalgamated Copper. Milwaukee" and
ST. Paul and other active issues. ac-
tolerated the decline.
Up and Down Again.
Toward IL o'clock the market rallied
sharply and some shares sold above
last nights prices.
The early rate for call none was s
per cent.
The market rallied shortly after noon
and there was substantial %ecovery in
the stock list. Before / o'clock. how
ever. it started down. the gains being
lost.
There We're occasional rebounds in
prices but periodical outbursts of
liquidation were constantly renewed up
10 the middle of the afternoon with new
low levels for prices. Anaconda showed
A loss of twenty points at low level.
The market reflected the benefit of The
relief afforded by the days enormous
liquidation. There We're considerable
recoNcries later i'm the day ard the mar
Set closed active but unsteady.
Decline in c., M. & st. p.
masmuch as the decline extended
arnong other high priced stocks, it ma
be that there was no special siGniti-
Milwaukee and st. Paul. Even IL
liquidation for the account of fire in
surance companies was i factor i'll the
market. that explanation of the move
ment would nave as much to do with
other securities of similar rank.
Many persons will doubt. and with
good reason. that liquidation for insu,-
;tilce companies has been more than
an accompanying circumstance to the
decline in the general market. With
reference to Milwaukee and ST. Paul
specially it is to be remarked that
gossip of late has been very busy with
the western extension of the system
and with the probable financing of the
new construction. and this matter has
undoubtedly influenced some OF the
transactions in the stock.
The system is the one great granger
left that is still distinctly a railroad
md in no sense a holding company.
h Milwaukee and st. Paul manage
'nent is distinctive in every detail of
its control of the property. The in
dependence of the road was shown In
1901, when the management refused to
sell to the syndicate, which afterward
took II g Burlington instead and made
he Northern Securities combination.
The we'll known policy of the road to
retain and advance its own employees
instead of drawing from other systems
Is illustrative of this Independent prac-
tice. The same method governs the |
company in it's erection of plants for
tn" construction of it's own locomotives
'A'' w diiu liz luCt tiEtt the tDll-
rany controls its own sleeping cars is
equally significant. /
Reason for Pacific Coast Project.
No .ailroad in the country made more
apid progress in earnings than dill the
Milwaukee and St. Paul five years ago,
'Fhcn. i'm competition With other com
raN!es It's excellence as Il railroad was
prominent. During the last three years /
the growth of the Milwaukee. and ST.
Paul has been less than that of many
of its competitors.
The explanation of this b~arkwarIness
gives at the same tim the reason for
the present extension of the Nilwauka.
md st. Paul to the Pacific. Other ,ail-
roads. which have been behind the Mil
waukee and ST. Paul in business prog
ress. received the full benefit OF mod !
era growth in transcontinentai traffic. i
-'ecause they shared in the harmony"
and community of interests move.
meAt of 1901 and 1902.
The modern progress of the country
has outgrown the former scale of ira ffir
and railroads dominating through
routes have reaped the benefit. Union
t'acific would not be the system it Is did
IT no own the Southern Pacitic. Ye, II
vas as recently as 1901 that control Of
the latter property was bought giving
by means of its Central Pacific lines the
outlet from Salt Lake to San Francisco
In the same year the Northern Pacific
''"u Siedt NOTtHeTn secured through |
connection with Chicago. North ami
south lines were completed SINH, rIv
Blu the great st. Pau system was left
Independent.
%s25.c0o.ooo Increased Stock.
II 1902 the Milwaukee ana ST. paul
management increased the authorized
total of common stock by s.. 0D0 0NO
thus indicating that the advan.1ra of
extending its lines was appropriated
The increase has never yet ben is.
sued. but the plans of the ,re
well known. :he western terrntni of
the road has all along been f..arts ma
c~hainhcrlain on the Missouri: river tho
extension is to be westward To Seaifje
and construction is progressing from
both ends. How is the new work 70 h.
financed? That is the question ,hat
troubles Wall street. ~
a sale of $685. O0. 900 of sock wo,,d
by no means v the whole. transac.
1t is more probable that bonds
will be issued for construction of sec
here and there and that these
bonds will be purchased from the nu-
.erous issuing companies BY the Mil.
waukee and st. Pau! railroad. which
will secure to itself funds FOR this pu,-