The Minneapolis journal., 1906-02-16
MARKET IS WEAK 7
SPITE OF BUYING
TENDENCY DOWNWARD is NOT
STAYED BY PURCHASES. !.
Rally Is Offset by Selling Is
Followed by Shrinkage in the Volume
of Business-Prices Thru Morning
Rise, Only to Fall Back Again.

b & n ! ! Il II = 4
New York, Feb. 16.-Sufficient buying orders
appeared at the opening OF the stock market
TO-DAY to rally some stocks from the depression
In which the market closed last night. At other
points the pressure continued. There We're open
ing gains of IA in Lead and Northern Pacihe.
and point in Reading and Smelling, Colorado
Fuel, Sugar and New York Central were up large
fractions. Denver & Rio Grunde lost h and
Wabash preferred n. - d 1 f.ba.
The bulk of the commissions in the hands OF
the brokers We're purchasing orders, and the
traders, seeing the. direction Of the outside de-
Inand, bid up the favorite stocks for time
and helped the rise along. The advances reached
substantial proportions in several stocks that
We're especially weak yesterday. Great North
! erntpreferred and New York, Chicago St. Louis
gained z, Colorado & Southern first preferred "a
and New York Central Ontario & Western and
Colorado Fuel l. These improvements and sew
eral others Of similar Importance were surren-
dered under renewed large selling at the higher
prices. Colorado Fuel and Tennessee Coal fell
| l, Cleveland, Cincinnati, Chicago st. Louis
IL, National Railroad of Mexico preferred "a
Northern Pacific 2, sloss Sheffield Steel 2% and
Delaware & Hudson 8. Prices fell below last
| night thruout, but the market became quiet. at
a rally at IL o'clock. 5+...>.' -ss, ,-.-
| Union Pacific, St. Paul, Atchison, Missouri
l'ac1fc Canadian Pacific, Brooklyn Transit and
cline was checked. Minneapolis, st. Paul and
Sault Ste Marie preferred lost 25s, United States
i Reduction preferred 3, Anaconda 4 u and Ameri-
can Express s. The slow hardening movement
l
Great Northern preferred rose 4h over last
night, Northern Pacific 2A and North Western
! The volume Of business during the second
!! hour showed material shrinkage from that OF
the hrst hour. Bonds were heavy at noon.
when the list got back to within measurable
distance OF yesterday - closing, prices slipped
| back again and of the coalers and grain
carriers reacted point. Pressed Steel Car sold
l and Northwestern 8 u above yesterdays clos
| 1Eg, while Westinghouse Electric quoted z
4 and Chicago. st. Paul, Minneapolis & Omaha pre-
ferred 5 below. = ~, ..ra{s,9 = ~,
George Davigneaud says: ''The Argentine ship
ments, $780, 900 bu, for the week, II correct, O
nearly SO, indicated large worlds shipments fo
the week. which in turn means increased weak
ness IN foreign markets. This with our liberia
surplus yet. to be exported. leaves the situa
ton somewhat d1scouraging to holders Of wheat
Comparatively speaking, wheat is not high. ant
sufficient amount Of wheat off the market dur
ing the next five or siS months to offset th
effect of the. idea of the exportable surplus, ant
In turn cause prices to be well maintained But
altho. this view appears plausible, it Is purel
theoretical, and It may prove as unreliable a
most Of the theories that have been advance
by the bulls So far this season. What is needle
kEow Is something more tangible, something i
the nature Of actualities such as crop damage
lighter world shipments Or good export sales.
go Irregular Recovery. -.
An irregular recovery set in about the middl
of the afternoon in which some stocks recoy
cred to their earlier top figures above, not
ably Reading, New York Central Smelling
Lead and Colorado Fuel Smelling and Lea
gains reached 2A. #y,1l q =
Stock quotations reported for The Journal b
Watson s. Co., brokers' Chamber of Commerce
Minneapolis. Closing pricessare bid. ~