The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-19
NEW STOCK ISSUE
BY NORTH. WESTERN
ANNOUNCEMENT SENDS TRANS
CONTINENTAL STOCKS HIGHER
Wall Street Trading Marked on Open
ing by Sharp Recoveries from the
Depression Of Saturday Interest in
Reading and Copper Stocks.

New York, Feb. 1e.-Opening prices in the
stock market today showed sharp recoveries from
the depression of Saturdays closing. The re-
cent speculative fayorites led the rally Smelling
and Great Northern preferred rebounded about
2, Denver & Rio Grande and Sugar 13s, Union
Pacific, Reading and Northern Pacific about
point and Southern Pacific, Canadian Pacific and
American Car large fractions. There were
few scattered losses, including United States
Steel preferred for a small fraction, Sloss Shelf
held Steel point and Rock Island preferred ".
at the high opening and these offerings coupled
with realizing and some bear pressure forced the
list down sharply. Initial advances reached a
point or more but were wiped out and number
OF stocks sold materially below last weeks clos
Ing. Central of New Jersey slumped 10 points.
Cotton Oil, Long Island, and Baltimore g. Ohio
preferred gave way 2, and Northern Pacific,
Amalgamated Copper, United States Steel prefer
red, Republic Steel Colorado Fuel, Sloss-Shef-
field Steel. Locomotive and Brooklyn Transit 1 to
Us. Pressure ceased about as abruptly as it
commenced and there was rapid recovery, WHICH
brought the level of prices back to where they
began. Northern Pacific gained 8 and New York
Central Atchison, Smelling preferred, General
Electric Lead, Ice and Distillers securities l. The
market became quiet on the rise.
Prices were advanced further, but with the
effect of diminishing the demand and the tone
became dull and heavy. Great Northern prefer
red was carried up in ALL Northern Pacific 4,
North Western 3. Denver & Rio Grande rs,
Anaconda w. Smelling >2as, the preferred In
; the Chicago Union Traction stocks 2, Reading
"a, ohAou dcluc L r. anu chesapeake q OnlO
Wabash preferred and Kansas City Southern pre-
ferred 1. Bonds were heavy at noon.
Some stocks made slight additions to their ad
vances of the morning, but the general list was
quiet and practically unchanged. Amalgamated
Copper and Erie improved a point EACH
The directors of the North Western today au
| thorized the issue of additional common stock t
the amount Of $16,267 400, which amounts to q
per cent of the total preferred and common stool
now outstanding. The new stock will be Of
! fered at par to stockholders Of record April 2
next.
! All the transcontinental stocks were freel!
bought at higher prices when the announcement
| came out Of North Westerns stock subscription
| privilege. Very little interest was taken in tn
| rest Of the market outside of Reading and thu
| copper stocks. Southern Pacific, st. Paul ant
Ontario & Western moved up l, Union PACIFIC
New York Central and American Wooden
| North Western and Northern Pacific g. Grea
Northern preferred and Anaconda liz.
Cars inspected Out--No l durlm wheat 3
No. d dar1m wheat wheat q No. 4 aurum wheat g
No. sto northern ot Wheat 1s; No. wheat, II; re
jected wheat, 20; no grade wheat, i; No
corn =; no grade corn L.: No 8 white oats
2O;, No. white oats. 81 No. 8 oats, /; No
barley, 4; No. feed barley, 10; No. 2 rye, z
No S+d,, northwestern fax IL; No. / FAX, 10.
watson y Co., brokers, Chamber of Commerce,
Minneapolis. Closing prices are bid