The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-05-02
GENERAL DECLINE
IN STOCK MARKET
FLOOD OF STOCKS AT OPENING
CAUSES VIOLENT SLUMP.
Great Excitement Accompanies Trad
ingAfter Liquidation Ceases, Stocks
Take an Upward Bound, but Later,
When Buying Stops, Prices Again
Drop. u 5t6.

New York, May 2.-No attention was paid to
the small rise in Americans in the London mar
lket anu stocks were poured upon the opening
stock market here today from all directions,
causing violent breaks In prices The decline
thruout the list ran from fraction to point
The more violent losses were Anaconda H.
Northern Pacific 8, Colorado Fuel g. Minneapolis,
St Paul & Sault Ste. Marie and Smelling IN,
Soss Sheffield Steel, Great Northern preferred,
Delaware & Hudson and Illinois Central 2 and
St. Paul New York Central, Amalgamated Cop
per and General Electric - to IL. The first
sale OF Union Pacific was Of 800 shares at
142, compared with 142az last night, but this
was Immediately followed by running sales Of
5000 shares all the way from 141& down to
40. The opening sales Of United States Steel
were of 25,000G shares at 3SN to 81 Compared
with 30 last night The trading was accom-
panied with great excitement on the exchange.
mere We're few further disorderly breaks
after the opening, but for the most part the
liquidation seemed to have spent itself in a
spasm and there were violent recoveries. st.
PAU had an encouraging effect on sentiment
V above last night. Northern Pacific rebounded
"A and Anaconda 61a. Extreme declines in
Pullman reached ~ points, Minneapolis, St.
Paul g. Sault Ste. Marie Az and Great North
| ern preferred 31a. Declines of i to points
were made By the majority Of stocks. The de
mand fattened out on the rally before the enc
of the hour; ls,s4s 49, $3.50 .s-a. ,,s Fl.
The bears desisted from, buying as the ad
soISS AZ ph1SCs 1SuuCeu lutlF pEOulS anu Quo
| tations crumbled again. In some stocks vigor
GUS support appeared above previous low level
but in others the pressure broke thru the sup
| port. The new selling came In steady stream
and was less spasnlodic than at first Ana
| conda's slump reached 20 points, Texas {
| Pacific Land Trust 10, Great Northern preferre,
! o, Lackawanna Z, Lead Z, Northern Pacific 10
| Colorado Il Southern b second preferred AZ
Smelling An, Union Pacific and Locomotive
! Railway Steel Spring 5, Louisville & Nashville
1 3H, and Reading, United States Steel pre-
| ferred, Amalgamated Copper, Republic Stee
stocks, American Car and Steel Foundries pre-
| ferred 8. Prices were slipping away RAPIDLY
at noon. Bonds were weak. H.,
| During the noon hour prices rallied from
| to 2 points Great Northern preferred, North
| ern Pacific and Anaconda rebounded "a to 6
| Prices afterward weakened again the IL pc
cent money rate. Before the rally decline
reached were: Great Northern preferred, 10
Westinghouse Electric, ?; Cleveland, Cincinnati
| Chicago & st. Louis, 81; Louisville & Nashville
As; Republic Steel preferred, A; Tennessee
| Coal, 81, and Delaware & Hudson, Interna
tional Pump g. Reading dropped to Az point
| below last night before 1 o'clock.
The rally proceeded to considerable lengtl
and carried st. Paul and Atchison a point owe
Canadian Pacific, Northwestern, ;Amalgamate
Copper, Brooklyn Transit and the Smelling
stocks varying fractions. Reading made anothe
downward plunge to 5A points below last nigh
| and unsettled the rally. Westinghouse Electri
lost II and Toledo. st. Louis & Western pre-
ferred 31a. ri - - -
| Stock quotations reported for The Journal b.
| Watson & Co., brokers, Chamber of Commerce
Minneapolis. Closing prices are bid