The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-28
.lOCKS DUMPED
And PRICES FALL
EXTENSIVE OFFERINGS FORCE
DECLINE IN WALL STREET.
ill Stocks Lead In Railroad Tumble,
Northern Pacific Losing 9s4 and
Great Northern Preferred Extending
811a-Demand for Call Loans Caused
!, Belief that Speculative Pools Are
Liquidating.

New York, Feb. 28-Opening dealings IN the
stock market today made irregular changes from
nst nights prices on moderate volume Of trans
actions Stocks which led the decline yesterday
we're supported and showed some sharp advances.
North Western rose 2, Great Northern preferre,
L ", Metropolitan Street Railway "A and Con-
solidated Gas and Reading r.. Stocks In the
International list We're inclined to yield. There
was Gecline of II In Colorado & Southern.
Traders We're not impressed with the character
eo the at the opening and Sofrsred
was lnomentary rally, but prices gave way
again under increased offerings to still lower
level. The stocks OF local corporations and the
metal companies were the weakest among the
speclalties, while the Hill stocks, st. Paul and
list.
A rise Of 3 points in Third Avenue was all
isolated instance Of strength. National Lead
yielded 3h Northern Pacific 3, Consolidated Gas
rs, Great Northern preferred ~ Illinois Cen
trail and Wabash preferred IN and Union Pa
clhc st. Paul, Erie second preferred, Anal
gamated Copper, Smelling Metropolitan Street
tral Leather point
STOCKS continued to come on the market In
large volume and with evidence Of urgency Ac-
tive demand for call loans caused belief that
some OF the speculative pools were HQudating
stocks Declines ran to the ne1ghborhood of
point in long list of stocks.
metropolitan Street Railway was supported
ana recovered again to 6h over last night.
to on, Northern Pacific 6, Anaconda H. Anal
g ssnna Copper 2% Union Pacific. Wabash pre-
lantic Coast Line, Denver & Rio Grande, Eric
second preferred and Manhattan 2, New York
Central, Pressed Steel Car and Locomotive 1&
sloss- Sheffield Steel 1% and North-W estern and
Republic Steel preferred IL. The market was
active and weak at noon. Bonds We're heavy.
There was violent liquidation in the market
during the noon hour, forced by the calling Of
loans and by the unloading Of speculative pools
Professional operators added their pressure to the
market the short side and heavy declines re-
suited all thru the list 40 s. TIL.
Some OF the more notable losses were North
ern Pacific oa5,= Great Northern preferred S1:,
United States Express 8, Anaconda ~ Lead
~, Illinois Central and Smelling 4, St. Paul,
| the Minneapolis, St. Paul & Sault Ste. Marie
stocks. Amalgamated Copper, Locomotive and
Sloss- Sheffield Steel 8, Republic Steel preferred
Norfolk Western az, New York Central 2es
Pressed Steel Car 212 and active stocks generally
thruout the list between 1 and points.
! The easy vuinerabilty Of the market made the
bear operators very bold in offering prices down.
The W1ping out of margins and uncovering OF
stop-loss orders accelerated the declines, which
were widely extended beyond previous figures,
followed by some violent rebounds Northern
Pacific fell an extreme IL points, with a rally
! OF ~; Great Northern preferred II, with rally
| OF o; Anaconda II ~, with rally of 61h and
Lead 10 with rally Of 3. Other violent de-
clines were Smelling preferred, Illinois Central
o, S!oss Sheffield Steel Az, Pressed Steel Car
! 5h, Delaware Hudson and Locomotive 81 and
Union Pacific, Denver & Rio Grande, Atlantic
Car and Colorado Fuel ~ There We're Various
rallies, running to appoint or more, but nrices
gave way again and sold to the lowest in some
cases within few minutes R5I =
~, Stock quotations reported for The Journal by
WATSON q Co.. brokers. Chamber of Commerce.
i..lneapoA1s. closing prices are bid. So