The Minneapolis journal., 1906-07-12
SHORTS. FAIL TO
HOLD UP PRICES
THEY ABANDON BUYING WHEN
TEEY SEE IT'S FUTuITY.
Rallies in the Days Trading Are Feeble
and Brief - Great Northern and
Northern Pacific Among the Con-
spicuous Stocks to Show EARLY De-
cliues.

New York, July 12.-Higher prices for Amer
leans IN London had no effect in the opening
stock market here today. Pennsylvania was
with rise OF Y. Delaware Hudson and
General Electric rose large fractions. Most con-
spicuous of the prevailing declines were North
point and Smelling and Consolidated Gas 4.
The traders who were short Of the market
and had begun to cover on the opening decline
desisted when they saw their buying was net
having much effect and again sold the list.
PRESSURE against the metal stocks, HNl stocks.
Reading and st. Paul was especially severe, and
communicated itself moderately to the general
market. feeble rally followed after prices
had been forced down effectively, but the mar
ket relapsed to still lower level afterwards.
New York All Brake dropped 11A, Great North
ern preferred 4, Northern Pacific 3h, Anaconda
2, St. Louis Southwestern preferred 1%, st, Paul
1M, New York Central and Amalgamated Cop
per IN, Toledo.s st. Louis & Western preferred
| and Colorado Fuel 1#, Smelling and Railway
Steel Spring IL, and Missouri Pacific. Rock
Island preferred, United States Steel preferred,
Republic Steel and United States Rubber about
point. Virginia Carolina Chemical preferred
| improved 1H. 1.E . .,-,Fs ~.
Stocks came out freely again on declin-
| ing scale, with no effective support to oppose
| the decline. Losses in Great Northern pre-
ferred ran to 9, Northern Pacific 49s, Colorado
& Southern second preferred and United States
Rubber 3, st. Paul 2A, Reading, Amalgamated
Copper, Republic Steel, American Pneumatic
Service, Metropolitan Street Railway and Cen
|
folk & Western ~. Butterick Publishing sold
| at a, decline Of 71s. Active stocks generally
| including many low-priced indgstrials,s were
| down - point OF more. Selling pressure relaxed
at ,nd6n, and on duller business there was :
small rally. ,s# Ar .-- -, D.. .
| Bonds were weak at noon. 49,. r.. 49,,
! While there was no resumption Of activ'
selling pressure, the standard stocks mad
scarcely any recovery, and number OF les
active stocks continued to 60 down. Pacif
Coast lost 8, United States Realty 2S, Nor
folk & Western, Brooklyn Transit and Republi
Steel preferred 2, Chesapeake & Ohio and Kan
sas & Texas preferred TX, and Missouri Pa
cifc III. At o'clock the whole market ha
weakened again and Union Pacific was of Ia
Bear attacks were we'll organized, and b
concentrating on stocks Of widespread II
fuence they soon had the whole list tumbllns
What rallies there were were mostly due t
the willingness Of bears to take profits at or
perfume times. This coused a recovery frol
| to ~ from the lowest In St. Paul. Rea6
ing, Smelling, Amalgamated Copper and Colt
, RADIO Fuel Q in Northern Pacific and !
Great Northern preferred The rallies were nc
we'll held. The extreme afternoon declines ra
, to 8 points In Great, Northern preferred. 8
Anaconda, 8h in Amalgamated Copper ~
Consolidated Gas, in Union Pacific, New 1orl
Chicago & st. Louis, 1A in Smelling. 1as
Amer lean Car, LIZ in Atlantic Coast Line an
/ in Atchison, Baltimore & Ohio, Louisville
Nashville, Pennsylvania, Southern Pacific, Soutl
ern Railway and United States Steel.
, Stock quotations reported for The Journal
Watson & Co... brokers, Chamber of Commerce
Minneapolis. Closing prices are bid.