The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-08-20
.EYERISH TRADING
IN WALL STREET 5 Il |, !; |
iNoRMoUs SELLING CAUSES GEN
ERAL REACTION. E
sadfics Again Oenters Of Interest, Tho
Operations Are Not as Spectacular
as Saturday Union Pacific Once
Scars Away from Sister Volume Of
Business Enormous.

New York. Aug. 2O.--operations in the stock
'harket today were on large scale at the
opening, Dut the price movement in the Pacifcs
was not as spectacular as in the closing days
'oi last week Union Pacific brought from lS4A
20 1917 Tor Il 900 shares, against 184A OH
"a "a turday and Southern Pacific sold at from
= -, y 70 wa compared with 8OA. 81 d
Inc gains In many other stocks were much
more substantial, but there were a number of
tne tavorites which improved only q small frac-
n .g aseat Northern preferred bounded up
80 sna As s and Smelling 4h Atchison
~ ana Sloss-Sherield IN, and Illinois Cen
trai =: An1algamated Copper sold at from HOE
70 lil95 on transactions Of 10000 shares COM
pared with lOSa4 last week. .~1s't s3s
enormous amounts Of stocks were pressed for
sale on the opening bulge In prices and there
"asha general reaction which ran from to 2
points In the strongest features ,',a.
hotn Southern Pacific and Union Pacific
reacted to fractions UNDER Saturdays closing,
as oid st. Paul, Pennsylvania and some others.
Speculation Feverish. I'll
Speculation was very feverish, many stocks
making spasm0dic rally of a pointGor more
and then falling back again. Union Pacific made
an an upward rush again to &1s5, but Southern Pa
cine was steadily sold, and lowered around the
low point Northern Pacific made "a belated rise
OF az: At II O'Clock the market was unsettled
put ruling generally above the low price,
, 2 Despite the enormous volume of outside buying
orders attracted by the rampant bull speculation
prices We're gradually forced downward under
realizing by the professionals In many instances
only small fraction remained Of the earlier
substantial gain. St. Paul sold at IL and
Union Pacific Y below Saturdays close. There
was considerable shifting Of bull operations
later from. the Hartman and others into Mis-
souri, Pacific, Reading and Atchison.
Buying Steadies. ...~.
4 The enormous buying Of these stocks had
steady1ng eject on the rest Of the list. Mis-
Souri, Pacific ran up 3A, Atchison 6A and Read
points from its last SALE Bonds were neglected
at noon. ISL -ze.f q.
The volume of business continued on an
enormous scale, and there were Indications Of q
number Of long dormant booms. Reading and
Atchison were allowed to fall back while Rock
Island Smelling and ST. Paul were taken hold Of
and pushed up quietly. The Hartman stocks
held steady around 81 for Southern Pacific and
lS4 for Union Pacific Pennsylvania was driven
down H.. The rise in Rock Island reached 2N,
st. Paul 3% st. Louis & San Francisco second
preferred and Smelling 6. - 70 - D..
The tremendous pace in the stock market
sales aggregating over 1000 600 shares up to 1
O'Clock, began to have its effect soon after that
hcur and trade quieted down. The market, how
ever retained Its irregularity, and altho the
advance In st. Paul and the Hartman stocks
We're sustaining factors there was enough sell
Ing Of other stocks to keep dealings mixed. Some
of the low-priced stocks were lifted several
points st. Paul sold ats193h and Union Pa
cihc made a new record sat 1861. North Wes-
tern improved 2A, Illinois Central Az, North
ern Pacific 61S and Great Northern preferred
IN. .jjs ~. ~ Z" t7tsI1'e-
Z: STOCK quotations reported for The Journal by
watson & Co., Chamber of Commerce, Mime
apolis. Closing figures are bid. ..: ..