The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-04-26
RAPID DECLINES
IN ROAD STOCKS
LIQUIDATION CAUSES WALL
STREET PRICES TO MELT.
Extensive Selling In First Half Hours
Trading Alarms Holders, but Reading
Remained Firm and Gave Support to
General Market Another Liquida-
ton Follows Later Recovery.

New YORK, April 26.-Opening dealings in the
stock market today showed irregular price move
ments. Some of tn international issues were
pene1ted systematically by the advance In
LONDON, but others showed declines. Reading
rose u and then reacted, and Great Northern
rose point. Consolidated Gas opened up ",
teL back to point under last night. Erie sec
ond preferred declined IN, National Biscuit /
and Northern Pacific q
Stock prices melted away under food of
nquldation during the first half hour. The ex-
tenslve character of the selling and the violent
decllnes In some OF the representative railroad
SUCKS alarmed holders. Much of the selling
seemed OF forced character and some was at
tr1buted to fire insurance sources. Commission
houses We're free sellers Reading was about the
only stock that showed any measure of support
buying orders holding 1t steady after it had
fallen back to a parity with yesterdays clos.
ing support for the general market developed
after this stock had made successful stand
ana lnefe were number of substantial rallies
when reduced the losses to small fractions
1Fadlng was quiet and the market was showing
an inclination to run off again at IL o'clock.
The recovery in prices brought out a new
mood of liquidation, which carried prices lower
shan before. Losses up to 1 " were almost uni
versa The subsequent rally again centered on
headlns, which yielded to 124 and then rebound
ed to about 125. Northern Pacifc's loss ran
to ~, Great Northern preferred T. Anaconda
va, Colorado Fuel 3, Amalgamated Copper and
Locomotive preferred 2h, st. Paul, Atlantic
OoASI Inc, A!4uoIS Cenefd1,' AduSaS q IeAaS,
preferred, Iowa Central Locomotive and Ma
tional Biscuit 2. The tone was feverish and IN
settled at the rally. Bonds were easy at noon.
Stocks made slight drop downward in SYM
pathy with Consolidated Gas on the announce
ment of the reduction of its dividend rate a
per cent basis. Consolidated Gas, which had
moved up to 1341a after its morning break. ran
of to 131Aa Quick support developed and 1t
recovered again to 1874, with other leaders also
making proportionate recoyeries. Pullman yield.
ed points and Pacific Coast ~.
number Of small rallies and declines &C.
CURED later, but only few stocks went lower
than the previous lowest. g's>- -. d.
Acute pressure of liquidation was not re-
newed, but the demand became languid al
recoveries and the tone became uncertain. Read
ing got LIZ above yesterday and Tennessee Coal
1. American Express extended its decline to IL
points, Hooking Valley g. Erie first preferred
3B and Lackawanna fell back l to below yes
terday. Announcement of large gold engage
ments for import just before the end of the
session induced active buying. The closing was
generally firm. 4.s.ssa-t =. ~. - -
Stock quotations reported for The Journal by
Watson & Co., brokers, Chamber of Commerce,
Minneapolis. Closing prices ire bid. ~.