The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-05-04
WALL ST. BEARS
FAIL IN ATTACK
MOVEMENT 20 TURN PRICES
DOWNWARD rs RESISTED.
Bears Concentrate Selling on Few
Stocks in an Effort to Turn Market
Downwards, but Gains Are Made in
Spite of Attack.

New York, May 4.-The higher range Of prices
in London had some effect upon international
stocks in the opening dealings in the stock
market mere today, but the early movement was
much confused and irregular Canadian Pacific
rose Ia and Union Pacific and Reading r. but
the latter immediately lost it's gain. The open
ing In Amalgamated Copper was Of $500 shares
at 96@96h compared with 81 last night. Ten
nessee Coal fell ", American Smelling u and
National Lead point.
Aside from some of the feverish fluctuations,
prices went sharply upward when it was per-
ceived that inside support and commission
houses were taking all offerings. Stocks that
had been sharply depressed scored large gains,
notably Amalgamated Copper, Anaconda and
Smelling. Representative railroads were bought
heavily, especially Union Pacific and Reading.
About the only element of uncertainty lay in
the frequent efforts of the bears to turn the
market downwards by concentrating their selling
on few stocks, but up to IL am. these at
tacks had been successfully resisted. Great
Northern preferred and Northern Pacific i'm
proved 3, Union Pacific, Reading, Amalgamated
Copper. Smelling and Brooklyn Transit l u and
st. Paul, Atehisen,& Missouri Pacific, Sugar,
Colorado Fuel Anaconda and Peoples Gas ad-
vanced 1@1A. ... .
Prices made a further rise, the speculative
favortte leading. Northern Pacific and Great
Northern preferred rose 5@5A. Minneapolis, St.
Paul and Sault Ste. Marie 2A, Cleveland, Gin
cinnati, Chicago & st. Louis 3, Union Pacific
Reading, Canadian Pacific, North Western, Anal
samated Copper, Smelling, Brooklyn Transit and
Metropolitan Street Railway trust receipts 20
on Louisville & Nashville, New York Central
Delaware g. Hudson the United States Steel
stocks and Consolidated Gas 1@1 n =
Prices receded fraction before noon. Bonds
We're irregular at noon ~ ( x
The advance after midday compelled the shorts
to cover heavily. Gains of between 1 and
points were general. Toward Il % clock there
was a setback, running to a point In Reading,
St. Paul. Smelling and others. The top prices
| indicated advances Of 6A in Northern Pacific,
6A in Anaconda, Az In New York Airbrake,
AZ in Reading, $685. in Union Pacific, smelt-
! ing and Distillers' Securities, and in st.
Paul, Delaware & Hudson, Missouri Pacific and
Sugar. -.
| Between 1 and 2 O'clock the market overcame
| the realizing movement and there was another
| sharp rise which put all the active features to
| the highest. Enormous buying Of Amalgamated
| Copper restored all the loss: accustomed by yes
| terday's late slump, and there was also an ex-
banding demand for the western stocks, Reading
and local fractions. Great Northern preferred
| extended it's rise to, 615, Metropolitan Street
Railway H., Amalgamated Copper 3h, North
| Western, Brooklyn Transit and Central of New
Jersey 8, and Colorado Fuel, Manhattan and
Lead A@2ss. ,.srl.t..--., . ...
Stock quotations reported for The Journal. by
Watson 4 Co.. brokers, Chamber OF Commerce,
Minneapolis. Closing prices are bid. =