The Minneapolis journal., 1901-04-22
OPENING IS HIGHER
Heavy Blocks OF. Railroad Stocks
Are Bought.
PAPER PROFITS TURNED TO CASH
Selling Is Checked by Strong Sup.
port of the Changers and
the COaIers.

New York, April 22.-The market opened ex
citedly and higher for railroad stocks on buy
ing OF very heavy blocks running from 1000
TO $4,000 shares, the latter for Union Pacific
and at wide opening There were gains of
l TO 112 in Union Pacific, St. Paul, Missouri
Pacific, Metropolitan Street Railway, New
York Central, Northwestern, Pennsylvania
and Brooklyn Transit. Southern Pacific was
lifted 21s. Amalgamated Copper sold at 1919
down to 120 on the sale of 1900 shares, COM
pared with 126 on Saturday
There was a marked absence of the eager
demand for stocks which characterized the
final days of last week Instead, paper profits
we're converted into cash speedily as pos
sible and the volume of these sales encour-
aged bear operators to go short OF the ac-
tive stocks. Rock Island and Erie second
preferred fell points and dozen or more
leading stocks over a point Amalgamated
Copper met demand for both accounts at
il9 and climbed rapidly to 124%. Exceptions
TO the tendency included only a few minor
stocks which have been recently prominent.
At IL O'Clock there was a large demand for
the Changers, resulting in Rock Island gain
ing its loss and Burlington selling 112 above
Saturdays close. Other stocks did not SYM
pathize and were feverish and reactionary.
The gains in the stock, which were strong
at the opening, were wiped out and other
stocks were materially below Saturdays level
before strong support in the Changers and
Coalers checked the selling. St. Paul rail-
lied 5as, Rock Island 31z and the Coalers
from l to points st. Louis and San Fran
cisco rose 2, the first preferred 11a, Illinois
Central 21a, Colorado Fuel 3 and the local
fractions about ? points each Missouri Pa
cifc and Pennsylvania recovered to the top
and Southern Pacific ruled about so. The
market hardened in sympathy, but recoyeries
generally were fractional and did not hold.
The United States Steel stocks ruled a point
or more below Saturdays level on very large
dealings. The market was feYerish and un-
settled at noon.
The bond market was very active in spots
and irregular.
Pacific Mail was marked up 614 as a sup
plement to the Southern Pacific movement
and Texas Pacific moved up an extreme
25s. Bicycle preferred rose 35s The highly
manipulatiVe character Of these movements
was perceived by the bears and they offered
prices down to take the market away from
the bulls, who were seeking to realize. Some
violent relapses in prices were the result
st. Paul dropped back to below Saturday
and Union Pacific fell AS below the high
level. Northwest lost points. The selling
pressure became urgent all through the list
and the bulls unloaded stocks in a precipitate
manner. The reaction ran from / TO 8 points
in the principal active stocks, carrying the
average level of the market well below Sat-
urdays close. Taking of quick profits by
the bears caused few sharp rallies, but the
closing generally was active and weak with
prices breaking in various parts of the list.
Stock quotations reported for The Journal
by Watson Co., Chamber of Commerce,
Minneapolis.
The closing figures are bid: