The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-08
NO DEFINITE TONE.
At the Opening Metal Stocks Are
Then Utilized as the Bull
Leaders.
High Rates for Call Money Cause
Realizing and Some Short
Selling.

New York, Sept. S.-Business fairly active
at the opening, but the market lacked a definite
tone. Most of the international stocks We're
heavy, but their weakness was offset by sup
port to the Industrias and Coalers, especially
Reading, which opened LIS higher and then re-
acted point. Canadian Pacific scored the wild
est loss OF ", but the changes otherwise were
only slight fractions III ss- T.. e.. r.
Professional operators selected the various
metal stocks as bull leaders and bid them up
materially all around. on large transactions
Pressed Steel Car stocks and Republic Steel
stocks, United States Refining and Reduction and
Cast Iron Pipe gained l to 2h g.. .--9
In the railroad list, st. Paul and Missouri
Pacific were bought heavily, the former rising
IA Canadian Pacific recovered its opening loss,
while Baltimore & Ohio lost initial rise of
point. The market generally showed consid-
cradle hrmness, but the demand was largely CEN
etred III the specialties. -".-
Dealings became reactionary on the announce
ment that the first rate for call money was
per cent, the rate soon thereafter advancing to
per cent and causing realizing sales and some
short selling. st. Paul Il Amalgamated, New
York Central and some of the specialties de-
cl1ned a point and prices generally, In the rail
quarter, fell to the opening level. Pacific Coast
| stocks were active and in demand the common
| rising 81 and the second preferred rs. By
noon Missouri Pacific advanced to 121 and there
was a renewal of the heavy buying in Reading
common, which carried to to 70. The balance
Of the list did not reflect the strength shown by
| other stocks. The bond market was steady.
St. Paul was bought freely and rose to 1872
on the resumption of last weeks rumors of a
| coming increase in the dividend the stock.
Missouri Pacific also rose about points and the
coincident strength Of these stocks revived
the old story OF deal being on. There was very
little of interest to other prominent stocks, but
| the markets undertone. was firm. Some of the
usually inactive specialties were bid up vigorous
1y, the yuin reaching az, in Railway Steel
| Spring, 3 in United States Rubber preferred and
s in Ann Arbor.
| The demand for st. Paul slackened and the
| traders took profits, causing slight recession,
and affected other transcontinental stocks slight
| ~. Missouri Pacific, on the other hand, con
tinued to work upward until it touched 122, with
transactions Of 1000 and 1000 shares. appear
| became stronger in sympathy, especially the
| Wabashes and the debenture B bonds rising to
| SO with block of bonds Of the par value OF
| So, 900 changing hands at that figure. The Erie
| stocks showed little activity and were quoted
point higher all around
Dealings in the closing hour were broader and
more active than at any other period of the day,
| and the market also displayed more general
! strength.
Rock Island made sensational jump of 81
points. while Southern Pacific, Union Pacific
| Atchison and Missouri Pacific were advanced
| rapidly, the last named touching 122M. Anal
| gamaated Copper also came into the usual de
| mand, and there was some, fresh buying Of the
I velopments. American Ice PREFER dewas nota
! bly, weak and declined IS to 37&. -,
| In the final dealings there was some realizing
| of st. Paul and Missouri Pacific, which had some
effect other stocks. The closing was fairly
| active and firm. :
Stock quotations reported for The Journal b,
Watson & Co., Chamber of Commerce, Mime
apolis. 80.
Closing prices bid. &. 49,.
"