The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-24
The RUSH TO SELL
It Starts In Early in Stocks With
= Some Violent Breaks in '.
Prices Recorded. 3. .
Supporting Orders Cause a Rally, but
Banks Call Loans and the Sell
ing Begins Again.

New York, Sept. 24.-There was a rush to sell
at the opening this morning, yesterdays weak
ness account of the money situation being ag-
gravated by the unexpected news that President
Roosevelt was under surgical treatment There
were violent breaks In prices OF one TO three
points in the leading stocks. In many cases
which showed a spread of much as a point
on simultaneous sales of 900 to 5000 shares
The severest sufferers were amongst the Pa
cities, Southwesterns and Coalers Louisville
showed a loss, Of three points and Atchison, Mis-.
souri, Pacific and ST. Louis Southwestern pre-
ferrcd of two points or over. The market
steadied slightly on secondary quotations., but
the liquidation continued in large volume
SUPPORTING ORDERS.
The threatening character Of the opening break
induced some vigorous supporting orders by large
financial and banking interests and the whole
market set out upon a recovery. 1t was evident
also that some of yesterdays sellers were
prompted to take their profits at the. cheaper
level. The process of bidding up prices con-
tinued to absorb very heavy offerings but the
eagerness to sell diminished the steady up
ward trend of prices was perceived. Reports
issued from the presidents train relieved anxiety
over his condition. BY the end of the first hour
there pretty general recoveries Of the open
ing losses, and Missouri Pacific, Manhattan.
Texas & Pacific, Illinois Central, Sugar and
Amalgamated Copper fraction above last
night.
MONEY AT Is PER CENT.
An opening call loan rate Of 1s per cent
brought the rise to pause, and there were frac.
tional recessions and quieter dealings.
The sale reported of Stock Exchange
seat at $685. 900, the highest price on record.
VIOLENT LIQUIDATION BEGAN.
| The liquidation was renewed with violence
| when the banks resumed the calling Of loans
! and the money rate scared above 20 per cent
| Within few minutes prices had receded to be
| low the opening level. Before noon the losses
! were generally as much as one to four points
St. Paul fell As, Missouri Pacific Az, Illinois
Central. AS Louisville four, Lackawanna FIVE
United States Express 5A, Northwestern ST,
points, and so
The period Of liquidation had spent itself fo
the time before noon, and there were rallies IL e,
Central and Reading. Bonds were weak in sym
pathy with stocks at noon.
sPEcHT & co. FAIL.
New York, Sept. PA. R. specht & Co..
suspended payment to-day. The liabilities alt
not known. The firm has been in business abou
| two years.
VIOLENT RALLY ON COVERING.
The extent of the declines offered attractive
profits to the bears, and when the pressure OF
liquidation showed relaxation there was ,l scram
| BILE to cover short contracts. The result was 6
St. Paul, Louisville, Norfolk & Western, Illinois
Central, the Wabash stocks and a few Others hers
| Union Pacific, Manhattan. Texas Pacific
Southern Railway and Amalgamated Copper, were
lifted to a shade oyer last night At O'Clock
! the market was dull
The market was very quiet by comparison
and after yielding slightly stifened again to the
best. The money rate became easier, with the
| satisfaction of the most urgent demands. West
/ ern Union rose * over last night; ~ !,
I Stock quotations reported for The Journal by
Watson & Co.. Chamber of Commerce, Mime
Nt Closing prices are. are fbiiSdi 3D. -