The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-02-20
STOCKS STIRRED UP
Effect Of the New Phase of the
Merger Case.
TRANSCoNTINENTALs LOSE MOST
Great Northern Preferred Drops 81
While st. Paul Likewise
Says Severely.

New York. Feb. 20.-The decision OF the
administration at Washington to test the le-
gality of the Northern Securities company
came upon the stock market with shock
The weakening effect was already manifest In
the American department. Of the London mar
het before the opening here. The New York
| stock market opened in a se1ndemoralized
condition. Very large blocks of stocks were
| unloaded in all directions at acute declines
| Naturally the stocks of the transcontinental
railroads as being Immediately interested
were most affected, but large losses were
shown in other stocks whose speculation FOL
the rise has been extended. the coalers,
the high priced industrtals and the local trac-
tions all showing sharp losses Great North
ern preferred dropped b1a Tennessee Coal 4,
and Union Pacific, Southern Pacific St. Paul,
Missouri Pacific, Sugar, Metropolitan Street
Railway, Reading and Atchison from to
over points. Many stocks in the miscellan-
eous list, including United States Steel stocks,
showed losses OF a point over
The market grew steadier when Sugar and
Amalgamated were bid up, the latter selling
a shade over last night. United States Rub
Der preferred and Chicago & Alton scored
net gains Of 1918 respectively, and American
Snuff of 3. Among the leaders the move
ment was somewhat fitful and not wide either
way until near noon. when there were re-
newed declines to about the lowest in tn,
C. & St. Louis and Reading second preferred
dropped 9 each. There was heavy selling Of
some Of the semspeculative bonds, Wabash
debenture BIS, Union Pacific convertables and
Baltimore & Ohio convertibles yielding 1 to 2
points-The bond market otherwise was not
much affected.
The selling movement was renewed in force
and the prices Of the market leaders were
lower than before. Great Northern preferred
lost altogether 81, Rock Island 5h, La Clede
Gas preferred AZ and Lackawanna 4. Sup
port was again accorded the market and it
steadied. Rallies were small and the buying
died away again. Rock Island recovered IL
and Manhattan point. Liquidation was
renewed with some urgency in spots and the
general level was we'll below the fornoon
average. The high priced stocks were most
acutely affected and their slump helped to
drag down lower grade stocks. Extreme
losses reached tx in Northwest, Az in Brook
Ign Union Gas, ga in Consolidated Gas and
St. Paul and from 2 to 3h quite generally in
others. The rally carried st. Paul up a point
and Chicago & Alton were again marked up
1h over last night.
The bears reduced their short lines during
the final hour and the buying hardened the
market. Rock Island rallied 3 and Wheeling
& Lake Erie first preferred recovered to
above last night. In Sugar, Baltimore &
Ohio c., c., c. & st. Louis and Consolidated
Gas there were recoverles of 1 to ~ Lacka-
wanna extended it's loss to points. Ameri-
can Snuff extended its gain to and the
preferred lost 2. Selling was renewed to some
extent in the Anal dealings. The closing was
active and easy. -.'-.s-.
Stock quotations reported for The Journal
by Watson & Co., Chamber Of Commerce,
Minneapolis.
Closing figures are bid. ISL. ..