The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-05-05

The OPENING WEAK
Uncertainty as to- the Webb Meyer
Troubles.
THREE FAILURES REPORTED
certainty the Market Grows
Stronger.

New York, May 5.-The stock market
opened weak under the influence of the
financial troubles growing out of last
weeks collapse in some of the specialties
and the prospects Of a coal miners strike.
The low priced coalers fell between 1@2
points and Delaware & Hudson lost 21.
Louisville fell IL but recovered to above
Saturdays close and declines reached
about a point or over in Brooklyn Transit,
Southern Railway, Peoples Gas, Missouri
Pacific and Atchison. A few stocks showed
slight gains, prominent examples being
Pennsylvania ,ex-dividend, and Amalga-
mated Copper, but these did not affect the
general tone Of weakness.
The causes of the weakness In the mar
ket were disclosed with the announcement
of three failures of stock exchange houses
as the result of the collapse of the Webb
Meyer stocks. Sales under the rise fol-
lowed for account of the failed houses of
small lots of Rutland preferred, United
States Steel, Union Pacific, Southern Pa
cifc, St. Paul, Chicago Great Western,
Western Union, American Smelling, Wa
bash and some other stocks and bonds.
Support was accorded after the opening
but there were some subsequent sharp
drops again. The tone of the market was
feverish and uncertain. Stocks which nave
shown recent evidence Of manipulation
were especially under suspicion and the
labor outlook kept the coalers depressed.
Rutland preferred dropped IA, Westing-
house IS, Snuff 91a, North American 51s,
New Haven 5, Delaware & Hudson AZ ana
Northwest ern, Reading and Tennessee
Coal g. Losses of to 3 points were
common throughout the list. Supporting
orders were freely distributed and caused
rallies Of ! to IN points in some OF the
active stocks. Louisville rose III over
last night again and Westinghouse rallied
seven. = 81
: The liquidation while urgent in spots,
proved in such moderate volume that sentl-
ment became treasured. The hnanclal
troubles which followed from the collapse Of
the Webb Meyer stocks were seen to be large
ly localized and there was no sign OF trouble
beyond the immediate influence Of those
stocks Sales recorded under the rule
amounted to about 10, 900 shares of: stocks. A
rally Of in Rutland preferred, in North
American, -2N in Delaware & Hudson; ana
I point or over in others was followed by
dull period The Coalers ran off again, Read
ing touching the lowest. Long Island broke
6; New York Air Brake, s., and Northwest
ern s, but the SouthWesterns and Changers
were quite firm on the reported plentiful rain
in their territory. international Power was
quoted ex-dividend of 2k per cent at 70 bid,
80 asked compared with 80 bid on Saturday.
The bond market was dull. Some OF the
speculative bonds were weak. -
Louisville rallied to IN over Saturday, and
there were practically complete recoveries% ~
some stocks of the Granger group, South
westerns, Local fractions, Trunk Lines,
| Southern Railway and Sugar. Rutland pre-
ferred rallied altogether 81; Long Island.
| 3D. On the other hand, Lackawanna dropped
| 35s; Anaconda 81; Nashville, Chattanooga
& St. Louis, "a, and Pacific Mail 2Iz. The
| general tone however. was quiet and firm.
The general market followed the substantial
rise in louisville and whenthat stock reached
| 1879 there were a dozen @jor more leaders
| which were ruling a fraction over Saturday :
close. Chicago Indianapolis & Louisville raj
lied to IL over Saturday. Traders then
forced Reading down to 621s and there was a
| two point reaction in Louisville.
That stock rallied again and the general
! list was not much Affected I - 81. -
| Northwestern rallied 4, but prices. generally
| ran off, declines. reaching 2 in Louisville, III
| in Chicago, indianapolis & louisville and q
! point in New York Central, Illinois Central
| Sugar and Tennessee Coal: This seemed moth
| ing more than proft-taking by room traders
| and the decline was not far extended. Ten
| nessee Coal weakened again, Us after a rally
| hut Louisville hardened to the best and Wa
| bash preferred got point over Saturday. The
| closing was quiet and steady.
| Stock quotations reported for The Journa
| by Watson & Co., brokers, Chamber Of Com
| rnerce Minneapolis: *>.i5 = - 90 .E-A-' !.
Closing figures are bid, -" -: