The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-12
A FURRY IN MONEY
Yesterdays Late evelopment Caused
Traders j il Stocks 4 Some I.
Concern To-day.
Market Was Active and Lower-An
Abrupt Decline Towards 81
Eleven o Clock.

New York, Sept. 12.--The stock market opened
very active and with lower prices. Missouri
Pacific declined almost two points to 121 but
losses otherwise were of moderate fractions. st.
Paul lost " and then recovered TO a shade above
yesterdays close. Traders showed some con-,
Germ the monetary situation, yesterdays
late furry in rates disturbing sentiment some
what. 80 i ~
Dealings became very confusing, supporting
were sold. The failure of London to respond
to the st. Paul dividend action and the Ba1ti-
more Ohio stock increase disappointed the
bulls and there was general selling on this &C.
count. Both St.. Paul and Baltimore 4 Ohio
were very feverish and covered a range of about
a point Missouri Pacific, on the other hand.
was pushed up to about yesterdays closing level
again, but other Southwesterns were sluggish
and heavy. ~ n s..f.... 10
Toward II o'clock the whole market declined
abruptly under the lead of Southern Pacific and
Union Pacinc, which were offered freely Nor
folk & Western, Wheeling & Lake Erie first pre-
ferred, Minneapolis & St. Louis, Kansas &
texas preferred Union Pacific Manhattan
ical declined between one and two points. +
Losses were quite generally: extended all
through the list, and the selling movement broad
ened out. In addition to those previously emu
| merated, fully as many more prominent stocks
scored further declines OF point more. in.
Guiding Louisville, Reading common and second
| preferred the Wabashes and the Atchisons
New York Air Brake lost 31a points. and United
States Express four points. An opening rate
Of 10 per cent for call. money. followed by rise
to IL per cent. led to the closing out of bull &C
| counts and encouraged short selling. Specula
ton became very quiet later, but showed very
| little tendency toward recovery. Railroad bonds
| were irregular at noon. T 'ss'~L|4
Prices hardened, but the demand was too small
| Pacific, which touched 1925 and again relapset
point. Continued higher money rates and thu
prospect that the banks would have to call loani
extensively in order to: make an effective show
| ing tomorrow of surplus reserves, discouraged
| confident buying and invited realizing every
slight rally. On the other hand, the ability q
the various pools to advance their favorites ma
terially during the week, despite the money
rates. checked any decided demonstration b!
me bears. and the result is narrow feverisl
| When call money rates were marked up to 1;
| per cent and the usual preliminary figures o.
| the banks operations during the week with tn,
showing a loss in cash Of $3.50, 900, or NOR,
than s3,000.00o over the actual reserve in tn
banks last Saturday, traders unloaded larg
| aggressive. Stop-loss orders were uncovered ii
many of the prominent stocks. and at the loe
level North American showed a loss of 33a Louis
vile 81, St. Paul, North Western and Norfoll
& Western 2, and the active list generally vel
over point. Missouri Pacific, which had beeI
well supported after its opening: break, fell OF
again to 121. the low point Pressure relaxe
recoveries all around. G.~.E:15 e. y 49,
- CALL MONEY AT 20 PER CENT.
| Prices made an irregular recovery upwards LEI
by St. Paul and Louisville, which recovered i
and u respectively from tile low point. The in,
was some liquidation In other stocks, notabl.
Hooking Valley, which broke 81, and a DECLINE
in United States Steel to below 40; In the hna
money was pushed up to 20 per cent, the highes
of the day. Prices yielded all around and tn
closing was dull and weak ~:'#.1
Watson s. Co., brokers, Chamber of Comm ace
Minneapolis. Closing figures are bid