The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-10-08
A FIRMER OPENING.
Yesterdays Heavy Liquidation Of
Of Stocks Was, Not in Evil .z
dence To-day.
Prices Rose Steadily Until Checked
by Realizing Some Weak
Spots Found. s...s (

New York Oct. S.-Yesterlay's heavy liqui-
dation of weak accounts had a favorable effect
abroad and prices of Americans in the London
market were substantial fractions. above our clos
Ing Of yesterday. The local market was strength
ened by this development and prices opened sub
stantially higher. Prominent stocks like st.
Central, Great Northern preferred and. Sugar
were bought freely and ruled from 1 to " points
higher s. Large fractional gains We're general
elsewhere and We're we'll distributed. ~. -. H.. -.
Prices rose steadily on increasing orders until
the average gain was considerably over point.
Rock Island, Delaware & Hudson and Pennsylva-
| MIA We're = to 2 y points better, and Brooklyn
Union Gas AZ points. Room shorts showed some
| concern at the steady accumulation of stocks
| and covered in all the active favorites., . =.
! The high level showed some attractive profits
| on yesterdays purchases and the traders started
| to realize. Missouri Pacific st. Paul, Louisville
Pennsylvania and Manhattan? led the reaction
and fell sharply, and the general market gave
| way alphabetically. s..- - u; ~ :.~-.t -
| The markets downward course was checked
| when buying orders were sent In for st. Paul
lifting 1T to 1877. Supporting orders appeared
the general market was slight until just before
noon when prices went up rapidly to the best
| in many cases. Business became very quiet
later, but the market held well In the face OF
| u 1Operce money rate. New Jersey Central
! lost points and rallied 4. Lake Erie & Yves
| tern preferred dropped 10.
Bonds were frmer at noon.
l.. Wall street was inclined to be doubtful about
| Mr.. Sage's condition this morning. Mr.. Sage
| has large number of loans out collateral that
might be wanted at any moment and in the
event of his death either sudden calling of his
loans, or a situation in which the securities in
his safe deposit VAULTS which are held as col
lateral would be tied up indefinitely, would re-
suit in considerable trouble and loss. C., W.
Osborne, cashier for Mr., Sage, to. set at rest
| any fears OH the latter point, made the authori-
tatlve statement that; in the event Of Mr.. Sages
death, his debtors would have no. trouble. The
safe deposit vault In which the securities held
as collateral for loans kept, he admitted, is
Jointly in the name of Mr.. Sage and of himself.
50 that it would not be sealed up at Mr. Sage S
curities delivered to borrowers in return for the
amount Of the loans.
The extreme dullness OF the demand allowed
prices to sag. The reaction reached about a
| point in st. Paul, Pennsylvania, Canadian Pa
cifc and Louisville. Consolidated Gas advanced
| 81 and Pullman points - :. =
The demand for stocks was nstless that
| traders had to make considerable concessions to
| find market. Some of the previously notable
strong stocks retained only a small fraction OF
| the RISE particularly st. Paul, Atchison and
Illinois Central. Lackawanna declined AZ
Westinghouse Electric 31a and American Car
| ~ points. >r. :, ;,r,> - - ..~ :, d
| The market livened up again Mt 2 O'Clock. and
became frmer, some Of the Pacifcs recovering to
! near the top. '~'' :.
GOLD FROM FRISCO. 70,
| New York, Oct s.--rhe subtreasury has bee,
| the 3d. 100, 900 gold which arrived at San Fran
| cisco yesterday. This gold is consigned to New
| York banking houses.
! Stock quotations reported for The Journal by
| Watson l. Co., Chamber Of Commerce, Mime
apolis. =; 81
| Closing Drices are bid