The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-11-10
HEAVY BUYING ORDERS STOP PANIC.

The accumulation of selling orders over Sun
day as a result of the generally discouraged tone
OF Saturdays advices resulted in heavy pressure
on the market. The first efforts at support
were ineffective and prices fell lower than the
opening, but it soon BECAME. APPARENT that there
were heavy buying orders and that the bears
We're taking advantage Of the weakness to cover
large short accounts -
The congestion of selling orders was worked
on and there were various stocks, including
Sugar, Amalgamated Copper and Pennsylvania,
which offered good resistance. United States
Steel preferred rallied 13s and relieved the APP
prehension caused by its unsupported condition. at
the opening. Lackawanna was marked up 10
points Saturdays close. Practically full
recoveries were scored by Pennsylvania, Norfolk
& Western, Manhattan, Sugar and Analaga-
mated. 49,.
sPAsMs OF LIQUIDATION.
. The market became less active, but there were
some new points Of weakness before the, end of
the hour Rock Island broke "91a and the
tac1hcs, ST. Paul, Reading and New York Cen
trail were at the lowest, carrying the whole mar
ket with them. :. Southern Pacific lost over 2
points.
Another spasm of liquidation swept over the
market during the second hour, carrying prices
to a much lower level than in the first break on
very heavy dealings. The subsequent rally
brought prices up 1 to Ia for the principal &C
tive stocks.
Dealings continued very large on the recov-
cry. Prices Of all leading stocks we're down to
points ts Plttsburg; Cleveland. Chicago & St.
St. Louis AZ, Minneapolis, st. Paul & Sault
Ste. Marie 4, Alton AZ the preferred 31a, Della.
ware & Hudson ~. Colorado Fuel 6, United
States Express 51a and Anaconda e., with D.
point rally. A rumor that J.. Pierpont Morgan
was III accompanied the break and its prompt
denial helped the rally. : = "
The activity of the trading subsidized again but
the market was rather unsteady.
Bonds at noon were sold, but declines were
| less severe than in stocks.
Buying orders were large scale through
| out the noon hour, and prices advanced some
| what trergularly. Sugar was lifted u above
| last weeks close and the earlier losses were
| reduced to small fraction in Pennsylvania
Baltimore & Ohio, Norfolk & Western Union Pa
| cifc, Missouri Pacific and several others.
Dealings were very feverish and active.
| Stocks moved up and down Frequently. st. Pau
covered the widest range but the list generally
held we'll above the lowest
There was further good absorption Of stocks
which added to the list of those in which losses
| were wiped out. The " hole level of the market
showed substantial recovery from the low point
I Bears covered extensively and of
settlement of the Chicago ynrdmens dispute
helped the market. There slight dip IL
the last half hour, but the ,,narket stiffenet
again. Sugar jumped more than a point over
last weeks close. The cl6sing'' was dull ant
steady. & y E&.'' 8 Z! -"
Stock quotations reported for The journal BY
Watson & Co.; brokers, Ci1;smber Of Commerce
| Minnea polls: - = i;1s.c,Y r.,
| Closing figures are hid, IS .,,:,. 49,