The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-21
A STRONG TENDENCY
Failure Of Pittsburg Bank Causes
Only Brief Halt in Rise
Of Prices.
Advance Was General Turnout the
List, Affecting Even the
Steel Issues.

New York, Oct. 21.-The stock market
was confronted this morning with the an
nouncement Of the suspension of the Fed .
eral National bank of Pittsburg. Prices
ran on In consequence under heavy offer
lngs In some of the prominent stocks.
united States Steel preferred showed the
greatest effect amongst the active stocks
There was a drop Of IN on the sale of
800 shares. There was subsequent
rally of q. Blocks of 1000 to 5000 shares
came upon the market of Pennsylvania,
baltimore & Ohio, Union Pacific, Atchison
and United States Steel. There were
losses OF about point in Union Pacific,
secondary gu ations showed the. effect OF
supporting orders in the market. There
was a drop Of four points in Lackawanna
and Tennessee Coal was conspicuous for
an isolated gain Of x.
Sentiment became more cheerful when
it was perceived that the support was eff
fective and the professionals bought large
ly thruout the list. Opening losses were
readily made. up and some important
stocks advanced materially. Southern Pa
ci1c was bought freely and there was also
a large accumulation of United States
Steel preferred, Amalgamated Copper and
Baltimore & Ohio. The market showed
slight hesitation after the rise had got
well under way, but prices were advan.
cling again at II o'clock American Car
Manhattan, Sugar, Tennessee Coal, South
ern Pacific, Canadian Pacific, Chicago 8
Alton and North estern were up to TX
Smelling rose 23s. 80. .,F ':t<>
Prices did not vary much after midday
but the undertone continued strong. A
few of the Inactive stocks made large
gains including Pullman, which figured fol-
AZ, Missouri Pacific crossed 81, but the
| other standard stocks were not essentially
changed.
Baltimore & Ohio, New York Central
Delaware G. Hudson, st. Paul, Kansas &
Texas preferred, st. Louis Southwestern
preferred, Chicago Great Western, and
Rock Island preferred were prominen,
railroad stocks that rose about g. point
There was some restraint upon advance
in Louisville & Nashville, Missouri Pacific
Union. Pacific, Atchison, Reading, and
some other prominent stocks. Amongst
the specialties Amalgamated, Brooklyn
Transit, Metropolitan Street railway, Con
solidated Gas, Car. preferred, Biscuit an6
Paper rose 1 to 1&. North Amer
lean sss and Smelling preferred 8
The United States Steel stocks
held slightly above last nights level and
Colorado Fuel lost H.. The advance halt.
ed and the market became dull. Bonds
were strong at noon. The Rock Island
new bonds We're conspicuous. ~ "a: g..
The market was Inclined to drift down
wards on realizing by traders, who let
go their stocks when ytheb uying move
ment showed signs of exhaustion. Large
fractions were clipped off the days rise
and the selling was pretty general. Peo-
pies Gas rose ~ and Louisville / before
the reaction, and they later yielded in
sympathy. Ri. '2....~"
The markets early advance was pretty
generally extinguished In the course OF
the movement to. take profits. The sell
Ing was not pursued, however, below last
nights level Of prices and the market
became very dull and steady about thai
level Republic Steel preferred lost and
New York, Chicago and ST. Louis second
preferred 81 ~, .:.ts8{ 'ltE's1 = :! ."'< VI
Nashville, Chatttanpoga & st. Louis rose
3R, Iowa Central 2as and Rutland pre-
ferred 5. hTe market closed dull ;, and
rather easy. Il -. ]. :. .sx.,. q ~
Stock quotations reported for The Journal by
Watson q Co., commission brokers' Chamber OF
Commerce Closing figures are bid Z asGa.