The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-05
!. BEARS RULE,fHE PIT.
Stocks Generally Sink Below Yes
terday's Close and the Low
Prices Continue.
Rapid Transit Takes Another Tum
BILE and Other Stocks Are Not
Far Behind.

New York, June g. -Opening dealings in stocks
showed no relief from yesterdays depression and
there were heavy offerings of some Of the princi-
pai issues. Thousand shares Of Pennsylvania
!oiio"eu Dy 3,O0O-share block, carried 1t down
"a. and there We're sales successfully Of 1000,
1000 and 1000 share blocks OF Union Pacific,
which depressed 1t y. Arnalgamated Copper fell
nearly point, and there were large fractional
declines in United States Steel stocks, Missouri
racine, baltimore and American Smelling. Losses
OF d. point or over were scored by Canadian Pa.
cthc, Illinois Central, Consolidated Gas and Union
Bag Hooking Coal dropped 2.
Some selling orders for minor stocks were
WORKED OF at substantial declines during the
carly downward rush, but their depression did moi
eAtend 10 the active leaders, which met immedi
ate support. Rallies were sharp and were led
by PENNSYLVANIA and Amalgamated, which sold
point above their lowest prices. a deluge OF
seling orders met the recovery above SO; in
Sugar also fell to lit, ex- dividend and the rail
road stocks came back but not quite to the open.
Ing low point At II O'Clock Amalgamated was
ruling above Yesterdays closing level again. The
general list was feverish and irregular United
States Express declined 4, Linseed Z, and st
Louis southwestern preferred IN. Minneapolis
st. Paul q Sault Ste Marie preferred advanced
2 points.
There was evidence Of support in some Of the
standard stocks and Pennsylvania, st. Paul
Southern Pacific, Atchison and Amalgamatei
got fraction over last night. New weak points
developed and kept sentiment disturbed. Brook
iyn Transit was forced down 2h, Atchisons tt
7OA and Tennessee Coal lost 8. There was
decline Of 4b in st. Louis Southwestern pre-
ferred. 21a each in Evansville & Terre Haute
Twin City Rapid Transit and Kanawha & Michi
gan and In Wells-Fargo. Prices generally re
/ acted IN sympathy. Bonds were easy at noon.
Numerous selling orders appeared simultane
ously in various active stocks and they fell below
the morning prices. Severe declines were made
by some htgh-prices inactive stocks which con
tr1buted to the markets depression. Lackawannt
lost 5, st. Louis Southwestern 4 u, Adams Elk
press 4, North American 2%, Texas Pacific 2at
and Canadian Pacific 2h Buying orders cam,
in at the low level and the market hardened bu
because very dull on the recovery. Amalga
mated rose to 52B and the railroad stocks ralliet
| a good fraction.
The heaviest selling movement Of the da!
broke out after o'clock The movement had 1T
| inception In Atchison and Union Pacific, thou
sands Of shares Of these stocks being thrown
over at rapidly declining prices. Atchison tum
bled to 500 loss of IN. and Union Pacific soil
standard stocks broke to the lowest of the day II
| some cases well below last Mondays low recor,
| Lowell. Sales were made Of many less importan
properties at figures from 2 to 4 points beloy
| previous prices. These included New Jersey Cen
| trail, St Louis & San Francisco certificates. Con
| solidated Gas and General Electric. Hockin
Valley declined g. Analgamated Copper wa
taken in large amounts after it got down aroun
| 511h, and then made a quick rally to DIV
which helped the general market to recover
fraction before o'clock.
! During the early afternoon heavy sellin
movement broke out, starting in zAtchtson an
Union Pacific. thousands of shares Of which wer
| thrown over at declining prices. Atchison fe
below 10 and Unien, Pacific below 80. Som
stocks went lower than Mondays low record.
There were some rather sharp declines IN sp p
market shorts were Inclined to cover Amalg,
mated was actually. bought up to points ovt
| last night. Rallies generally ran between
4 and g points. The late losses were in Unite
States Express I. Pacihc Coast s, the second pr
tferred aud Kansas City Southern 3h and penve
& Rio Grande 2A. Minneapolis, St. Paul 8 Sau
Ste Marie preferred reacted to under la
night. The rally caused substantial recoverit
last nights level. There were some fractions
recessions Just at, the close but prices gene
i ally were well maintained at the rally