The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-03-05
STOCKS WERE WEAK
Heavy Blocks Of Shares Are Thrown
on the Market at the
Opening.
Another 0utpouring Of Stocks Be
fore Noon Brings a Still Low
er Level.

. g.. . = 81
New York March 5.-Therc were heavy blocks
of various stocks thrown on the market at the
opening, causing weak tone. Very large Of.
ferings Of Union Pacific carried that stock down
over point based apparently on yesterdays
report Of a heavy decline in net earnings. The
stock was sold in London that account before.
the opcning here. Canadian Pacific lost 1H
and Southern Pacific, New York Central and
Baltimore & Ohio over point each. Large
fractional declines We're recorded elsewhere
There were running soles of 1000 shares Of Man
night. but the stock quickly fell back to below
the last night figures under heavy offerings. The
local fractions showed initial gains in sympathy,
but the whole market turned weak afterwards 4
There was further decline to-day in the price
for the new per cent bonds of the United
States Steel Corporation, which are being traded
price was 91$4 and from there a drop to 80 en-
sued on transactions aggregating $4,000. The
bonds sold above 95 yesterday.
The liquidation in the market was permitted
to run its course, no apparent effort being made
to check the decline. At 1880 O'Clock prices
practically Of the entire? list had been driven
between one and two points below yesterday S
close. Among the notably weak features were
members of the Coalers, Pacifcs and ,SouthWes-
tern groups. Manhattan dropped from 146 to
144A, but the specialties generally We're mueh
better Sustained relatively than the railroads
Business much quieter at II O'Clock, but
there was no cessation of weakness except that
the trading was dull
There was another outpouring of stocks be-
fore noon, which carried prices lower than be-
fore. Union Pacific and Southern: Pacific con
tinued to lead the decline, the former losing 20
Of new transcontinental railroad project sup
plemented Union Paeiics low net earnings In
causing this weakness. Canadian. Pacinc Iost
| rs, St.. Paul 2 Atchison and Kansas City
Southern rs, Wabash preferred 1 Is and the ma
| jority Of prominent stocks from to 1A Anal
gamated lost rs and General Electric 37a Fears
that er
| break in Cotton and the demand for additional
margins in that market WAS supposed to involve
S%a Of IS the enr
| market rallied slightly and became DULL out
| showed signs Of unsteadiness again. " :
| Bonds were weak at noon. ~ ~ :. -.
! points or more largely extended after mid
| day, when the market was raided again. seil,
ing was on very heavy scale and the occasional
| rallies when the shorts bought In stocks were
! not long maintained.. E"sg#& ~
/ Among. the prominent stocks which weakened
materially were Canadian Pacific. which Eel
4 three points; st. Paul 2M, and Manhattan. Con
j solidated Gas, Tennessee Coal. Erie first pre-
ferred Rock Island. Baltimore & Ohio and Chesa
peake & Ohio. Prices were fraction above tn
haitian from 14s to 144& on the announcement o.
an extra dividend. of per cent. $3.50. ~
Speculation was fittul and nervous Iso nIt IN
" he ar out tie
important stocks Recoveries in no INSTANCES eS
slight friction eSt h!e gg no 1or rae cenes
sagged 4 points, Canada Southern 37s,, st. Pau
and Omaha and North American g. and hockm
| valley st. Louis & San Francisco and DelaWar
& Hudson 2. Manhattan was sold to reaiiz
heavily after the dividend ana yeah
ness of all around at ? O'clock. when prices mad
new local records. Wells-Fargo sold at -.
points lower than the preceding sale some t1n'
ago..
, The market failed to develop any stamina Q
the short covering movements and grayit tate
still over. Erie and Rock Island Prererred WEI a
| addad1 To the pOnt losses Ill the aCllVe lie
) Canadian Pacific fell an extreme four. Union RI
ciac ~ and Southern 3: Northwestern n an an
Fort Worth & Denver City stamped lost 81:
!, Toledo, St. Louis & Western. 3& and Gener;
Electric, U. $. Express and North American
Stock quotations reported for The Journal b
Il Watson 4 Co., brokers, sGhamber&of Commerce
4 Minneapolis. - ssrss-fE ,ttnn az 49,
III Closing figures are bid ashssE2 81 ~. EssSs
Il ssM niaXl .stse1no.- LIE I'll EIsasn- = ~