The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-04
.MARKETGOESLOWER.
The Volume Of Business Is Good, but
Prices Fall Steadily Not
withstanding.
A Precipitate Decline Follows the
Noon Hour and Prices Go
Tumbling.

New York, Aug 4.-The resumption of
business on the London stock exchange
To-Day after holiday failed to bring any
new demand for American stocks. and
prices here dropped on small dealings.
me trunk line stocks were exceptions
ana showed small gains. Consolidated
gas broke ~ on the announcement of
new stock issue and United States Steel
preferred was driven down 1A with a
break of half point between sales.
PRESSURE being more pronounced in the
general market following additional large
offerings of the United States Steel stocks
and Consolidated Gas, sharp fractional
losses We're the rule in the grangers, Pa
cities and southwesterns. Consolidated
Gas declined points to 1872 and Loco
motive preferred. Brooklyn Rapid Transit
Leather preferred, Republic Steel pre-
ferred, Canadian Pacific, Erie second pre-
ferred, Wabash preferred and Kansas
City Southern, 1 to3.1A. United States
Steel fell IL, and the preferred 2 points.
Minneapolis ST. Paul & Sault Ste. Marie
preferred lost IL, and North American 2,
a point, but did not hold it while Pull
man gained ~.
The action of the market suggested
renewed selling out Of collateral in loans
and invited short selling by the bears.
Declines in the grangers and Pacifics,
which bore the brunt of the selling ran
from l to IL, approaching the low level
| OF the year. A number of the coalers,
Amalgamated, Sugar and other special
ties fell point. Consolidated Gas ex-
tended it's losses to ~; North American,
4; Virginia Carolina Chemical, 3% and
| New Jersey Central, IN. United States
Steel stocks were steadier. Westing-
house Electric rose 5; Railway Steel
Spring 2A and Colorado Fuel point.
! Bonds were irregular at noon.
| Large block of various stocks were sold
all around the room after the noon hour,
causing rather precipitate declines in a
number of cases. The unrestrained liquid
alton Of the specialties caused some ap-
| prehension Virginia. Carolina Chemical
preferred opened IA points lower at sc
on the sale Of 200 shares. The common
stock dropped 6A in all, and Westing-
house Electric 5. Declines ran to 2 points
or more in many other stocks, including
Amalgamated, Brooklyn Rapid Transit
| Sugar, General Electric Locomotive pre-
| ferred, Leather preferred, United States
Steel stocks, st. Paul, Canadian Pacific
Northwestern, Louisville & Nashville and
Delaware & Hudson. a. H. T-s'-.
| Buying orders were encountered for the
Virginia. Carolina Chemical stocks anc
they rallied IN for the common and
! for the preferred. Standard stocks easec
up a trile but renewed selling orders soor
drove the market off again. Low prices
for the year were made; by some of the
leaders, especially Union Pacific and Atch.
ison. The bulk of the selling was In st
! Paul, Atchison, Southern Pacific, Unior
Pacific, Pennsylvania and Reading. st
Paul dropped and Union Pacific, South
ern Pacific, Reading, Wabash preferred
Atchison, Metropolitan Street Railway
were added to the list Of declines of from
2 to 2A. ~; s..-=.s. ILL.,
Stock quotations reported for The Journal by
! Watson s. Co., brokers' Chamber Of Commerce
Minneapolis. Closing figures are bid.