The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-11-06
A CINCH FOR BEARS
They Didn't Do a Thing to Steel,
Which Continues to Go
Down.
New Low Records Are Reached by
Common and Preferred Stocks
and the Bonds.

New York, Nov. 6.-The stock market
again opened with new low records for the
United States Steel securities, 5000, shares
OF the preferred sold at 54A. and 543s COM
pared with the close of 54s4 last night.
Three thousand five hundred shares of
the common sold at 10A and 1875 compared
with last nights close of IL and the sec
ond bonds sold at 66a4 Smelling was off
about point. Otherwise the charges
We're restricted to small fractions and
many OF the prominent railroad stocks
were, unchanged.
The absence of any pressure against the
standard railroad stocks caused some buy
ing and st. Paul. Atchison, New, York Cen
trail and the Pacif1cs gained small frac-
TONS The Improvement in these stocks
pulled up the United States Steel proper
ties for a time, the common rising to II IA
Large blocks of United States Steel pre-
ferred We're unloaded on the rally and the
deluge of offerings broke the price to
52Ss, a loss over night Of over two points.
The common stock came back to 1OB and
the second mortgage bonds dropped to
65A Other classes of stocks also sue
cumbed to general selling but the railroad
list did not suffer much. Minneapolis &
st. Louis fell 2, and Locomotive preferred,
Railway Steel Spring preferred, General
Electric, Tennessee Coal and Pressed Steel
Car point. The whole list rebounded
sharply at il o'clock.
Professional traders paid little attention
to the market during the midday session.
Prices of favorite active stocks scarcely
moved more than LIZ either way and the
reduced dealings in United States Steel
stocks curtailed trading in other stocks.
Atchison preferred, Toledo, St. Louis G.
Western preferred, and Chicago Terminal
declined l, National Railway of Mexico
preferred liz, and Iowa Central preferred
| IN. 1
The rally carried United States Steel
preferred up to 53A. recovery of 15s,
but 1t ran off a point again. Rallies
| reached a point in st. Paul, Missouri Pa
cific. Wabash preferred, Pennsylvania, and
Louisville & Nashville, Reading, Republic
Steel preferred and Sugar and Manhattan
rose point over last night. Losses of 1
to LIZ were scored by Illinois Central, the
Detroit Southern stocks, Chicago Union
Traction. Consolidated Gas, Realty pre-
ferred, Railway Steel Spring preferred,
Smelling preferred and Corn Products.
Cast Iron Pipe preferred fell IA and
American Coal broke 10 points: The mar
ket became dull and irregular when the
rally spent its force.
Bonds were weak at noon.
Concerted selling Of the United States
Steel stocks uncovered stop loss orders
which drove them to a lower level, the
common touching 101a and the preferred
%. Most of the limited business centered
in these stocks. The general list while
showing an element of weakness, fell off
on small offerings. Amalgamated ranked
next in point of activity and yielded a
point. Supporting orders rallied United
States Steel preferred to near So and the
market in general hardened
Stock quotations reported for The Journal
by Watson & Co., Chamber of Commerce Mime
Closing figures are bid.