The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-07-24
TERRIFIC DRIVE
Stocks Go to Pieces Again Losses
Heavy and New Low Points
General.
Impossible to Stem the Tide Of
Liquidation Rumors of
Trouble to Come.

opening STOCK market was unsettled by
sharp breaks in a number Of the special
ties, iron and steel stocks being especially
affected. Six thousand shares of United
States Steel sold at 22H @229s, compared
with 22H last night, and Tennessee Coal,
Republic Steel preferred and Sloss Shelf
field Steel lost 1A@N. Brooklyn Transit
fell II and Sugar and Wabash preferred
about point. Amalgamated Copper
opened up point, but reacted fraction
Changes IN the railroad list were small
and Union Pacific, Pennsylvania and Atch-
ison rose fraction. Otherwise fractional
declines were the rule.
No Demand for Stocks.
The demand died out at the higher level
and a renewed drive carried Amalga
mated point and Brooklyn Transit and
Rock Island a fraction lower than before.
The general market did not yield to the
lowest. Hooking Valley and westinghouse
Electric first preferred fell 6, Pressed Steel
Car and Metropolitan securities S, Rubber
goods preferred 8, Delaware & Hudson
8, and c., c., G. & ST. L. IN.
The market showed a good deal Of nerv-
BUSINESS, and after the opening decline
rallied slightly. Sugar, Brooklyn Transit
and Tennessee Coal rallied 1 to IL, and
Lackawanna jumped 3% The improve
ment was short-liyed, as enormous offer
ings Of Brooklyn Transit and the Paciacs
demoralized the market and prices broke
lprecipitately In all directions. Many new
low records for the movement were estab-
lished by leading stocks. The chief de-
clines were Brooklyn Transit ~, Cen
eral Electric 51s, Consolidated Gas ~,
st. Paul preferred 2. Minneapolis, st. Paul
& Sault Ste. Marie and Wisconsin Gem
trail preferred ~, Hooking Valley a. st.
Louis Sheffield Steel Az, and Atchison,
st. Paul, Norfolk & Western, Rock Island,
Union Pacific, Southern Pacific, Missouri
a 80 ~%
| 1 to IL. Amalgamated Copper, United
States Steel and New York Central showed
evidences of support at about last night $
| level. The market steadied at IL o'clock.
but continued very feversh.
Amalgamated and Rock Island estab-
lished a still lower record level at S5B
respectively, and American SIN citing was
ratded sharply at a decline Of 41s. Brook
Ign Transit also went lower, to Al. Lack
awanna fell Az, with rally of g.; New
York, Chicago & st. Louis s, st. Louis
and Erie second preferred, Iowa Central
preferred, Kansas City Southern, Texas
Land Trust and International Paper,
to 8. Sloss Sheffield Steel extended Its
break to SA and Fort Worth and Den.
yer City stamped slumped At the enc
the market was dull and ruling about 8
point above the lowest for the weakest
features. Amalgamated rallied 2, Stand.
ard Oil broke PAN points on the curb or
| the sale OF ~ SnareS.
A Second Break.
Prices broke with great violence during
the second hour and enormous blocks Of
/ stocks were hurled upon, the market witt
! apparent disregard of what prices the.
would bring. A feeling Of alarm grew
| with the disorderly break in values and
the tension of excitement was great
United States Steel preferred slumped 81
to 68x and the common fell to 21A, boil
making low record prices st. Paul dropped
s and the Pacifcs and granger groul
generally from to az, the latter South
ern Pacific. Brooklyn Transit was forcet
down SIS and Amalgamated Copper to {
new low level at 1874. Notable decline
in special stocks were Wheeling & LAX
Erie 6M, first preferred 35a; Pacific Coas
2h the second preferred, Hooking Val
ley and Nashville Chattanooga & 81
Louis, 5; sloss Sheffield Steel IN; Gen
eral Electric, 61k; Colorado Fuel, ~, an,
the New York Public Utilities, Peoples Ga
and the iron and steel specialties gener
7 ally from 2 to g. Chicago & Eastern Hi
nois certificates and railway steel sprin
preferred were distinguished by 2 poin
advances Rallies were made Of to
points before noon by st. Paul, the Pa
, ciflc group, Reading, Pennsylvania, Fri
first preferred, Brooklyn Transit, u. S
Steel stocks Almalgamated, Peoples Ga
:. and some others: The trading becam
much less active but the tone continue
nervous and feverish. There was littl
; doing In bonds but prices were lower.
81 Stock quotations reported for The Journal b
Watson 4 Co., brokers, Chamber Of Commerce
!, minneapolis: 80
Il Closing hpur !.