The Minneapolis journal., 1903-03-09
A BUNCH Il OF ORDERS
Selling .Advices Received Over Sun
day Knock the Early Stock
Market.
Feverish Ebb and declines
sturdily Resisted "A Reaction
at Noon.

New York. March 9.-Considerable ex-
citement attended the opening of to-day's
stock market Events Of last week cul-
minating with a very unfaYorable bank
statement and the failure in the dry goods
trade were the most disturbing factors.
The scene Of the floor of the exchange was
very animated ~.
The attendance of brokers was unusual
ly large and selling orders, were heavy
all around, as shown in the initial transac-
tions when prices with few exceptions
averaged declines of a point or more.
The selling orders came from all points
and commission-h houses with wire con-
nections to. the middle western states were
conspicuous In the movement Boston
and Philadelphia also had big lot of
orders to sell and practically every brok-
! err OF prominence had an accumulation Of
| commissions of this sort over Sunday.
| "A great many stop-loss orders were ,un-
| covered. Union Pacific Southern Pacific,
Manhattan and st. Paul were about the
only stocks that held their own. The list
was decidedly feverish, but before the
end of the first hour substantial rallies
occurred a result of large supporting
orders. The market continued feverish
and irregular, however, all through the
first hour. So:
The crumbling Of prices in the closing
! dealings Of Saturday, and the announce
ment of the failure of mercantile house
uAtCI ILAC S1OSC, SduSSu dllAISly 1oSdlo olAi6
| the opening. The London quotations were
eagerly scanned to find an indication of
the probable course Of the market. The
moderate fall in prices Of Americans there
served to reassure sentiment here some
what. D.. e..
The interval elapsed since Saturday was
to the advantage of the market, by afford
ing time to learn exact details and thus
! avoid the danger of exaggerated rumors
The first quotation on the tape was OF
Manhattan, which was lifted IL in the
course of several transactions, but subse-
quent quotations of various stocks showed
| some wide declines and heavy offerings
j The losses ran from to :13s in Pennsyl-
1 vania. Missouri Pacific, Norfolk & West
1 ern, Rock Island, Southern Railway, Erie
1 Texas & Pacific and Chicago Terminal
On the other hand, the appearance on the
tape Of Union Pacific, Southern Pacific
and st. Paul showed powerful support fol
:. those stocks. Two blocks of 5000 shares
: of Union Pacific sold at an advance Of Z
1 Southern Pacific was run up 70 and St
Paul y. The market was extremely fe-
verish after the opening. Some stocks
recovered and there were reactions al
! other points.
u The market quotations showed a fever
ish ebb and flow, but steadied and became
quiet before the end Of the hour. The de-
cline was obstinatey contested in a num-
| uCl VI StOChS' <Al III 81 tuS N:Coh oIoSn,
4 were inclined to rally and the strong
= stocks to react, but the pressure was
1 senslbly relaxed after&th accumulation OF
:; selling orders over Sunday was worked
off,. Some severe declines were made by
special stocks. Colorado Fuel dropped
"a, Northwestern s14aa, Nashville Chatta-
nooga & st. Louis g.. New Jersey Central
! and st. Louis & San Francisco 2h, and
Kansas & Texas preferred 23s. There
| ,hSto al raj Of IN iy,s @
of these. There We're many losses Of
to on the decline.
The 7 per cent call money rate disin-
/ clined the operators, . to follow, the adj
:; vance and the market showed hesitancy
II Before noon. Southern, Pacific was; liftel
11s and Amalgamated Copper point ovel
| Saturday and. the market hardened ir
sympathy. There were some wide declines
in the inactive list, New York Air Brake
dropping 81, Wheeling & Lake Erie frs
preferred 47s, North American ~, Slos:
Sheffield Steel and Peoria G. Eastern 4
Virginia, Carolina, Chemical preferred g.;
Lake Erie & Western 8 and New York
! Chicago & st. Louis 23s. Commercial
Cable sold at an advance of 4 points. is:
Il Bonds were weak at. noon.
Upward Tendency Established.
;, Slight reactions occurred here and there
but the main tendency was distinctly up
ward, led by Southern Pacific. with an ur
z gent demand, from, the shorts. Price
E quite generally got back to a parity witt
Saturdays close, and in some instance
notably above. Southern Pacific touche
623s a rise of 3A, and Union Pacific ad
vanced 21s, while Atchison. st. Paul, tn
v Rock Islands, Illinois Central. Reading
Manhattan, Amalgamated and Suga
e gained in the neighborhood of a point.
> . s. The Pacifcs Feverish ..>.~
n The rapidity of the rise in the Pacifcs cause
j. pronttakng sales by early buyers who considere
the recovery too fast. The movement becam
. feverish Southern Pacific reacting to 61M. re
;. bounding to 634, reacting to 62 and again risin
. to the top Union Pacific touched 93Ac and ST
Paul and Missouri Pacific touched the best. ST
8 Louis & San Francisco rose 2. The general mar
:. ket moved, narrowly. The feverishness of tn
= Pacifcs caused hesitation
j. Stock quotations reported for The Journal b.
n Watson & Co., brokers' Chamber Of Commerce
i Minneapolis: -za, ..- .'~ ...!..