The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-21
STOCKS Still DOWN.
Yesterdays Slump in Prices Was
Continued at the Opening
This Morning.
Certain Stocks, However, Received
Liberal Support and the Mar
ket Rallied Slightly.

j New York, May 21.-The reduction OF the
Bank OF England discount rate gave strength to
the American department In London In COM
mon with the general stock market. There were
many advances here In response. but the higher
level met heavy selling and prices were not
maintained. The first sale OF st. Paul was
of 100 shares at recovery Of * from last night,
but the next sale was Of 2,1O0 shares at relapse
to last nights level. Dealings in Atchison were
in 1.0O0-share lots at an advance OF u and in
Union Pacific at decline of IS q A rise OF Y
In Reading measured the largest gain. A number
OF important stocks opened lower, Toledo, St.
Louis & Western lost a point. III
Enormous selling orders encountered all efforts
to support prices and forced the level of the
market back to or below last night and to low
record figures for the movement. st. Paulswas
the pivotal stock and when it broke rapidly to
1921 the downward plunge began in others.
Losses over last night reached about a point in
st. Paul, Canadian Pacific, Amalgamated, Colo
RADIO Fuel and United States Steel preferred and
several others of less prominence. Lackawanna
showed gam at one time OF = points and Ten
nessee Coal and Metropolitan Street Railway l..
Southern Pacific. Atchison and Reading; received
the strongest support. After the working of of
selling orders the determined support became
effective and full recoveries were made Atchi-
son and Reading rose nearly point over last
night. H
When the decline was once arrested the shorts
covered freely and there was some eager buying
In the effort to secure long stock at the low
level Besides Reading, which gained LIS and
Atchison there were recoveries of point or more
from yesterday in the Fries, Baltimore & Ohio,
New York Central, North Western, Illinois Cen.
trail, Missouri Pacific, Wabash preferred, St.
Louis Southwestern preferred, Colorado & South
ern, Louisville, Rock Island preferred and Brook
lyn Transit. Delaware & Hudson rose and
St. Paul preferred lost 81. The market be.
came dull at the recovery.
Bonds were irregular at noon.
Prices were somewhat easier during the early
afternoon. The market. however, was not sub
jected to any determined pressure, the manifest
indications of inside support and the stable tone
of the market on the recovery discouraging short
selling. Wheeling s Lake Erie second pre-.
ferred rose 2 and Western Union 1. Nashville,
Chattanooga & st. Louis dropped A.
Taking of plofts by the traders who ha6
bought at lower level caused some reaction
but the setback was not important When these
sales were about concluded, prices were bid w
St. Paul, Union Pacific and Amalgamated were
included in the list of stocks which ruled point
or more above yesterdays close, and Genera
Electric and Erie second preferred advanced
and IN respectively. The market showed less
animation than during the first hour. t
The market continued to make moderate prog
ress towards higher prices Reading and thu
Fries were conspicuous, scoring gains Of LIS o.
Additional one-roint gains were made by thu
pennsylvania group, Southern Railway, Chicago
the Mexican stocks, Kansas Texas referred
st. Louis & San Francisco and Sugar. A1inneapo
lis, ST. Paul & Sault Ste. Marie rose 3 over las
night. In the inactive list United States Elk
press dropped 8h, Pittstburg, Columbus. Chi
cago st. Louis preferred 5, and Central Of New
Jersey 4. The closing was active and firm.
Stock quota tions reported for The Journal b,
apolis. 5F
The closing figures are bid