The Minneapolis journal., 1903-03-27
AN OPENING SPURI 4
Due to the isecretary's Refundine
Scheme Liquid dstion Begins &
9 on the Advance. Y
The Persistent Selling Of N. z. Cen
trail and Pennsylvania De-
presses the Market.

3. New York. March PA vigorous upward
movement of prices resulted. at the opening
from the decision Of the secretary Of the treas
ury to resume funding operations. The purchase
of 1000 shares aof St. Paul carried 1t I'D II
and Union Pacific. rose IN on the transfer Of
1,se0 shares. The first sales of New York Cen
dividend, which came OF today. There were
gains of about point also in Wabash pre-
ferred. Erie second preferred, Norfolk 4 Wes-
tern. Baltimore & Ohio, Canadian Pacific, Atchi
son and Metropolitan Street Railway
The spurt in the prices was Immediately
availed Of to- liquidate, and. the market turned
abruptly downward. Pennsylvania and New
York Central bore the brunt Of the selling and
yielded is and 2M respectively from the high
est. Other stocks also weakened decidedly, the
reaction running to about a point in st. Paul.
Street Railway and Smelling. st. Louis s. San
ferred 2.
Tho persistent selling Of Pennsylvania and
New York Central fell III and Pennsy lvania n
below last night Southern Pacific lost III,
Baltimore Ohio, Chesapeake \ Ohio and
Norfolk Western q point. and there was a
decline Of, 81 in New Jersey Central on one
sale. Nashville. Chattanooga s ST. Louis, North
american, American Y. Woolen We preferred and
irregular at noon. The refunding offer of the
secretary of the treasury resulted in an ad-
vance of VI in the bid price for the old As,
while the bid for the Is registered was lowered
Room sentiment became very pessimistic on
the absence Of support to New York Central
Bear traders offered it down steadily In large
blocks to 131, compared with 1871 at the open
ing Pennsylvania showed more resistance and
did not yield much below 1873. Elsewhere losses
we're pronounced, including points in South
ern Pacific Delaware & Hudson and Twin City
Rapid Transit and 1 in st: Paul. Canadian Pa
ciac, Alton, Missouri. Pacific, ST. Louis & San
+ rancisco and Manhattan. General Electric fell
~, and Pittsburg, Cincinr ati, Chicago & st.
Louis 2A, while New Haven gained 31h.
After a. short period OF steadiness and rally
OF point in New York Central, another on.
drive Pennsylvania was the objective point Of at
tack, and sold down to 1864, or 8 1s below the
best. -:.- r R'.%s:> : -.-. =. y : b.
New York Central came back to 131.- Material
losses made in various other stocks. and the
general level was lower. North Western broke
tional Paper 2, and Colorado Fuel: illinois Cen
trail. Louisville, Amalgamated and Wheeling &
seemed to be over for the time bling. and there
were: some rallies ranging to over a point ii
New York Central. 81 H.
Covering by room, shorts to take their profits
st. Paul. hut the bears found so large supply
of stocks Offering that they renewed their at
tack and forced prices lower than before. Unior
Pacific and Atchison We're forced a point more
below last night. Chesapeake & Ohio, Canadian
Pacific and Sugar 2, Southern Pacific 3 and st
Paul AZ. Support was accorded New York Cen
| AMI there were few quick rallies. St. Pau
rebounded 2 and New York Central H. Tht
closing feverish and unsettled.
! Stock quotations reported. for The journal by
Watson 4 Co., brokers. Chamber of Commerce
Minneapolis. Closing figures are bid.