The Minneapolis journal., 1903-03-30
BEAR !. LEADERS out.
They Attack the List Because II
Does Not Respond to Bull
Argument.
The First Hours Selling Attributed
to Calls for Additional
Margins.

E New York, March 30.-The opening movement
Of prices was hestating and irregular, but the
leading ls speculative stocks were lower. United
States Steel preferred opened v down and
Southern Pacific ran OFF 1a on few transac-
tions. New York Central fell Is and Pennsyl-
vania and United States Steel lost 1 ". On the
other hand, Manhattan roses1 u ST. Louis & San
Francisco / "a and Canada Southern 1 Is. There
was generally yielding tendency after the
opening.
Bear leaders attacked the list vigorously on
the failure of the market to reflect the rise in
London or to respond to the good bank statement
on Saturday. Southern Pacific was raided down
rs TO %, the lowest Of the movement; st. Paul,
New York Central, Pennsylvania, Reading,
Union Pacific. Amalgamated and Tennessee Coal
declined l@1!s below Saturdays close, and
Manhattan and st. Louis & San Francisco lost
their opening gains. Many other less prominent
stocks also made substantial declines. Support
ing orders checked the decline and rallies from
the lowest extended to apoint or more in Anal
gamated, New York Central, st. Paul and Cana
dian Pacific and two points in Southern Pacific.
and prices were inclined to go off again at II
o. clock. 5-}
The desutory rally continued when the recov-
cry was pretty complete some small fractional
Railway gained a point. Southern Pacific after
touching Co. fell back again point, with a
slightly unsettled effect, but. the tone became
Ins trading ln se Intensely
tributed to calls for additional margins. Bonds
were easier at noon. r. .,., ~
|
selling at the higher level of prices. The in
quiry, while small. carried ST. Paul, Pennsyl-
vania, Union Pacific, Amalgamated and few
| others, fraction above last weeks close. sl.
Southern Pacific rallied to 6OA. Bull leaders
were rather more disposed to hold the list steady
than to force an advance. Southern Pacific fell
back to near %, later and the market cased of.
In the first hour to-day special set move
ment was made against Union Pacific and
Southern Pacific, the latter exhibiting consider.
able weakness. Practically all the international
list was lower and there was further evidence
of forced lquidatiion. = "r.~- ~
The continued absence of public interest, the
increasing Intensity of the Southern Pacific con-
from threatened labor troubles to fears of a
money stringency, the chief causes for the
| unsettled state of the list. m4 7~
| While definite information is lacking, there
is little doubt that some of the banks have
called loans. as preliminary to the adjustment
| of present settlements. =
| Prices reacted slowly but the decline did not
become precipitate until New York Central broke
to TO- 1905 Other stocks fell Off rapidly then; st
Paul and others touching the lowest. Declines
many Instances, including Missouri Baciic. Nor
folk q & ~ Western Reading, Pennsy1yania South
| showed no disposition to harden much.
The apathy of the demand rallies offered
no encouragenent to the bulls, and active selling
was resumed. CARRYING prices to the lowest OF
the day. New York Central touched 13O, st.
Paul lost 1A and many active stocks extended
General Electric lost 2A Sloss-Sheffeld Steel
| 31a, and Anaconda 8 points The Tightening OF
| the call money market aggravated the weakness
covering 6y room shorts caused a rally of a
other stocks The. rally was not we'll held and
the closing was active at irregular
st Stock quotations g h reported for The. Journal by
Watson l. Co., brokers. Chamber of Commerce
| M1nnea polls. Closing figures are bid.