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

& New York, March 3O.-The opening movement
OF prices was hesitating and irregular, but the
Leading speculative stocks We're lower. United
Southern Pacific ran of lss on a few transac-
tons New York Central fell Is and Pennsyl-
yania5 and United States Steel lost / "a. On the
other hand, Manhattan rose u ,sSt. Louis & San
Francisco l "a and Canada Southern 1 Is There
opening. S sssse@
Bear leaders attacked the list vigorously on
the failure of the, market to reflect the rise in
@ Of to to the good bank
2h to 58 the lowest of the movement; st. Paul,
New York Central, Pennsylvania, Reading
Union Pacific, Analgamated and Tennessee Coal
declined 1@1Es below Saturdays close, and
Manhattan and st. Louis s; San: Francisco lost
their opening gains. Many other less prominent
stocks also made substantial declines. Support
ing orders checked the decline and rallies from
gama ted New York Central, st. Paul and Cana
dian Pacific and two points in. Southern Pacific.
Speculation then became very dull and hesitating
and prices We're inclined to go off again at IL
clock.
The desultory rally continued when the recov-
cry was pretty complete, some small fractional
Railway gained a point: Southern Pacific, after
touching 60, fell back again point, with a
slightly unsettled, effect, but the tone became
firm again. The trading became intensely dull
at the rally. The first hours selling was at
tributed to calls for additional margins. Bonds
We're easier at noon. sgz. s ri s.a -,s s+a--g
buylng was encouraged by the absence OF Iresn
selling at the higher level of prices. The in
quiry, while small. carried st. Paul, Pennsyl
vania, Union Pacific Annalgara ted and few
Others q fraction above last weeks close. i.G
Southern Pacific rallied to 60A. Bull leaders
were rather more disposed to hold the list steady
than to force an advance. Southern Pacific fell
back to near 30 later and the market eased of.
III the first hour to-day special set move
lnent was made against Union Pacific and
Southern Pacific, the latter exhibiting consider
able weakness. Practically all the international
Voc rfh
of forced liquidation q f"=
The continued absence of public interest the
increasing intensity of the Southern Pacific con-
troversy. and various adverse rumors ranging
from threatened labor troubles to fears of a
unsettled state Of the list
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-; lSoas Other stocks fell of rapidly then st.
from the high level ran we'll over a point in
many instances. including Missouri Racifc. Nor
folk s. G Readng South
showed no disposition to harden much
The apathy Of the demand on rallies offered
no encouragement to the bulls, and active selling
the day. New York Central touched 13O, St.
Paul lost 1& and many active stocks extended
General Electric. lost ~, Sloss- Sheffield Steel
31a, and Anaconda 8, points. The Tightening of
the call money market aggravated the weakness.
point in Southern Pacific. and of fractions in
other stocks. The rally was not we'll held and
the closing was active at irregular;
Watson & Co., brokers' Chamber Of Commerce,
Minneapolis. Closing figures are bid.