The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-09-25
A RAID ON US. STEEL
The Stock Opens at a New Low
Record and Finally Is
Forced to Is.
The Preferred Went to 5olA and the
Second Mortgage
Bonds to II.

New York, Sept. 25.-opening dealings in
stocks disclosed continued weakness sat some
result was a feyerish and irregular tone.
United States Steel securities were a conspicu-
GUS example. all three opening at low rec
ferred carried it under yesterdays. closing
and low record price. There were 1000 shares
Of the common sold at 16A and 16A, compared
with ~ last night, and the second mortgage
bonds sold at ny, a decline of "a. Tennessee
Coal fell ~, and there were running sales of
200 shares of Atchison at 81 and sly, COM
pared wa1n SsM last nightThs changes Other
between gains and losses.
sale OF 1000 shares Of United States Steel
at 1915, the lowest, marked the end of the
opening declines. Supporting orders made their
appearance IN all quarters, and prices were bid
up rapidly on large transactions Prominent
stocks rose well above Yesterdays close, the Inn
tproyement reaching 1@11a in ST. Paul Missouri
Pacific Union Pacific, Texas & Pacific, Balti-
more y Ohio, Reading, Louisville, New York
Central and Amalgamated. United States Steel
support did not follow the advance far, and
prices reacted but tsteadied again with quieter
market a few losses Of note occurred before
the rally became effective, including LIZ In Cen
eral Electric. in Hooking Valley and Wheeling
& Lake Erie first preferred and In Wisconsin
Central preferred.
It was soon seen that the support was renewed
on the reaction, bears covered freely and lifted
prices considerably higher, generally, than on
the Hn,i rs d. rally Reading Baltimore Ohio New
and Amalgamated Copper were the best gain
ers. Lake Erie and Western fell 2, International
Pump ~, Iowa Central preferred az, Pullman
81 and .Linseed preferred and. Snuff preferred
The market was slightly lower but dull and
steady at noon Bonds were irregular at noon
A bear drive against United States Steel pre-
ferred to uncover stop-loss orders broke the
price to 50A, and precipitated heavy Hqufda-
tton In the standard stocks and specialties.
United States Steel touched Is, and the second
mortgage per cent bonds, IL. Many of the
active stocks fell below the opening low prices,
particularly Missouri Pacific, Reading Rock
Island and st. Paul. Railway stocks generally
got away from yesterdays prices. Support APP
peared against United States Steel preferred and
Its recovery to 81 carried the general list up
point OF more In, many instances. Trading be-
came very quiet the rally.
The market showed more stability on its last
rally. The manifest buying for support in many
stocks induced more general short covering and
the market retraced Its course to the high level
of the forenoon. In some instances better prices
were obtained. but advances Of a point or over
There was very little change during the final
hour. The market was very dull but held firm
and a few stocks made slight further advances.
Lackawanna rose but lost it and United States
Rubber preferred fell and rallied az. The
United States Steel securities recovered practic.
ally all of their Declines, Market became un-
settled IN the final hours and prices receded from
the best. United States Steel preferred ran off
rapidly. The closing, however, was steady and
Stock quotations reported for The Journal by
Watson = Co., brokers, Chamber of Commerce.
Minneapolis: 49,
Closing figures are BID