The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-05
MARKET GOES BUMP
Many Leading Stocks, Changers and
Others, Reach New Low Rec
ords for the Year.
Supporting Orders Stem the Tide,
but Liquidation Is Renewed
!. After Noon Recess.


off sharply all around o nheavy offerings
which were conspicuous in the Pacifics,
grangers and trunk lines. Atchlson
dropped 11z. Canadian Pacific 1ss and
Rock Island IL. Brooklyn Transit lost
Is and New York Central, Union Pacific,
Southern Railway, Amalgamated Copper
and Consolidated Gas point. The Vir-
ginia Chemical stocks fell 21a each and
General Electric 3. There were large
blocks of u S. Steel offered but 1t lost
only n and the preferred after opening
unchanged was lifted %.
The opening prices were generally the
lowest, as vigorous supporting orders
were in the market for the account OF
friends In various stocks. Large offer
1ngs had to be taken by the supporting
orders but their absorption relieved the
tension OF apprehension and the selling
pressure relaxed. Very general recover over
les had been made by the leading active
stocks within a half hour of the opening.
Before the rally, st. Paul lost rs, Louis
vile and leather preferred H., Southern
Railway preferred IN, Metropolitan Street
Railway IL, Metropolitan Securities 2,
| and Virginia Carolina Chemical 4.
The principal support was in the United
States Steel stocks, lifting the common
point and the preferred ~ over last night.
Rock Island preferred gained IN. A large
number Of minor stocks suffered losses OF
a point or over in the opening break, and
Snuff broke Is, General Electric and
| Wheeling & Lake Erie first preferred AZ,
Colorado & Southern second preferred 4,
Continental Tobacco preferred rs, and
the Minneapolis, St. Paul & Sault Ste
Marie stocks, Rubber Goods preferred and
Realty preferred 2@27a. A break Of ~
in Sugar toward the end Of the hour un-
settled the market again and prices
yielded.
The recent heavy declines in stocks in
which they were interested had foreshad-
| owed the suspension Of Sharp & Bryan,
which was announced Immediately after
II o'clock. The rally was checked, but the
general market did not become acutely
weak again, the announcement being &C
cepted as clearing away a cloud over the
market, as In the case Of other recent
failures. The tone continued feverish,
however. Virginia Carolina rallied 2A
and then fuctuated irregularly. Missouri
Pacific ran off LIS, Chicago & Eastern
! Illinois certificates broke 10, Wheeling &
Lake Erie first preferred AZ, Clorado &
Southern first preferred 3R, Southern
Railway preferred 3A, st. Louis South
western preferred and Metropolitan Street
Railway 8 and St. Paul preferred and
Pacific Coast g The United States Steel
stocks lost their gains. Bonds were heavy
at noon.
| Liquidation broke out again with
greater violence and the market sagged
well below the forenoon low level. St.
Paul. Missouri Pacific, Atchison, Union
Pacific Baltimore & Ohio, Erie, South
ern Railway, Reading, Amalgamated and
United States Steel stocks were fore
most in the decline and were unloaded In
large blocks. Missouri Pacific slumped
3a to az and over night losses ran be-
tween 1 to points in other prominent
stocks. 4GQy ~
st. Paul dropped 2ss to 1855 or about
2 points below the previous low record Of
the year. Low prices were made pretty
generally thruout bylvarious members Of
} the leading groups.sG1 Purchases of st
Paul Missouri Pacific, Southern Pacific
and Baltimore & Ohio rallied them point
later and the general list recovered g
fraction and became quieter. High priced
inactive stocks suffered severe losses
Pullman breaking TX, General Electric
51R, Metropolitan Securities and North
Western preferred, ~ Consolidated Gas
Rubber Goods preferred and Westinghouse
Electric 8. Third Avenue exceptionally
advanced ~. ..: ,~..
There was spasmodic outburst Of liqui
dalton again. and the general level wa
carried still lower. Consolidated Gas fel
w, General Electric 61a, Missouri Pacific
AS, Northwestern, and Southern Rail
way preferred 4, Pressed Steel Car 81
American Express 31s, Sugar, Denver 6
\ Rio Grande preferred and Twin Cit
5 Rapid Transit g., and Atchison, Unio1
j Pacific, Baltimore & Ohio and Erie 2 an
n 8. When the selling abated the marke
- hardened q fraction, but was going of
T again at 2 o'clock on light selling.
. The announcement of a second failur
o was followed by a feverish rally of t.
. III points, but active liquidation was re
: newed and carried prices lower than be
+, fore. Missouri Pacific lost 65s, wabas
It preferred 5, Evansville &, Terre Haut
: IN, North Western and, Denver & Ri
;; Grande preferred 4, Erie 3M, Delaware (
Hudson 5, and the market generally t
/ 3. The rush Of bears to take profit
:: caused some sudden rallies of a point O
more in the final dealings. The closin
was nervous and excited with new break
;: in some stocks and others still shown
- the effect Of short covering.
> Stock quotations reported for The Journ
by Watson & Co., Chamber of Commerce, MINI
apolis.
Closing figures are bid.
II I -Close-