The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-12
BEARS HAVE A CINCH
Pound United States Steel Common
Down to Low Record
of 1874.
Minneapolis and st. Louis Declines
IL Points; Great Northern
Preferred 10, 500 8.

New York. Oct 12.-The stock market
opened weak and. active with heavy
liquidation in United States Steel the fea-
ture The common stock brought l3A for
5000 shares and on sales Of about as
much more. sagged to 1917. A similar
block of the preferred sold at SO and it
also went off an additional quarter with a
subsequent recovery to 50 on a purchase
OF one block of 5000 shares. The general
market showed losses of from k@A per
cent.
After the early selling orders had been
worked off the market showed a little bet
ter tone. United States Steel preferred
rallied to 59as and Analgamated rose from
50 to ~. Some railroad stocks ruled
slightly above Saturdays close. Heavy
selling orders in United States Steel pre-
ferred broke it again to 5811s, the low rec
ord. The common stock held around 1871.
Other metal stocks weakened materially,
Colorado Fuel dropping 51A; Sloss Shelf
field Steel preferred 4, Steel Spring pre-
ferred 6A, American Car preferred and
General Electric 31a and Republic Steel
preferred B. Standard stockss gradually
yielded under the influence Of this liquida-
ton and Union Pacific Canadian Pacific,
Louisville & Nashville, Pennsylvania.
Reading and Illinois Central lost and
Southern Railway preferred IN. Pullman
exceptionally gained 2 points.
The market showed little evidence Of
Idilyl 1lS power ana lraueTS eAlellueu lllell
short lines in all directions. Interest was
focused on United States Steel stocks and
a steady stream of offerings forced them
gradually lower, the common breaking to
l2k and the preferred to 577s. The gen
eral list fell again in sympathy but got,
only slightly lower than before. There
were violent declines in some of the active
specialties. Minneapolis & ST. Louis and
New York Air Brake dropped 49, Great
Northern preferred 10, United Fruit 5, In
ternational Pump preferred 4, Southern
Railway preferred, Minneapolis, st. Paul
& Sault Ste. Marie preferred g., North
Western 3B, Wooden preferred 21a, and
Car preferred 5. Bonds were irregular at
noon. ~ .sl..5 @..< & s>.5 I'D
Buying of Amalgamated was again in
evidence and checked the downward
movement. The stock rallied w, touch
ing 81 and there were also recoveries of
a point in Atchison, Reading. Sugar and
eral were not notably affected by the
break in the specialties and rallied easily
when support was shown for the metal
stocks. Prices dropped again before 1
| o'clock, Arnalgamated declining to 1878
when severe losses were recorded anew
in the specalties. American Car pre-
ferred fell II points, the common 81,
Pressed Steel preferred 81, the common
2$s, and Locomotive preferred ~.
Activity ceased when the selling stopped
and, altho the list showed many substan-
tial recoveries, comparative little stock
changed hands. Amalgamated, Pressed
Steel Car and American Car rallied point
above the lowest, and American Car pre-
ferred 8. United States Steel preferred
spurted to above So and caused rally
in the group. The common stock rallied
feebly. u North Western preferred, Read
ind second preferred and North American
showed gains of l toS1%. Bag preferred
lost 81 and Railway Steel Springs pre-
ferred 9A. @y3% IL So e--,'.
Light buying. continued to lift the mar
ket slowly. The RAILROAD stocks quite gen.
orally recovered tosaboVe Saturdays level,
Atchison rising APPOINT There were be-
lated declines at other points. Chicago,
st. Paul, Minneapolis & Omaha lost 31a.
Southern Railway preferred 4, United
States Express 81 and Locomotive pre-
ferred and ST.. Joseph & Grand Island
first preferred 6. The recovery was not
fully held but the closing was about
steady and dull @'E3 -a@-E - 'l*s
Stock quotations reported for The Journal by
Watson & Co., brokers, Chamber of Commerce.
Closing figures are bid.