The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-28
BEARS Still ON. TOP
Slump in the Stock Market Shows
No Signs Of Abate-
n1e1t. u
Heavy Unloading By Long Standing
Pools Caused Prices to
Break Badly.

New York. May .2T. There was evi-
dence of liquidation in the opening deal
ings in stocks, causing fractional declines
turnout the list. The weakness of the
London market increased the selling pres
sure here. Amalgamated Copper dropped
,1as, and realizing in National Railroad Of
Mexico preferred depressed that stock
rs. Losses Of about a point were scored
by Rock Island and Leather preferred,
and Union Pacific declined n.
Rock Island was poured out on a
descending price scale until it reached
s34A, loss Of rs. The liquidation was
apparently checked and it steadied
other active stocks before the market
turned, but only in Louisville was the loss
important, that stock declining III. Prices
hardened only trihe except for a two.
point rally In Leather preferred before the
decline was rnewed with violence.
On the second break, st. Paul.. Union
Pacific Atchison and Analgamated sold
lower than before, and the general list
came back to about the opening range.
st. Joseph & Grand Island first preferred
lost 5, Hooking Valley q and nUion Pa
cifc, Pacific Mail, General Electric and
Pressed Steel preferred about a point.
The market steadied and became dull
after the first hour expired.
The character of the selling in evidence
encouraged the pit traders to attack
prices with the purpose of \ dislodging
Vulnerable accounts. On the decline there
were indications of: heavy unloading by
| long standing pools and prices broke rap
idly. Amalgamated ran off 3h under a
continuous stream Of offerings and its
subsidiary stock, Anaconda, broke 7k.
Rock Island was under severe pressure
and was forced down 21h.
Canadian Pacific slumped 21h,1 Union ran
off rs, Northwestern and the active
list generally | to Y. There. was q drop
of 2 in Sloss- Sheffield Steel. q 1k in United
Railway Investment preferred. Short COW
er1ng rallied Amalgamated is, Canadian
Pacific /, and Anaconda, ". Missouri Pa
cif1c made a good recovery but the rally
/ generally was feverish eand lied to dull
trading at once. Rock Island bonds were
weak and the bond market generally ir-
Irregular at noon.
| A pause in the selling brought only a
i feeble rally to prices outsideszef Baltimore
1 & Ohio, which recovered fully. Bear pro-
! fessionals, noting the futile attempts to
force a rally, attacked the market again
and forced the level of prices substantial
i ly lower than before. Declines below yes
1 terday's close reached Il in North Amer1-
/ can, "a in Amalgamated,a 81 in Canadian
i Pacific, Rock Island preferred and Kan.
sas City Southern, 3 NJ in Pullman anc
2 to 25s in Rock Island, Union Pacific, st
Paul, Tennessee Coal and Brooklyn Tran.
sit. Rallies Of a point were made by
few stocks but were not well held.
i Selling was resumed from all quarters
i after the midday period of dullness ant
4 earlier losses were extended a Fraction
in the Pacifcs, St. Paul. Amalgamatet
y and United States Steel preferred. lOthe
stocks Rugged the low point closely an an
j, showed little indication of recovery. Suga
broke ~, Consolidated, Gas 31s and ST
q Louis & San Francisco 5, but the las
named rallied ~. Texas & Pacific lam
trust advanced 4. tsszsgs Il
4 Stock quotations reported for The journal b.
VI Watson & Co., brokers, Chamber of Commerce
q Minneapolis. Closing figures are bid. y