The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-09-07
DOWN. Ard TURN
IN STOCK MARKET
OPENING PRICES CARRIED UP.
WARD, BUT SLUMP FOLLOWS.
Decline Unchecked Until Activity Of
Market Had Materially Abated-
Bonds Steady at Noon.

New York, Sept. 7.-Buying orders for most
Of the prominent stocks in large blocks carried
opening prices today up from "a to H.. Unlted
States Steel stocks We're the only conspicuous
exceptions, the common declining quarter and
the preferred u half. The local fractions showed
the effect Of the compromise of the labor con-
troVersy in gains of NON. There were safes
of 1000 shares of Reading at 81 and 61A com
pared with t66a last night, and the stock MADE
further advance subsequently.
Railroad stocks were sold under cover OF the
bull demonstrations In several Of the specialtles
and coalers. Brooklyn Transit, Metropolitan Sc
curities, Amalgamated Copper, Pacific Mall
IN. Free selling of Southern Pacific lowered it
to half under yesterday, and there was pretty
thoro cancellation of the opening advances In
other leaders. The Colorado & Southern stocks
fell each; Pittsburg, Cleveland, Chicago & st.
Louis, Y, and Hooking Valley ~. The mar
ket rallied later, when Brooklyn. Transit ad-
vanced 2. Chicago Terminal preferred rose IA.
and Denver & Rio Grande preferred and Fort
Worth and Denver City Stamp 2 The Pa
cihcs were held back by continued realizing,
Southern Pacific receding to So. Prices yielded
again turnout -. .-...r .a..
The course of the market turned decisively
downward, below last nights level Southern
Paci6cs loss reached ", Reading Is and Union
Pacific y. The decline was not checked until
the activity of the market had materially abated
Gains OF 1@1 u were registered by Central Rail
way of New Jersey, Baltimore & Ohio preferred,
Iowa Central preferred, Chicago Great Western
preferred B, Kansas City Southern preferred
Sheffield preferred and Pump. Bonds were
steady at noon. .-t.g. zs.-.--
A rally in United States Steel preferred from
62% to 63ss created decided demand for other
metal stocks but the railroad list was not much
affected. Tennessee Coal was freely bought al
an advance of ia, and Colorado Fuel, Republic
Steel preferred and Sloss- Sheffield stocks rose
1902. Pullman, Bag preferred Ice preferred
| and Rubber Goods rose point each. and Wheel
ing & Lake Erie first preferred Ia. Amalga
mated was marked up again to 50. Cotton Vi
yielded 1 and Minneapolis & ST. Louis 2.
Aside from moderate selling of the western
stocks and coalers and some additional advances
in the iron and steel group, operations wer'
quiet and without notable effect on values
Smelling preferred improved ~ and Colorado
| Fuel IN. New Haven also gained and De-
! Moines %. Fl,
| The railroad equipment stocks followed tn
| iron and steel stocks to higher level, gain
| running from 1 to ~ for Locomotive, the Ca
| stocks and Pressed Steel Car stocks. Duluth
South Shore & Atlantic and Wooden preferre
gained 1 and Anaconda 2. Selling OF RAILROAD
| stocks renewed with this sustaining inhu
ence and the leaders fell to the lowest of tn
day. Union Pacific lost / and the -MetropoD
! tan fractions reacted to about point unde
last night. The closing was dull and heavy.
| Stock quotations reported for The Journal b
| Watson & Co., brokers. Chamber of Commerc%
Minneapolis. Closing figures are bid.