The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-09-12
STOCKS
DROP VIOLENTLY
TREMENDOUS BUYING OF SOUTH
ERIN PACIFIC CHECKS DECLINE.
st. Paul Among the Roads Figuring in
Drop Some of the Western Leaders
Later Make Up Losses.

New York, Sept. 1.-THE opening of the stock
market today was unsettled by violent declines
III Pacifcs and prominent ,grangers, st. Paui
dropped " ! Southern Pacific and Atchison about
point and Union Pacific Il Sugar was also
down-sa point. The general list was lower In
sympathy with the exception Of a few special
ties. Rock Island preferred advanced u III
marked contrast with 1.-THE general tendency.
Further slight losses occurred before the de-
cline was checked. The rallythad its inception
in the tremendous buying of Southern Railway,
supplemented by nearly as large takings OF the
United States Steel stocks, The first seven
transactions in Southern Railway footed up
q 100 shares, embracing two blocks of 5000 and
Of $500. The stock rose 13s in all and
United States Steel rallied to " over Saturday
Room shorts bid energetically for stock and
some of the, western leaders made up nearly all
their losses, including st. Paul, Atchisonsand the
Pac1fcs: High-priced inactive stocks OF an In
Central rose 61a and Buffalo, Rochester & Pitts
burg 3. North Western dropped 2, but recov.
cred the loss after block of 5000 shares was
| taken on the rallyhat 100. Locomotive preferred
gained 214 and there We're many other variations
of to- points by inactive stocks: Leading
stocks sold off again at IL o'clock. u .....
The activity of the market, which absorbed
nearly half million shares in the first hour
was we'll maintained during the second hour
Southern Railway was taken i'll great volume anc
with apparent confidence. United States Stee
preferred. however. reacted suddenly poin
and Reading. which had held firmly, yielded tt
| Is under Saturday.
| The rise in the grain market gave inclination
of the misgiv1ngs caused by the government crol
| report and the weather news. and prices fel
! back lower than before. The Rock Island stocks
fell III under Saturday, Missouri Pacific Tx an'
Erie and the second preferred and Colorado
| Fuel ! II. Atchison and Baltimore & Ohio Us
Chesapeake Ohio x, Metropolitan Securities
and Consolidated Gas IA The market rallied
| and became dull. ..t -
| Bonds were irregular at noon.
Only slight rallies We're effected in the genera
| market and prices slipped back again easil.
when the buying slackened. Southern Ralwa,
went thru all the large offerings that the NOR
ming rise brought out and touched 349s.
An extension of the rise in Southern Railwa!
| and a gain of a point in Texas Pacific PROVED
rnavafl1ng in holding the general market, whicl
Southern Railway ran off point at O'Clock
when general list had made extensive declines
| st. Pau1s loss reached IN. Colorado Fue
dropped 23, Metropolitan Securities 3A. Amalga
mated * and Brooklyn Transit, Norfolk & Yves
| term Reading, Rock Island and the Pacifcs los
IN to Us, the latter amount in Union Pacific
Northern Central jumped Is and Commercial Ca
BILE 20 points on single sales
! The subsistence of the price level continues
point under Saturday. Pennsylvania yielded u
New York Central 1 and some of the southwes
terms made belated declines of a point or more
/ Erie second preferred lost 2, Brooklyn Transi
; 2h, IN, General Electric Pr, North Wester
4 3 and Metropolitan Securities 4. Commercial Ca
! Bile was marked up 80 points and Bake Erie
IeWstern preferred 4. New low levels wer
touched in the final dealings and the closing wa
1 active and weak. ~. --.
Stock quotations reported for The Journal b
Watson Co., brokers, Chamber Of Commerce
Minneapolis. Closing figures are bid.