The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-07-15
MERGER DECISION
LIFTS U. ?. STOCKS
PRICE ADVANCES UNDER BUY.
ING OF. BIG BLOCKS.

! |
Market Generally Not Affected
Prices Soon Fell Back, However
Another Streak Of Big Purchases
Followed Later in the Day.
New York, July 15.-The stock market
opened quiet and generally higher. The
rise in Louisville & Nashville was IN.
United States Steel preferred declined "a
and Amalgamated Copper opened down
n on the sale of LOO shares, rallied II
on 1.200-share transaction and after
further recovery fluctuated irregularly.
An active buying movement arose in
the stocks Of subsidiary roads controlled
by the Pennsylvania. The strength OF
these stocks was communicated in a less
extent to the general market and substan-
tial progress upward was made by Union
Pacific, Louisville and few others.
Amalgamated Copper was under profit
taking pressure. Advances reached liz in
Norfolk & Western and 1 to IL in Bal
tinore & Ohio, Chesapeake & Ohio, Union
Pacific Louisville, Atlantic Coast, -Mexi-
can Central North-Weste Peoples Gas.
Ontario & Western. and Smelling pre-
ferred Pennsylvania rose to 1191s At
II o'clock the tone was irregular. The
Pennsylvania group and the coalers were
ruling at about the. top, while the western
stocks were under pressure. st. Paul anc
Union Pacific reacted a half.
Ontario & Western was taken in very
large blocks, but the demand for it and
for the Pennsylvania group subsidized and
shifted to the southwesterns and special.
ties. ST.. Louis Southwestern preferred,
Kansas & Texas preferred, Rock Island,
| National of Mexico preferred, Erie first
preferred, the Locomotive stocks, Sugar.
General Electric and Steel Foundry rose
to 19s and North American az.
| Bonds We're firm at noon.
| Anima ted dealings in Union Pacific and
Southern Pacific followed the Northern
Securities decision. The first named
bounded up to 95A and the latter to SLY,
| with the transactions In each stock run
ming well up into the thousands during
every minute of the trading. ST. Paul ad-
vanced sympatheticaIy to 147M, but the
market generally was not affected. Room
traders fed the demand with large realiz-
ing sales and prices soon fell back, some
of the important stocks dropping below
yesterdays closing. The reaction reached
I15s In Sugar, 1A in St!(Paul, 11s in Atchi-
son. 1 in Southern Pacific, Louisville &
Nashville and Norfolk & Western and
| q in Union Pacific 75-3
Trading became quieter at the decline
but toward / o'clock enormous buying Of
| Union Pacific and Southern Pacific was
resumed. Union Pacific touched 961h or
this movement and Southern Pacific 51s
| NOTlHWeSleTn pTGlcrTeu also moved up.
points, General Electric 8, Westinghouse
IN and Northern Central S. Leading
stocks otherwise varied only slightly.
The entire market was dominated BY
the enormous speculation in Union Pa
cific and Southern Pacific, and followed
losely the frequent advances and reac
TORS in the leaders. After running of
nearly a point, Union Pacific was bid VI
to sl%, or AZ above yesterdays fina
figures. Southern Pacific touched 81 ant
st. Paul recovered to the highest. Mis-
souri, Pacific, which had been heavy ear
lier, rose to a3H, and Louisville and On
tarlo & Western were lifted 2 points Lo
, connective preferred got up. 21s in all, an,
Evansville & Terre Haute and Wheelin!
& Lake Erie first preferred dropped 8
: Union Pacific fell off, to 81 later, and tn
list yielded. & 9dt =
The market became quiet in the fina
+. hour at some reactions from the llighe
!; level. st. Joseph and 'Grande Island frs
preferred rose 2 and the second preferre
: g.. The closing was dnlls and irregular.
Stock quotations reported for The Journal b
. Watson & Co., brokers' Chamber o. Commerce
t: Minneapolis: 1ans972a IL ~ 's.
Closing figures are lid 80 ss-.a-} ~.