The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-11-09
PRICES GO SOARING
THEN FALL BACK
LARGE ORDERS CAUSE A coMMo-
TON AT OPENING.
Prices Floated upward-But Profit
Taking Sales Were ordered and Ad-
vances Were Largely and Quickly
Wiped out--Dealings in United
States Steel Were Very Heavy.

New York, Nov. 9.-!The large orders executed
In the opening stock market today caused COM
cling strongly turnout the list. The industrials
were most notably affected The extreme ad-
vance In the railroads was IL in Southern Pa
cihc, with a number of other prominent issues
rising point. The United States Steel stocks
were the feature 10000 shares CT each selling
on running quotations which varied halt with
an extreme advance over Mondays closing 90 OF
LIS for each stock. Tennessee Coal jumped 2as
on 1,o0O-share lot and Amalgamated Copper
rose Ia nxthe saleaof 1000 shares. The new
American Tobacco preferred certificates ad-
In Sugar and Locomotive, showing gains of l
to 2as, amongst most of the important leaders.
The railroad stocks rose 1 to IN, the extreme
advance for Southern Pacific
The first hour OF the trading was given over to
the digestion of flood Of profit taking sales
which carried the whole market back towards
Mondays closing level, and in some instances
below. Stocks which opened late made an adj
ditional showing of gains, but as rule first
prices were the best Realizing in the United
States Steel stocks was particularly heavy and
wiped out all but small fractions Of their gain.
This was true of the prominent railroad stocks
generally. The New York public utilities were
consistently heavy. At the low level small de-
clines from Mondays level were shown by Union
Reading rallied strongly to ~ over Monday and
Southern Pacific rose above its opening level,
but the general market continued irregular.
front taking carried the market down slightly
again at p1dday, but the upward movement was
resumed under the leadership of western stocks.
Union Pa cifc, Southern Pacific, Missouri Pacific,
and Rock Island all sold a fraction higher than
n morning and Reading touched 81 Blocks of
5000. 1000 and 5000 shares Of these stocks were
taken freely. Less active, stocks increased the
higher price substantially, North Western sell
ing up on to 200. Republic Steel preferred 4,
and Toledo st. Louis & Western preferred Ma
tional Enameling and Grass Irvine 2 to 2h.
The market made comprehensive rally during
the second hour, but the great strength shifted
to the railroad stocks. Few of the industrfas
got any higher than the opening prices. There
were many 1-point gains added to the railroad
list. Southern Pacific gained 2B, Reading IN
and Louisville & Nashville 2. Lackawanna
jumped 10. Conspicuous movements in the In
dustrials were gains Of 2 in Republic Steel, 31a
in the preferred, 2 in Realty and Smelling, TX
In Virginia Iron & Enameling and Ia in Wooden
preferred. Beet Sugar lost IN. Bonds were
irregular at noon. js5sss-t >s.r. Is.
Early advances were literally extended, out
side Of the United States Steel stocks, which
! closing Some stocks which had not partic
pated fully in the mornings rise were taker
up later In the day, and advanced a point ol
more, especially Erie, Baltimore & Ohio and
vile and Amalganlated Copper ruled over /;
points higher, Peoples Gas and Hooking Valley
| about 8, Southern Pacific 3h, Westinghouse Elec
trio 4, and American Tobacco new preferred 5h
some impression but Rock Island was pushed w
~, the preferred 3. Illinois Central 1N ant
Erie Ia as Offsets. Delaware & Hudson ant
North American lost 1 9and the local fractions
2A,s There was some renewal Of profit taking il
the late market, which carried st. Paul bacl
q point from the best The closing was very an
mated and irregular. ~ - "A
Watson & Co., brokers ! Gu amber of. Commerce.
minneapolis Closing figures are bid.