The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-03-09
BRITISH DISCOUNT
HELPED WALL ST.
REDUCTION OF RATE BY BANK OF
ENGLAND FELT HERE.
Stock Market Opening Responded to
Foreign Inhuence-Absorption Of
Reading Continued Union Pacific
Carried Upward-Atchison Also in
Heavy Demand-Reading Later Be-
came Feverish. G:fS ~ ".E+ p.

New York, March 0.--Reduction in the Bank
of England discount rate contributes an insplr-
ing influence to the opening in the stock mar.
ket here today, and the neavy absorption OK
Reading continued. The consequence was a
strong and animated opening. Reading rose an
extreme ~ on running sales Of l4,0UO shares.
Union Pacific was carried up point on a. O0S
shares and Atch1son as much Oh over lo,ooS
shares. Advances of l to ~ were shown ny
Atlantic Coast Line, Kansas l. Texas preferred
and Minneapolis, St. Paul & sault Ste. Marie;
gains for New York Central Norfolk s. West
ern, United States Rubber preferred and Metro
politan Street Railway.
Operations on the long side of the market were
conducted with more confidence. Dealings con
verged on Reading, Pennsylvania, Union "a
cihc, Atchison and Amalgamated Copper, and
their advance had tonic effect allied prop
critics. New York Central moved up rapidly
Reading huctuated feverishly between 9S% and
9e1a. The principal gains Of the first hour were
New York Central ", Union Pacific and South
ern Pacific 1b and St.. Paul, the Atchisons'
North Western, Pennsylvania Amalgamated Cop
per, the Smelling stocks, Federal Mining pre-,
ferred, Colorado Fuel, Virginia Carolina Chemical
and United States Reduction & Refining preferred
l to "a.
Reading moved up to $685. while the general
movement halted and turned backwards frac-
ton. The market became dull with tho check.
! Additional stocks to rise to Ia were Louis
Vile s. Nashville, St. Louis Southwestern pre-
ferred, st. Paul preferred, Colorado & Southern
preferred, racine Mall, BAG prelerTeus OuAI0u
| States Rubber, Wooden. Detroit United Railways
| and United States Reduction United States
| Reduction preferred gained 3h and Peoria &
Eastern and Fort Worth & Denver City 2. The
Mailing stocks lost 1.
Bonds were firm at noon
| A bear drive against Sugar began at noon
and was driven down to lab, loss Of 2A.
Its precipitate fall weakened the market, New
York Central reacting point and Reading los
| ing all of its rise. Recessions also were made
in the more important stocks. New York, Chi
cago & st. Louis fell off and Lackawanna
preferred 1. Eager buying of Smelling, which
rose above 90, turned the trend Of prices up
ward at 1 o'clock. Amalgamated got up to 80
Peoria & Eastern extended its gain to points
ss-Shefield Steel advanced 8, Chicago Ter
minal preferred ~ and the Hooking Valley
stocks, Locomotive preferred and Corn Products
preferred 1 to III.
While there was a gradual improvement III
values of the railroad list during the afternoon
| the more important movement In the in
dustrials and specialties. Metal stocks were
! bid for energetically and made material ad
! vances apart from United States Steel, which
hung back and was very dull Smelling touched
99ss and the preferred improved ~. sloss
| Sheffield Steel stiHened 8, Amalgamated Cop
per, Tennessee Goal, Westinghouse Electric ant
| the Hooking Valley stocks to 21a, Hooking Goa
1% and Lead, New York Air Brake, Leather
preferred, Chicago Alton and Chicago Ter
minal i. Canadian Pacific was taken confdentl!
up to 146H.
Stock quotations reported for The Journal b.
Watson & Co., brokers, Chamber Of Commerce
Minneapolis. Closing figures are bid.