The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-03-29
SLUMP FOLLOWS
STRONG OPENING
SUDDEN APPEARANCE OF OFFER.
INGs BEWILDERs OPERATORS.
Prices Pushed Below Yesterdays Close,
but Rally Again Because Of Exten-
sive Buying Pennsylvania and
Union Pacific Taken in Huge Blocks
800 Makes EARLY Gain.

New York, March 29.-Opening prices In the
stock market today were well above the previous
close. This was particularly noticeable In the
Pennsylvania group and the western stocks. Pur-
chases Of many OF tho representative leaders
We're in blocks OF thousand shares or more.
Northwestern advanced appoints and Canadian
Pacific, Union Pacific, New York Central, Sugar
and Amalgamated Copper, 1@l1A.
Speculative operators were beWildeped by the
action OF the market. After the strong opening
heavy offerings came from all quarters and St.
Paul, Baltimore 4 Ohio, Missouri Pacific, Onta-
rio & Western and Rock Island declined frac-
ton under yesterday g closing Extensive buying
was begun at the lower range and the market
rose rapidly again, eclpsing the opening figures.
Pennsylvania and Union Pacific were taken in
enormous blocks and the general inquiry seemed
urgent. St. Paul. Minneapolis, st. Paul s. Sault
Ste. Marie. Pennsylvania and Southern Pacific
were added to those making earlier gains Of Il
point or more Lackawanna jumped 6h. Rea-
lizing began at IL O'clock and the market became
quiet. va. III IS
Pressure not continued and the market
hardened slowly. Union Pacific got back to it's
highest and United States Steel and Reading sold
trihe above their best prices of the forenoon.
Other stocks ruled within measurable distance
of the earlier best i5s '.'''T -.
Active bidding for Canadian Pacific and its
controlled stocks caused rise Of * in Canadian
Pacific, 1 in Duluth, South Shore & Atlantic, 25s
in the preferred, in Minneapolis, st. Paul &
Sault Ste. Marie and 29s in the preferred. This
demonstration was ignored by the general mar
het, Wn1cn soiu Oh SIeaully on an increasing Vol-
ume of offerings. The Canadian group then re-
acted. Sharp pressure against Tennessee Coal,
which lowered it almost 2 points and the main
telance Of stiff 4 per cent call money rate,
contributed the depressing factors. The NOR
ning's advance in few stocks was wiped out,
but the general market retained q fraction of the
rise. st. Paul preferred and Realty yielded
and Rubber preferred and Toledo, st. Louis s.
Western 1. Bonds were slightly irregular at
noon. -".a- =. 3 -. - :. -. =
Continued hardening Of prices carried the aver
age higher than before. The United States
Steel stocks Reading, Erie, Ontario 3 Western
and Atchison got a point over last night for the
first time. Union Pacific extended fits rise to
about 2. -.~--,. al, dS$. ~; ..-. -.
The failure Of call money TO- show any furry
encouraged buying Strongly. Union Pacific, ad
vanced an extreme ~ North Western 81, Wa
bash preferred 25s. New. York Central 2ss Della
ware & Hudson IN, st. Paul 2. Canadian. Pacific
1M and Pennsylvania 19s. Gains of to 11a
were fairly general sz There was buoyant rise
OF 51s in Wabash debenture B bonds on large
transactions. Profit taking checked the rise.
United States Express fell 5A. The closing was
irregular and ra ther dull. ~ - -
Stock quotations reported for The Journal b,
Watson & Co., brokers', Chamber of Commerce
Minneapolis. Closing figures and bid