The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-05-01
MARKET OPENS IN
GREAT. CONFUSION
STOCKS STRONGLY SUPPORTED,
OTHERS DECLINE.
Union Pacific Suffers an Early Fall of
Nearly Six Points and Then Reacts
Great Northern Breaks Five Points
Before the Noon Hour.

New York, May 1.-The stock market opened
In confusion and disorder, with wide changes
both ways. The closing today Of the London
exchange left operators in stocks without the
usual preliminary intimation Of the tone OF
the speculation, and feeling of great anxiety
remained result Of Saturdays events. Wig
orous support was In evidence and was effective
In many prominent stocks, but in others there
were considerable declines. Opening gains were
shown Of to LIS in Illinois Central, Louisville
q NASHVILLE, Canadian Pacific, Northern Pacific,
Atchison Reading and Union Pacific. The last
named opened wide with simultaneous sales of
$500 800 shares from 11eh to 49, compared with
lSB on Saturday. The price then dropped to
1879 United States Steel preferred was down
Is on running sales. and wide opening in the
common stock on 10000 shares showed prices at
3O& and 81, compared with 313s Saturday.
American Smelling was down 1S, Tennessee
Coal about point and Pennsylvania Is. North
Western dropped 4. There recoveries
at the extreme declines and some reaction from
the wide advances Immediately after the open
Ing.
Foreign commission houses reported demand
Tor stocks from all parts of Europe, and con-
failure of confirmation Of Saturdays runlors of
financial trouble made shorts disposed to cover
The success of the supporting tactics seemed
to induce the withholding of selling orders
but In the second half Of the hour there were
some threatening breaks again. Atlantic Coast
Line rose 31a, Great Northern preferred and
Kansas City Southern preferred 8, and the Fries,
Rock Island, Missouri Pacific. Norfolk & West
| ern, Amalgamated Copper, Colorado Fuel, the
Metropolitan stocks. General Electric had got
up 1 to 2. On the break Smelling slumped Az,
New York Central 8, New York Chicago & St.
Louis 2, the second preferred 80, Locomotive
21a and Reading St. Paul, Pennsylvania South
ern Pacific, the United States Steel stocks, Ten
| nessee Coal Colorado Fuel and others 1 to 2.
Union Pacific reacted from 1875 to Hts and
| Great Northern from 173 to 16S. Cleveland,
| Lorain & Wheeling broke g.. . ...se --.
The bulls obtained absolute control Of the
market for time after midday and pushed
| prices resolutely upwards Outstanding shorts
became alarmed and covered frantically at q
| level from 1 to 3 points above Saturdays clos
| ing. Business heavy while the rise in
progress. Among the more notable gains were
| Atlantic Coast Line of 5h, Louisville & Nash
vile An, General Electric 6A. United States
| Rubber preferred and number of the Pa
! cities, southwestern coalers, independent stee
| companies, the Metropolitan stocks and Amalga
mated Copper 2 to g.. Northwestern rallied tt
| preferred declined g. Chicago st. Paul, Mime
apolis & Omaha and Rubber Goods preferred 5k
| The break carried many stocks thru the low
prices made on Saturday, which would serve t.
| affect additional margins. The fact that sup
| port was effective, in face of this did mucl
| towards restoring confidence, and there was
substantial recovery. Some Of the stocks which
| opened strong recovered to the best. Erie wa
prominent in the rally with gain of ~
Canadian Pacific rca;e 2ss. The market became
much quieter at the restored level. Bonds wer
easy at noon. San .-,~z...-
The market ran of to IL for few stock
on professional realizing, but rallied to abov
the highest and became comparatively quiet.
Closing quotations reported for The Journal b
Watson & Co.," Chamber Of Commerce, Mime
apolis. Closing figures are bid. q,