The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-23
STEADY FALL In SHARES
STOCKS DECLINE HEAVILY UNTIL
JUST BEFORE THE CLOSE.
Partial Rally Then Made on Covering
In the Securities Market.

NEW YORK. July 22-The unsettled
condition of the speculative mind was
clearly manifested when the stock market
opened this morning with a fresh batch OF
unfavorable news regarding the corn crop
and affecting also the chances of the spring
wheat crop. The rangers and Pacihcs and
southwestern were all acutely depressed
and heavy blocks OF shares Of each OF these
roads were thrown on the market. opening
sales reaching as high as 10000 shares for
Union Pacific. Conditions were much Xix
those Of last Monday, and the trading con-
| tingent was inclined TO look for some such
effective support to the market as was or
fered last Monday by the powerful capital
lists who have a paramount interest In
keeping up the prices OF their properties.
The selling on the short side. after the
opening dip. was. therefore, conducted
with signs of timidity and caution There
was. in fact, effective support offered at
the opening low level. But the incipient
rally was checked when the corn market
opened and the excited condition of affairs
there was observed. The present market Is
largely influenced by the close proximity
Of the brokers in stocks and the brokers in
grains. the Stock Exchange being in tempo
rary quarters on a portion OF the Produce
Exchange floor, with only half a wall divid-
ing them. Not only are the proceedings in
one exchange TO be seen from the floor OF
the other, but brokers are constantly pass
ing from one to the other and operating on
both. This personal contact exaggerates the
sentimental effect of the grain market on
stocks. There were occasional rallies on
the down grade, due 10 the covering or
board room bears, who took quick profits.
the loaning rates for stocks do not indi-
cate a widely extended interest beyond the
in-and-out transactions by the board room
traders. The bearish operators are in con-
slant apprehension of some maneuver or
announcement by those interested In sup
porting the market which would cause a
sudden rally and cost the shorts heavy
losses. There was no evidence of any such
maneuver to-day, the market yielding
general disposition on the part of traders
10 close up their contracts over night and
the demand from this source caused a sub
stantiai rally in the late dealings running
from l to 3 points. In the leaders at the
low level the inroads upon Saturdays
prices were as follows. for the leading
stocks: Rock Island, ~; Missouri Pacific,
rs; Union Pacific. 6es; st. Paul. 6@s; st.
Louis Southwestern preferred. s: Atchison,
AZ; St. Louis & San Francisco second pre-
Denver 81 Rio Grande preferred, 31a. There
were many other losses of i to 3 points at
other points of the list, and Baltimore &
Ohio was down AZ and New York Central
3h. TIE United States Steel stocks moved
NARROW all day. The closing was quiet
and steSdy. with a good part of the rally
maintained.
Railroad bonds were dull and weak. Total
sales. at par value, were s.. 255,0 600. United
States bonds were all unchanged on the
last call.
Following are the days share sales and
the closing bid prices: