The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-31
DRIBBLE OF LIQUIDATION
STOCKS DECLINE UNDER PERSIST
ENT THOUGH SMALL SELLING.
Final Reaction Wipes Out Part of the
Le<xes-Financi aI situation shows
sosne Improvement.

NEW YORK, July 30.-Yesterday's check
to the recovery i'm prices was supplemented
to-day by reaction. There was no acute
weakness except for the eccentric piunges
among the inactive speciaities but the de-
mand diminished 10 nominal proportions.
Commission houses, which reported yester-
day an awakening inquiry for stocks found
to-day that the slight reaction in prices had
almost entirely discouraged this buying, and
in some cases had induced buyers to get out
of the market again hurriedly. constant
drip of small selling undermined the market
and caused prices TO crumble.
The early selling centered Atchison.
The general list resisted for time until
some Of the specialties began to make vio-
lent declines. The weakness then became
sons for yesterdays selling OF Atchison
were cleared UP to-day without strengthen
ing the stock in the market. Official denials
were made Of rumors of a coming bond Is
sue and of an alleged unsuccessful attempt
to negotiate a temporary loan by the COM
pany. The reports Of rains in the South
west, with expected benefit to the corn crop,
disposed of another ground of weakness. The
selling was partly by professional bears, but
the suspicion remained that long stock was
coming on the market, and made an unfa-
vorable impression ON speculative sentiment
An unfavorable showing of June net earn
ings, by reason of food damage and bear
raid TO disl0dge a POOLS holdings of the
stock, We're limited at. A feature of the sit
uation is the revival of various reports, run
ming from the plausible to the highly i'm
probable, of new combinations and absorb
tons of railroad systems. The purchase OF
the Evansville * Terre Haute evidently gave
a new lease of life TO this class of reports.
They concerned themselves with railroads
of all grades, from those of few tens of
thousands of shares to the New York Gen.
trail and Pennsylvania The policy OF COM
bination OF available railroad systems doubt
less has favor in the railroad world, and the
liquidation which has been forced in some
shares has offered attractive opportunities
for absorption, In strong contrast to the ex-
travagant valuations at which the mergers
OF the boom period were consummated.
Some resumption of speculative excitement
in cotton was against the stock market, and
the large speculation developing in the grain
markets is regarded with degree of appre-
hension owing to the general financial situ-
alton. Germ showed strength to-day in spite
of the favorable crop news. and there was
some fear that the spring wheat crop was
suffering further deterioration. The money
market showed a growing ease for time
loans, but the movement OF prices OF spe-
cfaiLeS on the SHOCK exchange luulCdteu
that there was some selling out Of collateral
in loans.
Stocks recovered large part of their de-
clines late In the day. when the liquidation
in Atchison had spent its force. and the
closing was apathetic and not far from last
nights level.
In the bond market Chicago Terminal and
Transfer fOurs were offered down 612 just
before the close. Toledo, ST. Louis & West
ern fours fell 3. The bond market was quite
broad and showed good Enquiry, although
some of the inactive investment issues were
marketable only at considerable concessions
from last nights close. Total sales, at par
value, were 81. 10000 United States threes
declined ] and the old tours III per cent. on
the last call.
Following are the days share sales and
the recorded price changes: