The Birmingham age-herald., 1903-07-21
SELLING PRESSURE
 WAS CONGESTED
Liquidation Was Still Manifest
 in Stock Trade
SptclALIlEs UNSTEADY
4ieh.PrIced Inactive Stocks Continued to Suffer From Light Selling Or ders-Market Had Rally,
 But Closed Weak.

New York. July 2O.-Liquidation was stlll manifest in today's stock market. The actual selling pressure was congested Tn ,nd,viduai stocks. The volume of activity was great in the general list, ana the dropping tendency of the market seenheo to be largely In sympathy with the weak ness shown by special stocks. Profess ionai bear tactics played a. part In the day's declines as was shown by the oeea- sional rallies. But the demand on this account seemed to be soon satisfied ana there was no disposition to pursue the buying on any advance. The high graoe railroad stocks were less conspicuous Ill the weakness and showed some carry positive resistance to depression. But the weakness became general before the day ended.
 High priced inactive stocks continued to suffer severely from the execution or very light selling orders. as for some tlihe past Delaware Lackawanna and West ern broke 11A to 2S6 on single trans- action, and immediately rallied several points but sold as low as 2S0 later. The of Chicago, Rock Island and Pacific stocks sold at 147, compared with the preceding
  ties embraced in the widely rami1ed Rock Island system were under severe pressure, including Rock Island common, which sold at new low records at 25 Suggestions of a project for a new divisional arrange ment of the system involving a heavy issue of refunding bonds were published during the day.
 It was believed also that the holdings of Rock Island, which were acquired as 4f,1r, of f11a and San Francisco were sought to be dis lodged and forced upon the market by the attack of the bears. Another center Of dis turbance was Ama1gamated Copper, which dropped to 44ss, a new low record. The selling of this stock was unexplained by any new developments, but its weak ness aroused mlsgivings among share holders as to the affairs of the corpor- alton and induced additional selling.
 Colorado Fuels fall to 50 was accom- panied by rumors of the necessity of new issuer to take care of loans which have been made. United States Steel sold at 25 and its weakness was factor In the general depression of sentiment. Sugar s break to a low record for the year was also not without influence on sentiment. The market had a fairly good rally on the hour, but lost nearly all of it again before the closing which was weak. Money was slightly easier if anything, and the market for sterling exchange hardened apparently in response.
 Operators In stocks feel little hope of any demand for securities, while active competition for funds in the money mar ket goes on amongst railroad corpora tions and wealthy individuals The weekly statistics of railroad traffic show rather a notable decline in the grain movement, but general merchandise continues to move in large bulk and railroad officials profess an expectation of an unprecedent- ed traffic this fall.
 There were some points of resistance in the bond market, but other points showed weakness. Total sales, par value, s1,5s5000 United States bonds were un- changed on the last call.