The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-11
WIDE LOSSES in STOCKS
SELLING PRESSURE OF THURSDAY
WAS ACCENTUATED ON FRIDAY.
New York Central Leader in Days
Weakness-Heavy Money Move
ment from the Interior.

NEW YORK, July 10-The Stock Ex-
change Old as much business to-day in the
first two hours of the session as was done
during the entire session of the. previous
day, which was. in turn. more than twice
as much as the recent daily averages. This
revival Of activity has been on the selling
side of the market and yesterdays wide in
roads on prices were added to to-day. Ow-
ing to the late rally ON the movement to
cover shorts the days extreme declines
were considerably mitigated, the more
prominent active stocks closing at recover
les of 1Q112 from the low point of the day.
The movement in New York Central con-
tinued to dominate the whole market, and
that stocks extreme decline OF 3h points
was the most considerable in the active
list. The price touched lis during the early
afternoon and closed at 1874. Quite a num-
Der OF speculative stocks were at one time
from to points below last night st. Paul
and United States Steel, the latter on
fractional decline. touched lower prices
than before this year, and the same was
true OF number of inactive stocks. Penn
sylvania sold down to it's previous low rec
ord at 123 but enormous buying orders at
that level Were Immediately disclosed.
|. There was no important new development
to account for the continued weakness of
the market. 1t was announced on authority
that whatever plans were in contemplation
for raising additional capital for New
York Central nothing was likely to be
done until September. There were admis-
sions as to the probability that the great
terminal construction contemplated by the
0Or
dunn of terminal company organized for
the purpose. But it was realized that New
York Central credit must be relied upon
for raising the money. The continued
stream of New York Central stock coming
on the market was sufficient in itself to
take away the effect Of disclaimers of a
contemplated stock issue or bond issue.
Stocks Of the subsidiary Vanderbilt compa-
MES which are seldom dealt in also suffered
wide declines, Lake Erie & Western pre-
ferred losing g. Cleveland, Cincinnati, Chi
cago q ST. Louis and Peoria & Eastern 61s,
and Canada Southern 21e. Chicago g. North
and the preferred 8. the latter with re-
covery. There were other notable declines
among the high-srade investment stocks.
such as New Jersey Central, which lost 8,
Delaware q Hudson 5%, Lackawanna and
American Express 5, and Pullman 3% The
occasional rallies of the market indicated
eiiN Aoi 90 Poit pldycu Wy PROFESSIONAL SDOrt
selling in the weakness. But large amounts
OF long stock were dislodged by the bear
tactics of the professional traders and each
successive rally until the last one was
availed of as a basis for renewed selling.
The first effective rally of the day came
after the publication of estimates Of the
weekly cash changes which showed an ex-
cess of receipts over shipments on the in
terror movement of over $3,O000O0. This is
larger than the 81. $4,000 loss on subtreas-
ury operations, thus indicating a small net
cash gain by the banks. Tomorrow gold
shipments of s2.6oO.OO0, however. do not fig
ure i'm this estimate. The large receipts
| on balance from the interior were a de-
| cided surprise in view of the movement of
| interior exchange markets. The grain mar
kets reflected the large closing up of ac-
counts in expectation of the appearance of
the monthly crop statement after the clos
ing to-day, and spectators in stocks were
not able to get much light on the crop
situa lion from the movement of the grain
markets. The market closed about steady
| on the late rally.
Bonds were weak in sympathy with
| stocks. Total sales, at par value, were ST.
| 10000 United States bonds were all IN
| changed on the last CALL
Following are the days share sales and
| the recorded price changeS: