The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-07-15

and several other less active issues. There
were large sales Of these stocks, many of
them clearly of a forced character. Sup
porting orders put IN presumably by i'm
porfant banking interests brought a check
TO the downward tendency soon after the
opening and there were complete recover
les IN St. Paul, Pennsylvania, Union Pa
cific and Norfolk and Western. Elsewhere
in the list the prices rallied fractionally to
point or more. noteworthy feature
Erie first preferred. The market was
feverish and unsettled through the first
hour.
Supporting orders appeared for the ac-
tive stocks after the opening selling orders
were executed and there were a number
of substantial rallies reaching a point III
st. Paul, Pennsylvania, Norfolk and West
ern, Brooklyn Rapid Transit, Manhattan
and Consolidated Gas.
lines. Pacifics St. Paul and leading spec
ialties made full recoveries or rose to
fraction over last night. Sugar. Erie first
preferred and Reading first preferred ad-
vanced 1 to IL points over yesterday
close. Large declines were being made
meanwhile on belated selling orders in
less active stocks, Atchison preferred, Kan
sas and Texas preferred, l.. and Il. and
w, General Electric, st. Louis southwest
ern stocks. St. Louis and San Francisco
second preferred w. and L. E. and Kan
sas City. Fort Scott and Memphis pre-
ferred losing ~ to points. Brooklyn IN
ion Gas and Buffalo Rochester and Pitts
burg points. he St. Louis and San
Francisco certificates for Chicago Eastern
Illinois sold at 10 and down to l6U- The
market was quieter at II o'clock, but some
what unsteady.
The rally for the first hour was not well
sustained and there was renewal OF the
early selling movement, in the course or
which even lower records were touched.
High class securities such as St Paul,
New York Central, Pennsylvania. Union
Pacific preferred. Delaware and Hudson,
General Electric were forced to lower lev
els, as were also the Steel stocks and Rock
Island A number Of specialties also broke
previous low records. The selling came
from all parts of the room and was again
largely for out of town account Chicago
ana the middle west as Wen as He;l1
class Westinghouse broke 20 points ana
Brooklyn Union Gas 51@ points. Just BE-
fore noon the tone of the list was distinctly
irregular with marked weakness in the
A renewed fall in Pennsylvania and st.
Paul to low record prices unsettled the
market and caused renewed weakness
These stocks sold at 1852 and 1896 respec-
lively Other active stocks fell back 10
lower level. Inactive stocks showed wide
declines. Westinghouse Electric slumped
Brooklyn Union Gas 5i2 points, Pullman
and Delaware and Hudson points 81;
Paul preferred and c. c. {. and ST l.. "A
points and I-ackawanna and Hooking Val
ley 215 points The st. Louis and San
Francisco certificates for Chicago and
Eastern Illinois continued to be sold down
to 1917. The Chicago and Eastern Hi
nois stocks sold last night at POS. The mar
ket rallied before noon, New York central,
st. Paul. Missouri Pacific, Delaware and
Hudson and Canadian Pacific recovering
from / to IL points and General Electric
points.
Bonds were weak at noon.
Stocks came out in a more abundant sup
ply after midday and the pressure was
more widely distributed. Practically all
recognized leaders sold below their morn
ing low records with the pressure most
marked in St Paul. Atchison. the Pacifcs,
the Pennsylvania group and the United
States Steel stocks. The Chicago and East
ern Illinois certificates rallied 81 points,
Pullman points and the whole market
was better.
Efforts to hold the market on the rally
proved futile. The cOalers, which mad
shown effective resistance up to this time,
dropped off rapidly and the entire list was
in a demoralized tone. Prices crumbled
away rapidly in all directions with the Pa
cities notably affected and the pessimistic
feeling was Increased by the wide lnroads
in Investment stocks. General Electric
broke 111a points to ISL Long Island "a
points and New York Central and st.
Louis first preferred. Great Western pre-
ferred, National Enameling preferred and
Vfrginia-C Carolina Chemical stocks to D
points. There was a feverish rally again
towards the end of the hour.