The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-09
PRESSURE is PERSISTENT
STOCKS SOLD ON A STEADILY DE-
CLINING RANGE OF PRICES.
Small Rally at the Close Due to Cover
ing by Shorts-FOreign Money
Markets Are Disturbed.

NEW YORK, June S.-Further severe In
roads on prices of stocks were made to-day
under a renewal of active liquidation. In
the last hour of the market this liquidation
had apparently spent its force, and in order
to cover their short contracts the room
traders were obliged to bid up prices from
l to ~ for the active stocks, curtailing by
that much the extreme losses of the day.
The principal selling was among the corn
carriers and cotton-carriers. and the coal
ers were also subject to heavy selling pres
sure. These movements were based in part
on the belated planting of the corn crop.
the poor condition OF cotton and the fears
that labor troubles will again break out in
the anthracite mining region. An uncon-
frmed rumor that the new Rock Island au-
thorities are taking steps in the matter of
rates that threaten a widespread unsettle-
ment in their territory was current, but it
was not clear that 1t had anything TO do
with to-day's weakness Rock Island itself
was not weak some other stocks. The
decline of over three points in Atchison and
the heavy dealings in that stock combined
to make it the most conspicuous in the
days trading. The 32s point drop in Read
| ing was somewhat sensational, in view of
the recent support In that stock, and some
of the Northwestern stocks. with unimpor-
tant corn traffic, shared in the days weak
ness. Chicago & Northwestern sold down
| to 169 and Northern Securities on the curb
went to new low record.
1t was to be expected from the showing
made by the banks in the Saturdays state
| ment there was some calling of loans and
| forced liquidation as a result The selling
came from many directions London Joining
in the early offerings on account Of the adj
| vance in the discount rate Of the Imperial
Bank of Germany. Commission houses
were also very general sellers on orders
from many parts of this country. small
engagement of gold for export to Germany
was announced, but this was without spe-
| cial effect, as the question of large exports
was an open one, in spite OF the lowering
| or the exchange rate, owing to the demand
| for money in Germany ana the decline In
| the sterling rate both at Berlin and at
Paris. 1t is reported that German banks,
| in their eagerness to obtain allotments of
| the lately issued imperial loan, have COM
mitted themselves so largely as to demand
recall of German credits placed abroad.
Demand for money in Germany is also at
tributed to reviving industrial activity.
In this market preparation Is being made
/ for the payment of an installment Of ST.
100000 of the subscriptions to the Metropol-
itan Securities Company, due on Wednes-
| u.
| new Pennsylvania stock, calling for $45,-
| 0O0, coo, is payable from June Is to June q,
| although 1T is understood that the Penn
| sylvania Company's six months loan for
! 100000, secured last January, is to be
paid off with the proceedsQPf these sub
scriptions.
In spite of the severe declines to-day
| there was singularly little talk of financial
| embarrassment But discussion In banking
| circles of the size of the loans accorded to
| individual capitalists, especially among
| those whose recent great fortunes have re-
suited from the industrial combination
| process, indicate formidable figures. 1t is
| we'll understood that very large loans of
this character are in process of repayment,
| and 1t is commonly believed that impor-
tant settlements have been made by pri-
vate agreement involving very large trans
| fers of holding in important railroad sys-
TENS. and arousing suggestions of possible
! changes in the control. There was a no.
ticeably firm tone to-day in few stocks
| which have suffered most from some of
| the recent liquida ton, notably Pennsylva-
| MA, New York Central, st. Paul and South
| ern Pa cifie. But at other points the alb
| sorption of offerings was still a de-
| scending scale and clearly in the nature of
acceptances. rather than of bidding for
stocks. The close was about steady at the
rally.
Bonds were irregular. Total sales at
| par value were 81. 100000 United States
| bonds were all unchanged on the last
| CALL
Following are the days share sales and
| the recorded price changes: