The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-21
STILL UNDER PRESSURE
STOCKS Go LOWER UNDER THE PER-
SIsTENT LIQUIDATION.
High Grade Issues Break severely on
Small Transactions-Money Mar
ket Remains Easy.

NEW YORK, July 20--Liquidatio was
still manifest in to-cay's stock market.
The actual selling pressure was oongested
in individual stocks. The volume of activ-
ity was not great in the general list and the
dropping tendency of the market seemed
10 be largely in sympathy with the weak
ness shown by special stocks. Professional
bear tactics played a part in the days de-
clines, as was shown by the occasional raj
lies. But the demand on this account
seemed to be soon satisfied and there was
no disposition to pursue the buying on any
advance. The high grade railroad stocks
were less conspicuous in the weakness
and showed some early positive resistance
to depression. but the weakness became
general before the day ended.
High priced inactive stocks continued to
suffer severely from the execution of very
light selling orders, as for some time past.
Delaware, Lackawanna & Western broke
11% to 236 on a single transaction and i'm
mediately rallied several points, but sold
as low as 235 later. The old Chicago. Rock
| Island &. Pacific stock sold at 147, compared
with the preceding sale last January at 200.
Various securities embraced in the widely
ramifed Rock Island system We're under
severe pressure, including Rock Island
common, which sold at new low record
| at %. Suggestions Of project for new
divisional arrangement of the system in
| volving a heavy issue of refunding bonds
were published during the day. 1t was be-
| lieved also that the holdings of Rock
| Island, which were acquired a result of
| the absorption of the st. Louis & San Fran
| cisco, were sought to be dislodged and
| forced on the market by the attack of the
| bears. Another center of disturbance was
Amalgamated Copper, which dropped TO
| 443s low record. The selling of this
| stock was unexplained by any new devel-
| opments, but its weakness aroused misgiv-
ings among shareholders as to the affairs
| of the corporation and induced additional
selling. Colorado Fuels fall to so was ac
| companied by rumors of the necessity of
new issues TO take care of loans which
| have been made. United States Steel sold
at % and its weakness was factor in the
| general depression of sentiment Sugars
| break to low record for the year was also
not without influence on sentiment. The
market had a fairly good rally in the last
] 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. Oper-
ators in stocks feel little hope OF any de-
| mand for securities while active competi-
| ton for funds in the money market goes
| on among railroad corporations 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 ex-
| pectation of an unprecedented traffic this
| fall.
There were some points of resistance in
| the bond market, but other points showed
| weakness. Total sales, at par value, were
| s1,5s50o0. United States bonds were I'M
| changed on last call.
| Following are the days share sales and
| the recorded price changes: