A springless combination shock absorber and suspension apparatus comprising three tubes: An outer tube, a piston tube (inner tube) and a stationary (damping) tube, with a floating piston disposed in the inner piston tube, wherein the floating piston forms two chambers therein, a lower liquid chamber and an upper gas chamber. Fluid dampens shocks by passing through a two-way valve in the outer tube and may be controlled internally by a shim plate positioned over apertures or valve passageways, or, in a separate embodiment, by external adjustment of flow by rotating adjusting plates to open and close the valve passageways. The amount by which the gas chamber is reduced in compression is large enough to generate the high pressures required to produce spring-like forces. This design allows the gas pressure chamber to operate effectively as a spring.