The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-08-02
REVISION OF SENTIMENT.
Prices of Stocks Underwent Slight
Changes Yesterday.
AN EARLY REBOUND WAS LOST LATER
Distribution OF Dividends and interest
Was Expected to Provide Demand for
Reinvestment, but that Was Offset.

New York. August l.--roday's rebound 'n
pr ces when trading was commenced at the
ock exchange seemed to be one of the
usual fluctuations OF narrow professional
market and was charactterisAchlly lacking
In any news to explain It. There was some
revision Of sentiment among the traders In
accord with the new movement. but this
was as much an effect as a cause OF a
changed course OF prices. Having sold
stocks for three days without any active
participation On the part of the outside
public In the market, the room traders be-
gan to feel that their short lines were get
ting uncomfortably extended and they pro
ceeded to buy stocks to cover.
The United States Steel stocks command
ed the principal attention and rebounded
sharply from yesterdays depression. There
was no news Of any change in the status
of the strike negotiations when the market
opened, but the traders had come to the
conclusion that they were unduly pessimis-
| u over the prospect of settlement when
| they sold these stocks down yesterday af-
teiroon. SO thei bought back what tney
sold, The recovery in those stocks had a
dominant influence on the rest of the list
ana on speculative sentiment in general
In seeking for bull argument to move
prices in the nav direction the recent
stIensta o. Norfolk and Western and of
z lllt u LUMINOUS coal carriers OHeleQ a leuu.
That z CUP stocks was accordingly
| bougn, ana bid up by traders and the move
! ment spread to fhp anthracite roads. The
movement SEE med to be based on the gen.
/ enal consideration OF the sound conditions
/ ~ the trade and the periodical advance Of
~ cents per ton in the price of anthracite
coal, which goes into effect today.
! The distribution OF dividends aud interest
! TO-DAY, including that on government bonds,
i was looked for to provide some demand for
reinyestment. The advance this morning
| IN sterling exchange seemed to foreshado,y
some outgo Of gold and this possibility was
a repressive influence on speculation. The
! sterling exchange rate now stands at the
| point at which the last gold was exported
! The highest prices generally were made
| before noon ana the absolute failure to
attract any outside following prompted the
| professionals to sell out their holdings again
! and take profits. There was no more news
TO account for the reaction than there was
10 explain the early advance. The selling
at first was of insignificant proportlo ns
| but VI was found necessary in order to ind
n market for even the smallest blocks 20
continue the concession In the offered price
until the first sales effecte.l showed wi le
declines from the previous prices United
! states Steel more than lost Its point rise
and the preferred stock saved only small
/ fraction. The notable gains at other points
We're reduced almost entirely to fractions
| and numerous net losses were established
! The closing was dull and heavy
Business In railroad bonds was small and
there were recessions from best prices in
| the course OF the day. Total sales, par
value, S965,000