The Montgomery advertiser., 1901-08-02
WALL STREET REVIEW
pEHouNp OF PRICES AT THE
 OPENING.
One of the Usual Fluctuations ef a Marrow Professional Market, of Which There is No
 Explanation.

NEW YORK. Aug. 1.-Todays rebound l in prices when trading was commenced
 at the Stock Exchange seemel to be one | of the usual fluctuations of narrow pro- fessional market and was characteristics ally lacking any news to explain t. There was some revision of sentiment amongst the traders in accord with the new movement. but this was as much an ef feet as a cause of a changed course of prices. Having sold stocks for three days without any active participation on
 the pat of the outside public in the mar
 ket. the room traders began to feel that
 their short lines were getting dncomfort-
 ably extended and they proceeded to buy
 stocks to cover. The Cnited States Steel
 stocks commanded the principal attcnt.on
 and rebounded sharply from yesterdny's
 depression. There was no news of any
 change in the status of the strike Eegotia-
 ttons when the market opened, out the
 traders had come to the conclusion that
 they were unduly pessimistic over the
 prospect Of settlement when they sold
 these stocks down yesterday afternoon.
 So they bought back what they lad sold.
 The recovery in thos. stocks had oom-
 inant influence on the rest of the list and
 on speculative sentiment in general. In
 seeking for d bull argument to inove
 prices in the new direction. tue recent
 strength Of Norfolk and Western and
 other bitumnous coal carriers offered a
 lead. That group of stocks was accord
 ingly bought and bid up by traders ahd
 the movement spread to the anthracite
 roads. The movement seemed to Je ased on the general consideration of the sound conditions in the trade and the peri ldical advance of 10 cents per ton in the price of anthracite which goes into effect to-
 day. The distribution of dividends and in-
 terest today, including that on iovern- ment bonds was looked to to provide some demand for reinvestment. The continued | advance this morning in sterling exchange seemed to foresnadow some outgD e gold | and this possibility was reprcssi2e in- | fuence on speculation. The sterling ex- change rate now stands at the point at | which the last gold was export sd. Ihe | highest prices generally were msde before noon and the absolute failure 'o attract | any outside following prompted ti,u pro- | fessionals to sell out their holdings again and take profits. There was no more | there was to explain the early advance | The selling at first was of 'rsignifcant proportion, but it was found necessary in 1 order to lind a market for even the small est blocks to continue the concession in | the offered price until the first sales sf- I fected showed wide declines from .he pre- l vious prices United States Steel more 1 than lost its 2-point rise and the pr'fet red stock saved only small fraction. The | notable gains at other points were re- | duced almost entirely to fractions ard nu- l merous net losses were tdDlish d The closing was dull and heavy
 Business in railroad bonds was email and there were recessions from best EIIces | in the course of the day. Total sales tpar i valueD. S9sj GO. United States bonds v ere all unchanged on the last call.