The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-08-02
A TRADERS MARKET
HOLDING ALoOF FROM WALL
STREET SPECULATION
PRICES SHOW AN ADVANCE
Purchases of Brokers to Cover Out
standing Short Lines the Only
Visible Reason fors Gains
on the Tapesj

%SSA Closing.
Thurs. Wed.
NEW YORK, Aug 1-Today's rebound
in prices, when trading was Commenced
at the stock exchange, seemed to be one
or the usual fuctuations2Sef a narrow
professional market, and was Character
istically lacking in any news to explain
II. There was some revision of senti-
ment among the traders in accord with
the new movement, but this was as
much an effect as cause of the changed
course of prices. Having sold stocks for
three days without any active participa-
ton on the part of the outside public in
the market, the room traders began to
feel that their short lines were getting
uncomfortably extended, and they pro-
ceeded to buy stocks to cover. The
United States Steel stocks commanded
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 pessimistic over the prospect Of
settlement when they sold these stocks
down yesterday afternoon. So they
bought back what they had sold The
recovery in these stocks had a dominant
influence on the rest of the list and on
speculative sentiment in general. In
seeking for a bull argument to move
prices in the new direction the market
strength of Norfolk 6, Western and other
bituminous coal carriers offered a lead
That group of stocks was ACCORDINGLY
bought and bid up by traders. and the
movement spread to the anthracite
roads. The movement seemed to be
based on the general consideration of
the sound conditions in the trade and
the periodical advance of 10 cents per
ton in the price of anthracite, which
goes into effect today. The distribution
of dividends and interest today, includ-
a 1a11f
ed to to provide some demand for REIN
vestment. The continued advance this
morning in sterling exchange seemed to
foreshadow some outgo Of gold, and this
possibility was a represSive' influence of
speculation. The sterling exchange rate
now stands at point at Which the last
gold was exported. The highest prices
generally were made before noon and
the absolute failure to attract any out
side following prompted the professionals
to sell out their holdings again and take
their profits. There was no more news
to account for the reaction than there
was to explain the early advance. The
selling at first was of Insignificant pro-
portion but it was found necessary In
order to find market forever the small
est blocks to continue the concession in
the offered price until THE first sales
effected showed wide declines from the
previous prices. United States Steel
more than lost it's two points rise, and
the preferred stock saved only a small
fraction. The notable gains at other
points were reduced almost entirely to
fractions, and numerous net losses were
established The closing was dull and
heavy. %
Business in railroad bonds were small,
and there were recessions from the best
prices in the course of the day Total
sales. par value, $950,0OO. aUnited States
bonds were all unchanged on the last
call.
STOCKS.
Furnished by Charles H. F. Smith &
Co. members of the New York Stock
Exchange, Pioneer Press building, who
have direct wires to Chicago and New
York. Closing prices are bid: