The age-herald., 1901-08-02
ANOTHER NARROW
 STOCK MARKET .illI Rebound Due to the Pro-
 feSSiOnaI Operators NO NEWS TO WORK ON United States Steel Stocks Commanded the Principal Attention, Going Up
 Sharply From Wednesdays
 Depression-Bonds Lose.

New York July 1.-Today's rebound Tn prices when trading was commenced at the stock exchange seemed to be one or the usual fluctuations of a narro" pro- fessional market and was characteristic ally lacking in any news to explain It. There was some revision or sentiment amongst the trades in accord With the new movement, but this was as much ol an effect as a cause of a changed course of nrices Having sold stocks for three d.,. u,thou. any active participation on tbe mart of of the outside pubic ID tne market. the room traders began to lee' thai their short lines were gettihs uh- comfortably extended and they proceed cd to huv stocks to cover. The United States Steel stocks commanded the prln- cipaI attention and reboundeo snaipiS from yesterdays depression. There was no news of any change in the stage or the . status of the strike situation when the market opened, but traders have come to the conclusion that they were unouiS pessimistic over the prospect ot set'le- 'ment when they sold those stocks oo"h x,asterdav afternoon So they bought hack what they had sold. The recovery in +bosa stockes had dominant Influence o, the rest of the list and on speculative sentiment in general. In seeking TOT bull argument to move prices in the new direction the recent strength or NorAoiN and Western and other bituminous coal carriers offered a lead. That group or stocks was accordingly bought ana plu up bV traders and the movement spread to the anthracite roads. The movement seemed to be based on the general cor sidcration of the sound condition Tn traue and periodical advances of lO per cen. per ton in the price of anthracite, whlch goes into effect today.
 The distribution of dividends and in- terezt today including that on govern rnert bonds was looked to to provide some demand for reinvestment. The con tinued advance this morning In sterhhs exchange seemed to foreshadoW sohle outgo of gold and this possibility was repressive influence on speculation The sterling exchange rate now stands at lne point at which the last gold was export ed The higest prices generally were made before noon and the absolute fall ure to attract any outside 1olioWihs' prompted the professional to sell out thelr holdfngs again and take profits. There was no more news to account TOT the reaction than there was to explain the early advance The selling at first was of insignificant proportion, but it was found necessary in order to find market for even the smallest blocks to continue the concession in the offered prices until the first sales affected showed wide de- clines from the previous prices United States Steel more than lost it's 2 point rise and the preferred stock saved only a small fraction. The notable gains at other pints were 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 the best prices in the course of the day. Total sales par value. $965, 900.
 United States bonds were all unchanged on the last call.