The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-08-17
A SETBACK ON SELLING
STRIKE DEVELOPMENTS INFLUEN-
TIAL TO STOCK LIQUIDATION.
Profit aking Results In "A General
Decline i'm Western Issues-Money
Market Conditions.

NEW YORK. Aug. 1.-THE setback in
prices which occurred to-day, while in
fuenced in a measure by the less favorable
aspect TO the strike situation, was pri-
n.arily due TO proft-taking sales on the
weeks rise. improvements have been made
i'm prices from day TO day, and the re-
sultant sharp gains showed some striking
profits on the long account up to last
night. Bear selling had not been effective
i'm checking the Improvement, and 1t re-
quired only the announcement that the
Joliet steel workers had reconsidered their
decision not to go out as a pretext to sell
the market. Naturally enough the West
ern and Pacific stocks, which had made
the largest gains recently. had to take the
brunt of the selling. But little rallying
lower was displayed by these stocks at
any time during the day, temporary gains
Icing Immediately cancelled by renewed
sales for both accounts. Their losses at
the low point averaged a little more than
l per cent, st. Paul figuring for the ex-
treme decline OF Ia. While the Western
division was generally under pressure,
there was heavy buying at times of the
bituminous and anthracite coal stocks,
causing an Improvement in Norfolk &
Western Of I3s. the Wheeling & Lake Erie
A.A0'2 "a - aAAa OH -
stocks were less prominent than heretofore,
and the announcement of the acquisition
By the Wabash of the Omaha & st. Louis
Railroad failed to strengthen the Wabash
issues. There were heavy purchases OF
Amalgamated Copper late in the day, and
the stock rose 2Ls on reports that a COM
bination in which the company figured had
secured control of the copper production
Of the country. Its top figures were not
maintained, the price running off a point
near the close. Sugar underwent many
wide changes during the day, and after at
one time selling a point above yesterdays
news to account for the conspicuous
strength OF Peoples Gas, which improved
Pr in face of the heaviness elsewhere.
Reports that the United States Steel Cor
public Iron and Steel Company caused
more active dealings In the latter stocks,
and they ended a point each higher. Large
blocks of United States Steel issues were
dealt in at the orening, and 1t was at this
period that the low price of the day was
made for the common. One block OF $500
shares came out at 43&, but when Ii got
down TO 1914. which indicated a loss over
night, the stock was supported and did
not yield below that price, although it
were occasional rallies elsewhere. The final
price was the lowest, and the preferred
closed only Is above the lowest. and rs
down on the day. The preliminary figures
of the weekly bank statement indicate a
gain by the banks Of $717,11S. This repre-
sents only the result of the interior move
ment. as the banks have lost pretty
steadily to the subtreasury throughout,
despite the heavy government expenditures
of the week.
Railroad bonds were dull and generally
easier. Total sales at par value were
$1,145.000 United States bonds were all
unchanged on the last call.
Following are the days share sales and
the recorded price changes: