The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-08-02
RISE AND FALL IN PRICE
But SLUGGISH MOVEMENTS
WITHOUT REAL CAUSE.
Professional Traders Manipulate
Stocks for a Days Froits-Ex-
change at Gold Export Point.

NEW YORK. Aug. 1-To-day's rebound
in prices when trading commenced at the
Stock Exchange seemed TO be one of the
usual fluctuations of a narrow professional
market and was Enthusiastically 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 the cause of the
change Of the course of prices. Having
sold stocks for three days, without any
active participation on the part of the
outside public. 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 prin-
cipal 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
prospect of a settlement when they sold
their stocks yesterday. So they bought
back what they sold. The recovery in
those stocks had a dominant influence on
the rest Of the list and on speculative SEN
timent in general. In seeking for a bull
argument to move prices in the new direc-
ton the recent strength i'm Norfolk "
Western and other bituminous coal carriers
offered a LEAD. That group of stocks was
- ~ fAAAA bAA NR ~ ~
and the movement spread TO the anthracite
roads. The movement seemed TO be based
on the general consideration of the sound
conditions Of the trade and the periodical
advance OF 10 cents per ton in the price
OF anthracite, which goes into effect to-
day. The distribution of dividends and in
terest to-day. including that on government
bonds, was looked 10 10 provide some de-
mand for reinvestment. The continued
advance this morning in sterling exchange
seemed to foreshadow some outgo of gold.
and this possibility was a repressive infiu-
ence 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. and the
absolute failure TO attract any outside fol-
lowing prompted the professionals to sell
out their holdings again and take their
pronts. There was no more news to ac-
count for the reaction than there was to
explain the early advance. The selling at
first was of Insignificant proportion, but 1t
was found necessary, III order To find a
market for even the smallest blocks, to
continue the concessions in the offered
price until the sales effected showed wide
declines from the previous prices. United
States Steel more than lost its 2-point
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 We're
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. at
par value. were S965.G00. United States
bonds were all unchanged on the last call.
Following are the days snare sales and
the closing bid prices: