Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-08-02
STOCKS CLOSE DAY
ACTIVE AND STRONG
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE 81
Sudden Demand for Gold
Shares Spurs Trading
in Final Hour.
BY GEORGE T. HUGHES.

Special Dispatch to The Star.
NEW YORK, August 2.@Stirred out
of its lethargy by a sudden and agrees
sive demand for the geld mining shares,
todays stock market closed active ard
strong.
Up to the last hour trading had been
OF the most desultory description. Prices
were alternately fractionally higher and
fractionally lower The buying side had
a shade the better of it, but there was
never enough volume to indicate
trend and it locked as though the mar
ket was INDUCING in a Midsummer nap.
The strength in the gold stocks fol-
lowed a report in the Street that the
Washington program had been revised
again ii the direction of radical in
flation. The market was taken by sur
prise, but it started forward immediate
ly. The lower priced gold stocks ran
up 3 and 4 points, while Homestake
jumped more than 25 points.
Others Fall in Line.
Other industrials fell in line and
then the rails were taken up. The
way in which the market advanced
demonstrated its improved technical
position. Buyers had to bid for stocks.
There was no surplus of supply
Commodities were stimulated by the
initiation story as well as stocks. Cot
ton had been weak earlier in the day,
but it rallied briskly in the late trad
ing Wheat in Chicago closed 3 cents
a bushel higher. simultaneously the
foreign exchanges moved against the
dollar.
Prices were slightly higher in the
first hour and then Cancelled the gain in
the second. The turnover was even
smaller than on the previous day.
condition due partly to the extreme
heat and partly to uncertainty about
the operation of the code system.
The days news was generally favor
able. The Iron Age announced that
steel demand was showing unexpected
staying powers" Electric output was
up 1874 per cent on the week, which
was precisely the same gain as last
week. Various public utilities. however,
reported large gains in power produc-
ton For American Water Works the
increase for the week ended July %
was 43 per cent. For National Power
& Light it was PIG per cent and for
American Power & Light l4.2 per cent.
Loadings Cheering.
New York Central made a good car
loading statement The increase on the
week over the same period a year ago
was AZ per cent. The street is lookins
for a letdown in the traffic improve
ment on the railroads, however. Ma
tional Steel in the second quarter re-
ported net equal TO II cents a share on
the stock against 26 cents a share in
the second three months OF 1892.
Wet stocks made the best showing il
the early trading and held more o.
their advance III the later reactiO.
Railroad stocks were up FRACTIONAL
at the start, but they saeged afterWarC
Farm stocks, chiefly J. l. Case an
Sears Roebuck, were strong while vheac
was advancing. but there was no follow
through TO the movement.
Wheat IN Chicago, following Live,
pool, opened cents a bushel high.
the limit allowed in a single sessio.
1t came down about half the groun.
gained almost Immediately. In Winni-
peg wheat was off over 3 cents at the
start. 1t was said that the forced
liquidation which had been hanging
over the Chicago Board of Trade haG
been cleaned up. The same situation
was believed to exist in the stool
market
The dollar weakened slightly abroad
On this size sterling exchange was VI
2l2 cents at the opening. with slight
advances in the European gold cur
rencies. London reported further buy
ing of gold for account of the Con-
tinent at a premium over the open
market price.
Copyright, 1889