New-York tribune., 1888-08-25
CLOSING PRICES or PHILADELPHIA STOCKS
TESTING TIE QUALITY OF THE MARKET.
Friday, Aug. 24--p. m.

friday. AuE E9--p ILL.,
The stock market to-day again submitted to
a test OF its character and quality. with the
effects of Yesterdays late raid in values. based on
a new cutting of rates (which by the way was
not confirmed there was not bear OH stocks
who before the opening OF business was not
prancing around, either with Joy that he had not
covered yesterday morning or because Of chagrin
that he yesterday covered Lake Shore and Della
ware Lackawanna and Western. The Presidents
message was regarded as a help for short ac-
counts and a semi-panic in values. because Oh
it, was confidently predicted and probably was
anticipated by oil operators whose Judgment was
biased that way by an existing interest. 1he
action of the market when 1t did open simply
furnished additional evidence. and that OF the
stsOngest kind. that the present STOCK Market
is peculiar one and without precedent Ihere
is little doubt If brokers' offices had been loaded
with stocks carried on margins for customers VINO
daily watched the tape after the Old fashion, tlat
after an advance in values hike that Of the last
two months every broker so situated would have
advised the customers to tighten the load-not
that they took any stock in the Presidents mes
sage but that it would be used to weaken values'
and that stocks could be replaced lower. Such
not the situation. The Tribune for months
has asserted that the stocks were not in the Street
nor in speculative hands. Therefore there was
temporary scare the part or holders TO alu
the early efforts Of the bears toward depress on
The market opened as calmly and sercnely as dld
the day. Sunshine was not darkened by single
cloud. One large ~ operator vino yesterday got
out of the way" on Delaware, Lackawanna and
Western and Lake Shore renewed his rgnal
position by selling at prices about 3-4 per cent be-
low these which he paid yesterday, but there was
no pressure OF 81 long stocks. and the lowest
prices were made in the first quarter Of an hour.
1t only mildly describes the situation TO say that
disappointment at the course of the market was
the lot of a majority OF the local spectators.
With a succeeding dull movement there was re-
cOvery to near yesterday best figures, and then
more intense dulness, which invited new bear
attack later in the day. The sharp advance in
the price of wheat was used as an argument that
there no wheat In the country. The fact is.
wheat advanced on the European situation and
the certainty OF market for all our surplus 1t
has been extremely fashionable Of late to calculate
the possible condition with big il something
unusual should happen to the crOps. Now, sup
pose the If is used on the other side If nothing
unusual happens from out, the United States
this year viii produce the largest corn crop ever
grown; a wheat crop above the average OF the
last ten years an unprecedented crop of oats. and
n crop Of cotton some 800, 900 bales larger than
last year. The market closed strong at the fig
urCS.
TIE DAY IN THE BOND MARKET.
The Treasury purchased s9,500 per cents at
12S The rejected offers were S224,0 900 1-2
per cents at l0S 1-s. In the local market the
per cents sold at 1928 l-2a12S 5-S, and quotations
were steady as follows.