New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-12-12
WHAT WAS DONE IN STOCKS.

Friday, Dec. lip. m.
practical elimination of the short interest
made the stock market both dull and heavy TO-
day. If the final declines We're only small frac-
lions, it should be admitted that the supply of
stocks was more than the demand required. A
genuine public interest would not be checked
because the bear faction had reduced the amount
of its outstanding contracts, and for this reason
the dulness was an indication Of weakness rather
than strength. The many favorable developments
appear merely to have frightened the trading short
interest instead Of exciting the public buying.
The advances in the rate Of foreign exchange
proved q continued selling of securities for
European account. and the announcement of
small shipment Of gold simply recalled the fact
that the receiving firm is supposed to have an
agreement with the Bank of France for the re-
turn of few millions gold without the exacton
Of premium. II this agreement permits the
import of gold without loss at the prevailing
rates of exchange, it becomes the patriotic duty
Of the firm TO increase its orders without delay.
There could be probably no sharper stimulus ~
speculation than o revival of the return move
ment of gold The outward flow of merchandise
roads of the country are choked with grain
which IL seeking foreign consumption In spite OF
this outflow, however, the return Of gold has ceased
explained by the reasonable demand for remittance
The conclusion that Europe IL reducing its hold
ings Of American railway securities would seem
to be irresistible.
The early dealings to-day Were affected in some
degree by mysterious rumors Of defalcation, which
were not confirmed That they produced no
larger declines was honest testimony TO the gen.
eral confidence in the financial soundness OF this
country, which has been shocked once or twice
lately. The market WINS oppressed still more by
realizing sales in the stocks which have recently
advanced most freely, while there was no ap-
pearance OF life in the bear faction. The feature
Of the trading was the sharp faliv In Richmond
Terminal, which rose nearly per cent on buying by
inside interests There was good preteXt for the
advance unless the sale of 81. 100000 equipment
bonds by the East Tennessee Railroad can be dis
torted into an argument In favor Of Richmond Ter
minal securities. Aside from this movement the
greatest strength was exhibited by industrial
stocks like Chicago Gas and "Whiskey Trust, >
or by shares which are affected by special causes
AS group the Granger shares were quiet and
dropping while AtchisOn was inclined to be heavy
throughout the day. The largest loss was suffered
by Missouri Pacific which closed with loss of
/ per cent, but this was simply o. sequel TO its
unusual buoyancy yesterday. The final variations
were declines of about 3-9 per cent an
average, and the closing was barely steady.
THE DAY IN THE BOND MARKET.
A small sale of coupon 4s at full price was
sufficient to give strength to the Government bond
market and bids for this issue were advanced Ia
per cent without inducing further transactions.
The CLOSING Quotations were follows: