New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-10-03
Ii3s slj % 100 $50 1893 200
WHAT WAS DONE IN STOCKS.

There was a sharp change in the temper Of
SPECULATION to-day. The weakness which marked
the closing last night was nowhere visible at the
opening. although slight hesitation was notice
able now and then. On the contrary, there were
on every side indications that those who had
before favored a reaction were less aggressive. II,
indeed. they were not active buyers OF stocks.
IL is wholly immaterial whether their purchases
were for the long account merely TO protect
outstanding contracts. Ordinarily the covering
of q large short interest removes a certain support
from the market but the steady buying by
Europe and the general public counteracts that
influence in the present speculation. Ii has beeu
clearly understood that the reaction was designed
merely TO enable important interests TO correct
the mistakes made an tie course OF the recent
advance. Another effect, of course, was tr- re-
duce the ranks Of weak holders whose margins
may have consisted chiefly Of eXuberant enthusl-
asm Every decline carried stocks into stronger
h3 nds. while il attracted nes7 buying, both mere
ana abroad Inc reaction was not agrsea"1e "a
those who had undertaken too heavy burdens, ana
some of the methods by which il was achieved were
not cOmmendable. II did not change, however
the conditions which started the original move
ment and are now more fOrceful than before: Inc
bountful harvestS, the activity in all branches Oi
business, well as in transportation, the unusuai
ease Of money and the constant return OF goa
from Europe are influences which cannot ne re-
sisted with impunity.
The upward movement, which appears to have
been resumed, was general and remarkably UNI
form. Most stocks fully recovered the losses SUI
fered Yesterday, and many made additional gains.
Rock Island was somewhat laggard, IN cOHse-
quence OF the proposed issue Of debenture bonus
next year with which TO purchase new equip
ment and provide for small floating debt
The issue will he small and there
is nothing in the condition OF vac
company 10 justify it's hesitation. As the stock
has been for some time prominent point OF az
tack ly the bear faction. II is not surprising, per-
laps, that il should rally slowly. Atchison was by
all ODDS the most active stock: and it closed az
its highest point with virtual recovery Of YES
terday's loss. All the Western railway shares
were active, and even Missouri Pacific, rallied
nearly 3 per cent The Vanderbilt stocks were
conspicuous by their strength and they all scored
handsome gains. Tho feature Of the advance, how
ever was the elasticity OF the stocks which en-
ioy an international market. Next 10 this in i'm
portance was the breadth Of the market. made
manifest by the activity Of stocks that have been
recently inactive The closing was strong OF the
highest prices. which showed final gains Of about
per cent on an average.
THE DAY N THE BOND MARKET.
Tbere were no transactions in Government
bonds at the Stock Exchange, but the market
was firm, and bids for several currency Issues
were raised l-sal-4 per cent The closing quota
tions were follows