New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-19
CLOSING PRICES OF PHILADELPHIA STOCKS.
WHAT WAS DONE IN STOCKS.

Friday, Sept. tsp. m.
The latent strength OF the stock market was
made clearly manifest to-day. The volume Of
business has not been exceeded probably since
the bank panic OF 1884, and the upward move
ment Of prices was continued with surprising
spirit and Courage. The foundations of the
present advance are laid securely in the general
confidence which is the result of great prosperity
and favorable monetary conditions. Nothing less
than National calamity can disturb them The
efforts Of those who resist the advance because
they had no hand in starting it are puny in
comparison with the giant strength of public
sentiment. Heavy realizing sales have been in
adequate to check the movement; they have oc-
casionally interrupted it for brief periods, but
the restraint has seemed only to increase its sub
ttauent force. Precedents and theories RaVe
been set at naught; predicted reactions have not
occurred; the larger activity has not produced
monetary stringency, and the efforts OF the Gov
eminent banks of Europe have been unable to
prevent return flow Of gos& Another reduction
in the foreign exchanges makes possible the ship
ment of foreign coin without loss, and the Bank
Of England will be forced by continued purchases
of securities for foreign account to loose its
boarded gold. If it wishes to preserve Its fine
bars there can be no objection on this side OF the
Atlantic so long as trade balances are settled III
standard gold. Further small shipments were
made to-day at both London and Paris, and there
were indications that the return flow would DC
speedily accelerated. .
While the buying was principally for the long
account, the rapid rise in STICKS in which large
short interest was known to nave eXsleC
was q suggestion that at least certain important
interests had been forced into harmony with the
upward movement IL popular rumors may oe
credited in any degree, the losses That have Deeh
tempts to retrieve them by fresh opposition may
be made, but it is TO be hoped that wiser course
may he pursued. After the excessive actlVny a
period of rest would not be ungrateful, but re-
action of this kind will be far inherent from thae
which in some quarters has been anXlously desired
In existing circumstances every decline stimulates
fresh buying and the market is supported by
buying orders Doth domestic and foreign. Inc
business to-day was widely distributed, and not
uneyenly The advance in the Granger shares
led by Rock Island, was the most conspicuous be-
cause it was believed 10 he due III part TO buying
by the bear faction. Rock Island rose per
cent and maintained advance of p per cent
Fluctuations in the others were smaller, and the
final gains were only about per cent Atchl-
son was less active than IL was yesterday put us
Beading besitated after its recent sharp rise, but
although il closed below its first price, It's hnai
gain was nearly per cent:
The movement was in fact sufficiently genera
and uniform. A few stocks were laGgard, but sun
fewer failed to record some improvement. AS Oh
previous days lately, there were plain evidences
OF the spread Of speculation. and the largest au-
vances were made by stocks not usually active
like Denver preferred Milwaukee, Lake Shore and
Western and Richmond Terminal pIsltfIeu;,, w"
movements were started in the Omaha, Chicago
and Eastern Illinois and other stocks Of that class
which have not before responded 70 their greatly
broader and larger than on any previous day since
The present movement began: Although the
Granger stocks yielded TO realizing sales IN tlIe
last hour and the influence Of the reaction was
felt through the list. the closing was not weak
nor lacking in confidence and promise.
THE DAY IN THE BOND MARKET
Government bonds continued 10 he neglected
and the market closed rather weak IN tone. There
was no Spportant change in quotations. which at
tbe close were as follows: