New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-09
CLOSING PRICES OF CALIFORNIA STOCKS.
San Francisco Sept 8.
WHAT WAS DONE IN STOCKS.

tuesday, Sept S-p. m.
The interruption by holiday seemed TO arouse
vacllating disposition in the stock market.
Speculation to-day lacked something Of force and
elasticity, although the volume of transactions was
larger than ON most days of last week. There
was nothing in the current news that should
have had this influence, and it must be inferred
that part of the sales was to realize profits
or that large interests which may not be in full
sympathy with the upward movement, were
bent on bringing about more important reaction
than has vet occurred. II is doubtful, however,
if any possible combination of interests is power
full enough to counterfeit the force of natural
financial conditions. If any serious efforts in
behalf of a reaction were put forth their poor
SUCCESS must have been extremely disappointing
Fractional declines in st. Paul, always favorite
of the bear faction, in Union Pacific, Reading and
few other stocks were of little account in face
of the general resistance. They were over
Swallowed in importance by the advance of nearly
l per cent in Erie. and by gains of 3-S in North
American and 7-8 per cent in Canada Southern.
These three stocks were unusually active and that
the demand was not sated proved by
the fact that they closed at about
their highest figures. The buying OF
on the certainty of largely increased
earnings and, in consequence Of economical and
careful management, distribution OF them among
shareholders The rise in Canada Southern and
Michigan Central was equally confident While
Europe bought some of the stocks that are favor
ably known there, it sold Others IL realized
part Of the profits it has made in ST. Paul. although
the early selling for foreign account may have
been only an arbitrage operation. 1t is evident
that at the moment London does not wish TO lead
the speculation but will gladly support distinct
rise in the American market. This reluctance may
be due TO financial affairs abroad. for II ought not
70 be forgotten that Europe must soon he prepared
10 part with no small amount of its boarded gold.
The export movement of merchandise from TINS
country continues TO be free and 1T Will increase IN
volume in the next few weeks. A reckless specu-
lation in American securities, therefore, might
cause an acute strngency in money, which would
be more hurtful 10 an upward movement In them
than the hesitation which was exhibited was dis
cOuraglng.
The irregularitv in prices was indeed only
symptom OF healthful digestion. The underlying
confidence prevented serious decline in any drec-
merely encouraged new buying. There was almost
complete separation between Union Pacific and
the rest of the market and hopes of a general
reaction based on decline in that stock. were
probably abandoned. The evil influence of Union
Pacific was spent in its last manipulated fall. AT
though the final variations were declines more
often than advances the closing was not weak but
on the contrary. in the midst Of moderate rally.
THE DAY IN THE BOND MARKET.
The sale of 81 900 coupon As was sufficient to
lower the quotations TOR that issue Ia per cent.
Other Government bonds were neglected, but bids
for all the currency 6s were raised Ia per cent
without attracting sales The closing quotations
were as follows: