New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-21
CLOSING PRICES OF BOSTON STOCKS.
WHAT WAS DONE IN STOCKS.

Thursday, Aug. Cop. m.
Tvbere are two dangers TO the stock speculation.
One lies in the possibility that the grain markets
NAV no carried TO points where prices will retard
avnorts The other is the disposition of manipu-
lation 70 forget the partial dependence Of Wall
Street upon the foreign situation. revival OF
an extravacant bull impulse in cereals is threat
ened because of rumors that Russia may be CON-
pelled to guard the shipments of rye, pending
the enforcement of the edict against expectations
with provisions that will interrupt the free eX-
port of Russian wheat. The recent RAPID pace
in the advance OF American railway stocks has
invited sales by European holders, and hence there
is a stiffening tendency to the foreign exchange
market which removes the prospect OF gold i'm
norris 70 a more distant period. II has been de-
veloped by recent transactions in foreign exchange
thai there is a larger amount Of United States
Al. per cent bonds held abroad than had gen
orally been supposed and the lp'eltion OIL N.Y. ~
ers seems 10 be 10 demand the cash for them at the
date OF maturity.
With these bonds coming this way. and with the
prevailing disposition of European TO pres. rail-
Ty securities AT the advance. scored in the last
weeks the foreign exchanges can hardly be weak
ened by any free offerings Of commercial bllls
against our heavy exports, for at least lew
weeks The money market in London has been
steadily hardening In the last few days, and
new etlux Of gold from that centre apparently
has get in. The open money market IN LGnd E}a
that a raising of the Bank Of Engiands discount
rate may be an occurrence Of the next week or
two America cannot draw gold from Europe as
readily as the reverse operation can be CON
ductcd because of the difference In the possible
banking influences affecting movements OF THIS
kind.
The foregoing facts were mainly at the bot
tom OF the reachonary tendency Of tO-days stock
market Against them were continued expansion
in railway earnings as shown by the current
weekly reports and the favorable weather for
harvesting and crop-growtng at the West. Inc
Illinois Board Of Agriculture reported an esti-
mated crop OF nearly 100000 bushels Of wheat
or close to 100 per cent more than the yield OF
the State in 1880. There can be no denial OF
the brilliant prospects Of this country on account
of the AGRICULTURAL situation here and the needs OF
Europe and the swing of the foreign exchanges
will Ultimately be in our favor But to-day stocks
were sold by London at the start and by traders
in the afternoon The bears made confident
assaults against Union Pacific and Louisville and
Nashville, but these stocks suffered more
losses than did the Changers The dealings IN
Atchison were on so large a scale that the rise
from sc 3-s TO 81 1-2 may have been less signlfl-
cant than the decline subsequently TO 36 IS,
against SO 3-4 last night. The Northern Pacifics
were strong until affected by the late downward
movement The market closed generally lower,
with an increased expectation Of reaction
TILE DAY IN THE BOND MARKET.
Government bonds were neglected az the Stock
Exchange. The bids for the As were reduced 3-e
per cent and the bids for some OF the currency
issues were lowered l-2ai per cent.