New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-02
CLOSING PRICES OF PHILADELPHIA STOCKS.
WHAT WAS DONE IN STOCKS.

Tuesday, Sept. 1-p m.
Speculation In stocks was controlled In the
early dealings to-day by the course of the LONDON
market. Efforts In behalf of a reaction there
were supplemented here by heavy sales apparently
for European account Under this pressure prices
promptly yielded. but after the opening hour
the decline produced dulness and indifference In
stead Of stimulating further selling. 1t was not
until the close Of the London market, however,
that the upward movement resumed. When
arbitrage dealings were no longer possible the
market was aroused by fresh buying and In many
cases the early losses were fully recovered. Union
Pacific and Louisville and Nashville were con-
spicuously laggsrd, rallying with little spirit
and sinking again toward the close 30 that their
final losses were nearly / per cent But other
stocks which also enjoy an International market
developed heaviness, and In occasional instances
their last prices were not far from their lowest
points 1t would be exceedingly interesting to
know how far the recent movements In the
London market have been Quiokened by specu-
lative orders from New-York 1t Is not too much
to say that, If the greater part of the European
buying has been for the long account, continuance
of the movement must inevitably result in
large return of specie and consequently In a
general revival of confidence and mn IN
higher prices for railway securities. The
foreign ineed of our agricultural, products
has long been acknowledged, but 1t has been urged
that TO secure them Europe would be inclined 10
reduce Its holdings of American securities. Inc
recent buying If largely genuine, completely over
throws this theory, and further demand Will De
as grateful as it has thus far been unexpected.
Inc outward movement Of merchandiSe III. T cost
week, which are reported In another place, belng
larger than for the corresponding week IN many
years. A large expectation OF securities could DC
balanced apparently in only one way. Adyices
were received Of further shipment OF S25O,OOD
gold, making the first import o round 81 600 OQO.
None OF TINS comes from London, ana IL is 70 ~
presumed that none is included in the agreement
made by Lazard Freres with the Bank Of France
AS the rates Of foreign exchange are nearly cent
to the above the importing point, this transac;;
ton simply reverses the beginning OF the outward
flow OF gold when similar "speclal" shipments were
made. II may mark the beginning OF the return
movement, and IL Is not impossible that foreign
banks will be surprised, as American bankers were
a few months ago. by the extent OF special trans
actions. In this country the conditions are n
every way favorable TO another adjustment OF bal
change. Money is steadily hardening and is CON
siderably dearer than In London. There
in rates, for the Treasury disbursements
for the redemption Of the IL per cent bonus
will be likely to throw on the market in short
tlme from SiPiTS4E,OOO to S2OOOo:ooS .h Ap sH
syndicate designed to add $5,O00,0OO TO the note
circulation would have been less ready and
effective relief; SO far as the money market f Is
inent of the plan, while the store Of gold In the
Treasury has been increased by the movement
of money 10 the interior until 1t is ample to meet
all present demands.
In the last hour the stock market threw of
its slavish subsSviency 10 English prices ana
rallied with every appearance of naturalnees. The
closing was at slight concessions from the high
est figures, but it was not weak. The Granger
shares led the movement, and as n group, the
most active stocks, they also scored the largest
net gains. These were not over I-2 per cent
however and the final variations generally
small declines
THE DAY IN THE BOND MARKET.
There were no transactions in Government bonds
Il the Stock Exchange, and the advances in
,notations, made yesterday, were not maintained
The premium OF l pr cent on the LES must
- ~ ,ansidersd nominal In view Of the practical
~ tusty Oh cha bsnas The closing oaasst.sns
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