New-York tribune., 1891-04-22
Tuesday. April 2l-p. m

The stock market suffered to-day from serious
realizatons So far as the immediate course OF
prices is concerned the reaction was only natural
incident in an upward movement The most
promising sign was the fact that before the hnai
dealings lower prices produced only dulness. The
opening Vas active at small advances, but it IS
worthy c. notice that Lake Shore began the day
with a decline of 5-S per cent, and Union Pacific
with an advance Of 1-2 per cent. The extreme
fluctuations of both stocks were less than l per
cent, and at the close Lake Shore showed loss
of only 3-s and Union Pacific an advance of only
Is per cent. There can be no comparison between
the two stocks in regard to activity because
Union Pacific was second only TO St. Paul, which
resumed the leadership, while the transactions in
Lake Shore were not half as large as they were
Yesterday. The two stocks may be considered
representative, for the simple reason that if the
buving of Union Pacific was for foreign account,
the selling -O1 Lake Shore should be attributed to
the same cause. Louisville and Nashville. Erie
and Ontario, and Western, which are favOriteS Of
the London market, lost all they gained yester-
DAY. and the Willard stocks q considerable part Of
their advance 1t was one of the special features
of the market, indeed. that the Gould shares eX-
cept Western Union were exceptionally active. and
strong The business was we'll distributed how
ever and the specialties were remanded to the
second rank while the Granger shares, aside from
81. Paul, occupied less prominent position in
sharp rise in New-England had momen-
tary influence on prices, but it was
not sufficient TO prevent the closing from being
heavy at generally small declines. Among the
exceptions to the common movement were the
Wheeling and Lake Erie stocks which advanced
Dn the official announcement Of an increatse
in the dividend on the preferred stock from 4
TO 3 per cent a year. The action of the COM
pany was the more encouraging because it was
believed to be based on the earnings and condi-
ton of the road.
INDEPENDENTLY Of the variations in stocks, it
was realized that the continued movement Of gold
N Fnropc must have It's legitimate effect. One
ri1iion coin was taken from the Sub-Treasury
and n half million absolutely engaged, while
the late hour for sailing Tomorrow will not pre-
vent other shipments. The foreign exchange
rl,et was not relieved by the exports Of either
snecies or merchandise but the slight furry In
10 rates for call loans was produced chiefly by
speculative influences. While money was sup
nosed 10 command per cent at the Stock EX-
change, banking institutions were shopping
ehont tho Street in vain efforts to place large
Loans ot 31-2 and even per cent. The outward
moypment of merchandise, IN spite or the noInlnal
engagements for export at the Produce EXehanee
is NOT so large as most people had eXpected. f1r
iba wee, ended today the exports from New-fork
Une WI euI, eS35sO O7G comparison with previ
ona years nrinted in another place shows that the
is Disappointing
THE DAY IN THE BOND MARKET
,r,,oro ,,,ora no transactions in Government bones
-. tIa Poar1s and bids for all issues, except
az &c which mature on September l, were
reduced 3-8al-2 per cent. A"e hi"iNeO 'io'o"
heavy at these quotations.