New-York tribune., 1891-08-28
WHAT WAS DONE IN STOCKS.

Thursday, Aug. 27-p. m.
few weeks ago it was characteristic of the
stock market that when prices rose duness in
business ensued Last week trading fell off when
there hesitation in the advance, and to-day
the same result attended the reaction. The in
ference drawn from the markets action in the
first instance was that liquidating sales were
suspended in the hope of securing a better basis
to sell upon In present conditions it is fair to
assume that when natural recessions occur the
buying power is withheld In the hope of being
able to act upon line Of cheaper stocks. This
theory explains the falling off in the transactions
to-day values made concessions. The trading
element sold assiduously in the afternoon, while
the foreign element was conspicuous in the early
buying making the best prices of the day in most
instances.
There is little doubt that the current of Sc
curities at the moment has turned toward Europe.
Bills drawn against purchases are more plentiful
in the foreign exchange market, helping to weaken
rates that are already being affected by the Of
fering of cotton bills for the first time in large
quantities The foreign exchanges slowly
working toward the position natural 10 the
autumnal season. The last two years have been
affected by extraordinary conditions and develop
ments, and the international equilibrium may be
more difficult than usual to restore But when
the restoration Is effected it is easy TO see that
will be in the direction Of America first, to
provide for the Unprecedented European needs
of our food supplies, and second, to pay for in
veetments that become more attractive to foreign
ers with the increase In confidence well as with
the promise of absolute Improvement.
The only depressing news to-day was reports
of damage to late wheat in the DakotaS and
predictions of frost in the c0rn-growing belt The
statements of damage apply to comparatively
Small area and are not likely to reduce any but
the highest estimates of the wheat yield. Frost
in the corn belt may be regarded with calmness,
for serious injury is only on a par with the
chances of O safe in mid-air falling upon the head
of the pedestrian who is wont TO disregard the
danger signs The shares which to-day recorded
the largest declines were not those which most
fear an agricultural mishap. The losses of over
/ per cent in c. G. C. and ST. Louis, and of "a
in Lake Shore are to be measured against extreme
advances since Saturday Of rs per cent. EH,
ceptional firmness was indicated by Reading and
North American. The latter stock has some sim
cere followers. but those who control its manage
ment seem content to defy the reasonable requests
of the public and stockholders for a statement
that viii enable "outsiders' TO appreciate its
value intcligently. Unusual activity and rise
Of over / per cent In Lead Trust deserve notice
as minor feature The ratification Of the plan
Of reorganization promises O new future for this
property, and it was gratifying to holders to have
apprehensions of an unfavorabe market effect al
layed. The general list closed near the lowest
points, but without weakness in tone
THE DAY IN THE BOND MARKET.
Government bonds were firm, but without sales
at the Stock Exchange. Final quotations were
as follows