New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-08-18
oLos1NG PRICES or PHILApELpHIA STOCKS.
WHAT WAS DONE IN STOCKS.

Monday, Aug. lip. N.
To account for to-day's unusual activity and
buoyancy in the security markets it is only neces-
sary TO say that Wall Street seems at last to have
turned its back upon the past and to have con-
fronted future full of hopes born of the promise
of agricultural prosperity here and the certainty of
an imperative demand for our cereals from Europe
1t is now evident that the crops of the United
States will be excellent as regards nearly every
product. large small being in direct contrast
with the results of 1890. As to the larger grains,
phenomenal crop Of wheat may be said TO be as
sured and the splendid weather conditions of late
are placing the corn yield near 10 point where
nothing but a calamity can prevent the harvesting
of a crop close to the highest yield in history.
The rise in the prices Of cereals here and abroad
has established proof Of the necessities OF the Old
World: the break in wheat to-day and the refusal
of commission houses in st. Louis 10 trade, if last
weeks speculative conditions were to be contin-
ued, lend support 10 the belief that spectators
cannot kill the trade conditions which ought. IN
the absence of accident to assure imports of gold
in the coming month With this view ahead,
capital has grounds for renewing confidence. and
il there should be even slight relaxation OF the
long strain between mOney-holders and mOney-bOr-
rowers its effect would lie felt in a manner that
would make normal active per cent money
market entirely consistent with an improving
movement in securities. And any lettering of the
financial situation here would act upon foreign
centres and their relief would react upon US here
IL was this argument which carried prices Of
stocks higher to-day in the face Of reaizations
and even opposition from traders Manipulation
still is master OF the situation. The advance OF
over per cent in Louisville and Nashville could
not have been evolved except from the necessities
Of operators who had short contracts to close and
the will of men who were reasonably sure OF that
fact. And that POPULATIONS are not completed
would be the natural conclusion OF the decline
Of Union Pacific from 81 3-4a37 IS 70 SO 5-4a
81 - on the eve Of tie promised announcement
Of the plan for protecting the Heating debt. But
ancy of the Changers, the strength Of the Van
derbiltS and the revival Of activity in the old
time favorite-Ere- of new life that was
something more than manipulation, even If spccu-
latve motives predominated. The market opened
strong; IL met with sales from holders who saw
profits or who saw an opportunity 70 tighten
LOADS, and the room element sold in confident
expectation Of a reaction There was a scarcity
of stocks even in these circumstances, and after
a pause the tide ran upward with renewed force.
The increase in outside interest was SmAi, bat
IL was On influence OF more Importance than IN
many weeks. The pace Of the recent advance
gives conservatism 10 the advice OF most coin
mission brokers But the temper OF speculation
has been stimulated and on reactions, support VIII
be found from elements which were dormant a
week or Two ago. The market closed strong ana
practically up TO top prices
THE DAY IN THE BOND MARKET.
Government bonds were neglected at the Stock
Exchange. but reports of some demand in London
for the LIS advanced the bids Is per cent.
Following are the final quotations: