New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-30
CLOSING PRICES OF BOSTON STOCKS.
CLOSING PRICES OF PHILADELPHIA STOCKS.
WednesdaY. July 20-p. q

Wednesday, July 29-p m.
Deprived OF the support of moderate short
interest, the stock market resumed its downward
course to-day. In some cases the movement was
sluggish, but in q few others it was sufficiently
rarid TO make large AID small shareholders alike
uncomforta bic. The best feature of the market
was probably Its lack Of activity, for the results
Of a heavier selling pressure may not be readily
foretold By all odds the most unpleasant feature
was the convincing proofs Of liquidation which
were afforded by the character of the trading
and the course Of prices. OF the active railroad
stocks. Northern Pariic preferred sustained the
greatest loss, declining 70 so, and after rally
TO 60 1-2a60 3-s, closing al decline of IS per
cent For this weakness no explanation was
offered unless the report that pseudo-eXpert
analysis Of the company's financial condition Is
expected should be taken seriously. Ihere re-
mains. however, q reasonable inquiry whether the
low prices at which it's bonds have been selling
recently tend TO encourage purchases OF the stock
which is necessarily subordinate. There Is no
Doubt that the constant shrinl;age In the prices
of its bonds is beginning 70 have the usual logical
influence on holders of the stocks. LOUISVILLE
and Nashville lost Is per cent, but there was
a plain reason for this decline in the announce
,oert that friends of the company had been
obli~,d 10 take more than JVO-iifths of the new
capiraL The subscription may be called sue
cess. but a few more like II would bring deiett'
The stock that was taken by friends OF the com
nanv bas vet to find lodging place, and 1t may
NATURALLY be inferred that 1t will be sold IN the
OUen market whenever opportunity offers a de-
cline of / per cent IN ~. Iaul, wMch was lne
most active stock, was probably notmhg more
than the reaction from the forced covering Vi
short contracts yesterday.
The most significant feature OF the market was
thp apparent congestion Of stocks that are usually
iroo .(,-o not
a few hundred shares, Colorado Coal fell II
per cent and with little more activity Ienhes-
see Coal fell 3 and closed with net loss OF IL
Der cent Chesapeake and Ohio first preferred
these transactions were for the long account. for
tbese stocks are not found in the bear catalogue,
and they clearly demonstrated the disappointment
of small and the apathy OF large shareholuers.
They add 10 the burden which the market is now
hearing with fortitude. Among the speclaltles
II is unnecessary 10 mention Chicago Gas trust
receipts which fell IL per cent ana closer az
nearly their lowest point. Those who Speculate IN
them ought to have besides great means, rare
knowledge and unhinching courage. Even with
these qualifications they would probably discover
that they had been, in some respects nldtcnci
Tie movement Of prices to-day was larry M uIla-
olrpa Nv mentioned were not often more IMAM u
ppr cent. The closing was in the midst OF a rally
and apparently strong. -.-... -
In regard to the daily Treasury statement OF
cash on hand. printed in another place, II may De
eXplaiued that the large increase yesterday anu
the large decrease to-day are simply me results
of changes in the daily reports from washington.
They do not really fleet the amount VI AnoN'S
in the Treasury vaults.
THE DAY IN THE BOND MARKET
The sale Of one bond Of the per cent issue
was sufficient 10 lower the bid prices by Ia per
cent On the other hand. bids for the rs were
raised slightly. The market was dull and steady
at these closing quotations: