New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-07-31
WHAT WAS DONE IN STOCKS.

Thursday, July 30-p. m.
The stock market was feverishly active to-day,
and naturally activity brought weakness It has
been evident for some time that the buying
power was nearly exhausted, and that without
reinforcement from the outside, the downward
movement Of prices would become more rapid
AL the known conditions attending specula-
tion-the cessation Of gold shipments, the heavy
exports of merchandise, the large crops, and
consequently the increased railroad earnings, the
strong position of the city banks, and the ex-
IRENE ease of money-all these conditions ought
to be powerful incentives to buy railway securi-
ties, which appear to have been unduly depressed
For some unknown reason public interest here
and abroad has been languid, and large inter-
ests in the market have exhibited the utmost in
difference to the course of prices. In consequence
Of this apathy prices have sunk gradually, until
in some cases they are below the panic prices
Of November. While the movement has been
helped undoubtedly by bear manipulation, there
is also no doubt that the latest declines have
been partly due to extensive liquidation! To
what extent they were accelerated by the dis
tressing rumors circulated to-day cannot be told
1t must be regretted by all lovers of fair play
that the bear faction should find it necessary
TO impugne the financial character of several
of the wealthiest and most prominent banking
houses in New-York. There Is not the smallest
reason TO suspect the financial soundneSs OF any
one Of the firms which were mentioned.
The downward movement to-day was fairly
uniform. The attack was sharpesC, perhaps on
ST. Paul which was by far the NEST active stock,
but after meeting RESISTANCE it was directed
against others in succession. Union Pacific, which
held second place, yielded more readily and, al
though it rallied sharply in the last hour, il
suffered q net loss Of 2 per cent, while st. Paul
closed only rs per cent lower. The Granger
shares, in fact, moved we'll. together, and Rock
Island and Chicago, Burlington and Quincy each
lost per cent and Louisville and Nashville, even
lower More significant were the heavy declines
in stocks that are usually not largely dealt in.
Lake Shore fell 1-2 per cent, and closed at its
lowest price. Cleveland Cincinnati, Chicago and
St. Louis lost ga, Omaha cOdlmOn and Evans
vile and Terre Haute 3 IA per cent. Other
less important examples might be cited, but these
sufficiently illustrate the liquidation that is surely
in progress. Certain specialties, in both shares
and bonds were practically unstable at current
quotations. While the movement was pretty uni
form, il should be noted that, aside from the
specialties the largest declines were made by
stocks that have an international market, and il
is by no means impossible that part of the
selling, apparently for the short account, really
originated from firms with foreign connections
The weakness Of the London market was indica
tive of a common disposition 10 sell rather than
buy. In the leading eNSreS there smart
rally in the last hour but il was not fully MAIN
tanned TO the end, and the dosing sensitive,
even II not generally active
THE DAY IN THE BOND MARKET.
There were no transactions in Government
bonds and the only changes in bud prices were