New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-09-12
=, oo,>-c ppIcES OF ROsTOE STOCKS
SAOol~NO = 49, T3oston Cpntenber II. 1870
WHAT WAS DONE IN STOCKS.


TT. -onv,or surnrise at the Government crop
,enort was clearly expressed by the opening
nrices NJ stocks to-day. Those who had sold IN
the confident expectation of an impaired condI-
tion Of corn were eager buyers Of the western
railway shares at an advance of about / per cent.
II makes little difference whether they belonged
IN one or the other speculative faction; they
ware bent on recovering Immediately stocks they
had previously sold. 1t was not surprising tilao
they secured them at the figures, ana the seHeiS
NAV not have lost faith IN forther aoNuhce
simply because they accepted handsome turh III
the market The carly improvement was not long
maintained but prices did not fall OIL rapidly, III
though the demand was suppifed WIN generous
iberalifv The downward movement was led by
Union Pacific, which hardly sympathlzed WIN
the bnoyant opening. 1t was unnecessary 10 sIarO
rumors that creditors of the company had de-
manded payment of their loans, and were ABOUT
TO sell the collateral securities The reports olu
not precede the weakness of the stock, ana proo-
ably had little real influence on its market conrse'
They were proved TO be unfounded, OF course Du'
fine stock rallied reluctantly, and it was proml:
pent exception by closing with q small loss.
The sinister influence of Union facllo Has
been spent, and "a separation between me
market and stocks controlled In tie sauie lutfco.
has been effected gradually and alm0sb WiOlouS
notice. Causes more potent than uecHAes III tnc
G;ouid stocks must be sought by those who are
still striving for important reaction III prices;
After the rumOrs about Union Pacific were Wen
on their way there whispers OF receiver
shin for Richmond and West Point Iernihal,
while according TO other stories, the ROCK lsail9
dividend was about to be passed, the ReadlnS pool
had been dissolved, md private arrangements VIII
the Weather Bureau made frost in the corn DeiO
a certainty. The cold wave was the last OF
motley lot of rumorc, and IL is possible that
killing frosts may yet occur in sections OF the
corn-growihg territory When the bulk of . crop
estimated at 1900, 1000 900 buehels is out OF dan
ger. the freezing of few ears will net have
disastrous effect on the prices Of railway
securities. Whether the Richmond Terminal
Company will seek n receivership or follow
the example of Union Pacific and demand assist
ance is also matter of indifferent interest. The
stock has been at O. low level for long time
and possibly it would advance on the announce
ment that the company had gained the protection
of the courts
There was a genuine disappointment at the lack
of advices CT further shipments OF gold from
Europe While il is yet early TO expect eN-
tensive imports Of specie, there good reasons
for looking for a resumption of the movement
The disappointment was partly asSuaged by
further decline ia the foreign exchanges, WHICH
are now just above the importing point. 1t may
be well that the return movement should ne sp0n-
taneOus and in accordance with the natural laws
of trade. The reduction in exchange. however.
wos hardly equivalent TO repOrts.of shipment OF
metal, and the disappointment affected the mar
ket. The closing was fairly steady and the II al
changes were fractional advances.
THE DAY IN THE BOND MARKET
Government bonds continued TO be neglected
and prices further yielded a small fraction.
sale OF $4,000 District of Columbia 1858 was made
at 113, and bids were advanced l-2 per cent
The final quotations were as follows: