New-York tribune., 1891-09-23
CLOSING PRICES OF BOSTON STOCKS.
Boston, Sept o. 1891.
WHAT WAS DONE IN STOCKS.

TUESDAY, SepJ. %%-p' H.
The failure of S. V. White & Co., Stock EX-
change firm well and favOrably known every
where. was announced shortly after the opening
of business to-day From the first the market
had been uncertain and irregular and the formal
announcement which had been expected, produced
a general feeling of uneasiness, although it was
known that the firm had few outstanding contracts
ON the floor The statement that the failure was
wholly due to speculative operations in corn afford
ed relief, but the general apprehension was not
removed even at the close. IL was feared by many
that the connections of the firm were so numerous
and important that serious consequences might
follow and indeed, rumoTs of other embaTrassments
were set in motion. None Of these was confirmed,
but the fear was not allayed by the absence OF
immediate developments. The failure was re-
Ceiyed with universal regret
Although the failure was caused by speculative
ventures in grain, the effect on the stock market
was decline of about per cent III the active
shares. A few stocks declined still more, and
Sugar Refining Company stock fell per cent, but
the extreme movement seemed To be largely Sentl-
mental for the stock operations oil the hrm had
been already closed. Apart from personal SYM
pathy with the firm, it Is by no means clear that
the failure was injury 10 the present movement
in stocks The defeat OF any speculative opera
tons in grain which tend to hamper the export
movement may be witnessed with equanimity by
holders of railway securities. 10 raise the price
of products 10 "A point at which they cannot freely
QiTccb INJURY 10 IIlt IdHSpOTldhJH
companies and to the country at large. cor,
ner - in corn would have been disaster compared
with which no personal failure is worthy Of con
sideratiOn The Unexpectedly large supply of old
crop corn probably defeated plans whose success
might have proved nearly a National calamity.
So far as the stock market is concerned the failure
of MpssIs White & Co. was not an injury but
benefit They had not been actively engaged on
the side on which in previous years, they have
won many laurels They belonged, indeed, 10
the company of reactiOnists which has not been
in sympathy with the recent advance. Other
failures if they should occur, would he III the
same direction. and they ought TO have the same
influence on the course of prices which distinc-
lively bear failures are won't TO exert.
The closing dealings were affected adversely
by a furry i'm rates for call loans. While there
unusually good demand at per cent. the
rise 10 higher rates accompanied by eVldenc =
of manpulatin Artificial or natural, monetary
stringency would have the certain effect OF n
tening the inflow Of gold from Europe. Dis
count rates in London are above the bank rate
and there is no 10 doubt that the Bank 0f
England will advance its rate at the weekly meet
ing on Thursday. For the moment the advance
wocld check shipments of gold unless money In The
market was relatively higher. Flurries in money,
therefore ought 10 have the opposite effect 10
that which they usually exert. Higher rates for
money i'm New-YOrlI involve freer and larger i'm
ports OF specie from Europe. The final prices OF
stocks were a fraction above the lowest points,
but the closing was not strong. but on the con
trary, feyersh and uncertain. The leading shares
ended with losses Of about l per cent and the
average decline was a large fraction few
stocks. of which Union Pacific and Nirth Aneri3a
were the most prominent, exceptionally closed with
small advances.
THE DAY IN THE BOND MARKET.