New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-05-21
WHAT WAS DONE IN STOCKS.


While heavy damage by rains at the West
has undoubtedly been suffered. there is
every reason to believe that the harvest
will he far beyond the gloomy estimates
now made by professional Spectators. 1t is en-
t!rcly beyond the range of probabilities that there
will be no crops anywhere the line of the Rock
Island and the Chicago. Burlington and Quincy
railroads, but the abrupt decline in these stocks
in the last hour to-day was suggestive Of nnver
sal devastation. II was remarkable. Of course.
that the movement should not have gathered force
earlier in the day and that the bear faction In the
stock market seemed to enjoy exclusive infor-
nation about the extent Of the damage. In spite
of all the hartshipe which may be endured in
the bottom lands of the Mississippi Valley it
ought not to be forgotten that this is n wide
country II is hardly unreasonable 20 expect
that somewhere in its broad domain there will be
raised q few bushels Of corn and wheat. and il is
vet not impossible that the production will he
sufficient TO permit moderate exports next year
The farmers of the Stock Exchange seemed TO he
thoroughly discouraged. however. and their adj
vices enabled them to calculate with wonderful
exactness not only the number Of bushels in crops
not wholly sown. but the loss in railway trniic
which was certain to follow the agricultural dis
aster. In other words, the bear faction was az
gressive and courageous. although il may he
worthy Of notice that its decisive attack was de
market. There was no lack of discretion in this
course for if the declines in the leading stocks had
been engineered at earlier hour, they might
have encountered an opposition which would have
exposed their hollownces
The conspicuous feature Of speculation recently
has been that lower prices have not increased the
available supply Of stocks. On the contrary, every
decline in the last three weeks has merely slim
ulated the demand for investment. The attacks
by the bear faction are, in this respect, public
benefit because they excite an interest which has
long been dormant. The buying OF Roc. Island
and Chicago, Burlington and Quincy will be
found to Ike much better than the selling at cur
rent prices. Erie the most active stock TO-
day. and it's price was depressed by rumors Of
fresh issue of bonds and confident predictions
that the dividend the preferred stock would
not be paid. Tho rumors denied officially
ard the predictions may justly he considered pre-
mature, when il is recalled that the preferred
dividend is not declared before December The
final loses in the stocks already mentioned were
from ! IA to 2 per cent similar decline was
uttered by Lake Shore and Northwest closed
per cent lower. Otherwise the Losses were not
over l-o per cent and the comparative strength OF
few active stocks like Northern Pacific preferred
Indicated buying for the short account under cover
Of the furry in the leading granger shares. The
closing was apparently weak at about the lowest
points.
THE DAY IN THE BOND MARKET.
There were again no transactions in Govern
ment bonds, but the market was strong in tone
and bids for the As were raised IA per cent.
The closing quotations were as follows: