New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-13
En- dividend.
CLOSING PRICES or PHILADELPHIA STOCKS.
WHAT wan DONE IN STOCKS.

Wednesday, July Up. m
The stock market to-day again more
active but the movement Of prices was 50 irreg-
uar and uncertain that the larger business was
not ENCOURAGING The argument that the heavy
and abrupt declines yesterday were due to sales
for the short account effectively answered.
There was not a stock which fully recovered its
loss and in spite of the closing rally, many stocks
suffered fresh declines Northwest and LAX"
Shore recorded final gains Of . 3-s and "a
per cent respectively, but these We're recovcries
of only about a half of yesterdays declines. The
business in these stocks was smaller scale,
TO be sure, and perhaps short contracts could not
be covered at any price. Among the industrial
stocks Sugar Refining nearly per cent from
its lowest point, but even then il reganed finally
little more than per cent OF "A loss
Of 3 IA Der cent yesterday Chicago Ga,
closed about . per cent higher, but its pre-
viOus loss was over Z per cent, and General
Electric l per cent against loss Of 3D. The
most active stock ~. Paul, which added
nearly per cent to the loss suffered yesterday,
and Louisville and Nashville ended with further
loss of per cent. Other declines that
worthy OF notice occurred in Erie. Northern
Pacific preferred and Union Pacific. In
word, the liquidation begun yesterday
was continued, but the early declines
were So sharp that support became absolutely
necessary. but in spite Of it many stocks displayed
a wofu lack Of elasticity IL should be observed
that the weakest stocks were those which are
largely held in Europe. About three-quartcrs of
the stock OF Louisville and Nashville for instance
is owned in Europe and perhaps the same frac
ton applies TO st. Paul. The declines in these
stocks are significant Of the disturbed opinion
abroad Of the present value of American stocks
The inhammatory speeches by friends Of silver
naturally have baleful Influence abroad, where
il is not understood that blood mp to the
rrdc is merely Western figure q speech and
that new empire beyond the Mississippi IL
as visionary as other sectional schemes long ago
laid at rest The frantic uttcranccs of the Ed-
vocates Of FREQ coinage Of silver are important
simply bccause they indicate a bitter and perhaps
prolonged struggle in Congress. In the nncer
tainty abont financial legislation il is not sur
pfising that Europe continues TO reduce its holdings
vi American securities and that home investors
remain lOath to part with money in exchange
for even the most substantial dividend payers IL
is probably for the same reason that the Clearing
House banks do not retire their loan certificates.
Premiums for the return of currency have been
offered for week, but the movement has not
become large. Hopes Of gold importations are
shattered by the opposition OF the Bank Of Eng
land. which refuses 10 sell American com, ana
the rates Of exchange preclude imports OF English
sOveregns which, of course could bc demanded. |
In these circumstances the city banks wise
in not reducing the volume Of loan certificates
TIE DAY IN THE BOND MARKET.
There were no transactions in Government !
bonds at the Stock Exchange, but the market was
steady at unchanged quotations, as follows
aid Asked Rid Asked