New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-22
CLOSING PRICES CT PHILADELPHIA srocKs.
WHAT WAS DONE IN STOCKS.

MONDAY, August Up. m.
! On light transactions there was a sharp advance
in the stock market to-day. 1t would have been
gratifying if the business had reached broader
basis, and it was urged that greater activity would
have caused larger gains in prices. The position
of the bears may be untenable, but there was
neither urgency excitement in the demand from
| the short interest. That the buying was of a
professional character and based upon purely
speculative considerations may be accepted IA
proved by the continued weakness in the bond
market and the pressure of many good securities
for sale The principal theory of the rise in stocks
was the assumption that prospects were brighten
ing for repeal Of the Silver Purchase law, and
Wall Street sentiment assumes that favorable
action must be inevitable, because Of the impera-
tive need Of it. Saturdays improved bank state
ment counted for much in Street argument, but
if the repayment of loans which gold imports
first became possible is TO lead to no retirement
of Clearing House loan certificates, il may be
doubted that further gain i'll specie will permit
increased accommodations for speculative purposes
The decreased premium on currency, which was
used as another bull argument, is not without its
drawback. The Bank of England is obviously
growing restless under the burden of furnishing
the bulk of the gold bought by the United States,
and the open money market i'll London is already
forcshadow inc nm increase in the discount rate
Thursday. The other Euiop N financial centres
may not accept the shifting Of the burden without
protest. and there is decided significance in the
second advance in the Rank Of Hollands discount
rate to ) per cent to-day-a figure practically
Irecedcnted in Amsterdam. The discount rate in
Ierlin is nearly per cent and as Paris cNchang"
on London j. now at a rate that permits gold
shipments to the English capital, it would not
be surprising to see action by the Bank Of France
The strength of the foreign exchanges here gives
warning that with disappearance IN the premium
Oh GOLD imports OF gold will cease.
The character Of to-day's stock speculation was
exposed when Distilling and Cattle Feeding took
the leadership in activity, and, Of course, the
manipulation was directed toward sharp advance
The other ndustrials did not have the excuse Of
an increased tax on whiskcy to explain tlfir
gains of 2a2 IL per cent Another illustration Of
the market was furnished by dealings Of over
Is 900 shares in Northern Pacific common -
within fluctuations of 3s per cent, the preferred
on sales Of about 1000 shares, rising nearly
Dcr cent In only six stocks We're the individual
transact ions as much a. 10000 shafc-, but Ill"
prinripal ISSUES ended about 1a2 per cent higher
The market not without nrgularty IN me
final dealing.. but il clos'd with considerable
traders confidence shown.
TIE pay IN THE BOND MARKET
The sale o! one Government coupon per cent
bond al the Stock Exchange was sufficient TO IS
tablsh higher market The registered Is were
advanced l.? per cent and the bids for the coupons
were raised without advancing the asking pric"
Some of the currency issues were ! per cent lower.
The market closed firm at the following revised
quotations
- 9 A. 10, i''u "'"'' rS,n,ss Ise5 inS '"."