New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-01-25

WHAT WAS DONE IN STOCKS.


The uncertainty and comparative dulneS, when
we're the prominent features Of the stock market
were LARGELY the result Of the abrupt iall III
Distilling and Cattle Feeding yesterday. Specu-
laton was chilled by it much more than by an
unexpected export Of gold. There are certain
known elements in the movements OF money on
which reasonable calculations may Ne based,
but in the case Of Distiling and Cattle Feeding
SPECULATION must be blind and forecast vain ana
practically impossible. few skilfu operators
control the price for the sole purpose OF en-
richiug themselves at the public expense. When
they are identified with the management their
advantages ore TOO great TO he contested. An in
yestipation OF the company BY Congress has been
proposed 1t might be wen, if the inquiry should
be male in good faith, that it should embrace
the speculative operations of the principal Of
icers and directors. The transactions in the stock
to-day were again on an enormous scale, ana
they amounted 70 nearly tne-thlrd OF the to'h
business at the Stock Exchange IN me early ,,,
dealings the movement was downward, bat from
the lowest point there. was slow. put iairly
| steady. recovery, which, In the last hour. had
exceeded per cent. AZ the close its gain. con.
pared with the last price yesterday, was Only
a small fraction. RuinOrs and coniectures, as
well as official statements, were numerous. hnt
hardly worthy Of remark The only ting ar om"y
hence OF the stock WAS likely to be maintained
for some time 20 come.
were affected undoubtedly by the decline in DIS
tining and Cattle Feeding, the general market eN-
hibitcd great inherent strength lnion facimc
was onspicuously strong, and its course was suq-
gestive of quiet buying for the long account.
Reading advanced with some spirit. but It's last
price was about midway, of its extreme 1iIctIa-
lions. In the last hour Louisville and Nashville
"spurted" smarty and only small part of the
Improvement was lost. As rule, the rocks
which have an international market were the
strongest, but the transactions for European ac-
count wero little more than the ordinary arbitrnge
business. The leading Granger stocks were hrm,
and their last prices were not far different from
their first ones. Reports Of earnings will bc prob
ably poorer in consequcn Of the recent severe
weather, but tho falling of will not brng com
fort to the bear faction, because it VIII not IN,
Of the opening was the specias movement in New
York and Northern and Manhattan Railway on
the published report that control OF the Northern
waited railway system. These stocks opened at
advances of ; per cent, or little less, but Man
cod cot iSs n,e nmd 81 s
only small fraction.
In general. the closing was rather strong al
though last prices were rarely the best, and the
anal variations were divided between gains and
losses. IL shouh be observed that the principal
declines were in spccialties or in inactive stock.
THE DAY IN THE BOND MARKET.
Among Government bonts pils Tor As were re-
we're no transactions Until the last hour when
$1,000 coupon Is were sold a. ii3 3-i. The
closing quotations we're rs ioho"s'
Us .Ls,lsel. c.L. IS. eurS.'issS 'ioe
tinucd ut per y 9 gu. a. "a ~ IN ''''
ys'sss .ss.is H: l:ss rs
JAS, u.s . IJoJ'ii5. &C.. ! . . ,
The business in State issues was limited 10
small sales of Tennessee settlement 50 az 80 Ia
and - Is gam Of tie traction. cry pahE
stocks were wholly neglected. Tho gcperni bono
market was slightly less active. hut 'he upwafa
movement OF prices was continued WIN nurh
confidence Erie stcond tonsois gained the irac-
ton az i0a ia. Rock Island dob"nture &. were
firm ut 90 1-saa6 "a, while the extension %
were in active demand up TO OF l-?. Burlington.
Cedar Rapids aud Northern iirsss rose per ccnt
10 i04 Ncw.York and Northern seconds opened
nj 81 ~, but after yielding TO - ,-2 sun
showed a Anal gain Of per cent. Phiadeiphia
and Reading incomes were quiet, but the Thirds
were ID higher az 81 10. The principal cN-
ception 10 the general movement was Afforded by
Richmond Terminal collateral trust IS. which on
small sales declined 1-2 per cent 20 AZ. Refer
encr is made TO our full report OF bond sales
Money on call continued to rule at L. per
cent with exceptional transactions both above
and below this rate. The supply OF funds was
M times excessive aud OF the close balances could
not be placed at per cent.
The Clearing House statement was as follows
Exchanges. 2I71.023,s 03 balances, $780, H2
The Sub-Treasury was debtor to the Clearing
House SsS1.664. It's net loss on baance was
saa3. sas made NJ. ny icss Of s:ts's;r IN snI
rency less gain q ea5.l?0 in coin: Inc DAYS
operationA included: Receipts, $3,745,5?S pay
ments. S3,o60,A74; resulting in general balance