Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-19
SILVER LEGISLATION,
1t Has Less Effect Upon Wall Street Than
Rnte Cutting In the West-some of
the specialties Showed Under
Gold Exnorfed

NEW YORK. June 1S-The action of the ma
tional Senate upon the matter of silver legisla-
tion yesterday was factor in the stock mar
ket this morning for a short time only. and its
influence after the first new sales recorded was
dissipated entirely The talk of the day was
almost all about the rate cutting and disturb.
ances in the West, and considerable pressure
was brought to bear upon the market to ac-
company the rumors and stories circulated.
The Granger stocks by no means felt the full
brunt Of the pressure, however. as Reading.
Oregon Transcontinental, Sugar Refineries and
some of the specialtles were forced off mate
rally.
The local disturbing factor, however. which
undoubtedly had marked influence in Great
ing distrust, was the further engagement of
about S750,0O0 gold for shipment to Europe and
1t was not until this fact was announced that
the larger operators began to sell the market
short. Other influences also came in to in
tensity the bearish feeling prevalent among the
tIaoers. and chlet among them were the con-
tinuation of the strike at Cleveland The apathy
OF the public and other labor troubles The
feeling over the passage of a silver bill also
underwent considerable encouragement as the
day wore along, and operators were encour-
aged to throw their holdings over to a larger
extent, which in many cases uncovered STOP
orders, especially in the last hour. The favor
aole items of news made seemingly no i'm
preston at all, and the fact that the Freight
committee OF the trunk lines will hold meet
ing tomorrow with view to settling differ
ences met with no response. Despite the fall
In values, however. the returns of railroad
earnings continue to be extremely favorable, as
shown IN the reports for the second week in
June received to-day. Some OF the most nota-
BILE are Canadian Pacific, increased l3 per cent;
Toledo. Ann ArDor and North Michigan, 81 per
cent; Wheeling and Lake Erie, 81 per cent;
Milwaukee aud Northern,A "a per cent. and West
ern New Y York and PENNSYLVANIA. IA per cent
The early London prices, stimulated by the
Senate action on the silver bill. were fraction
ally higher this morning. and our opening was
made at advances extending to u per cent over
last evenings figures. The buoyancy. how
ever, disappeared Immediately. and prices
were quickly brought below those of the open
ing though the only marked declines at first
were in Oregon Transcontinental and Sugar.
Later the bears got to work on the whole list
and all the active stocks yielded readily and
in the last hour the downward movement was
not only general. but rapid. and the losses
ranged up to nearly per cent The close was
active and weak At the lowest points, The
final changes are all declines. and Sugar IS
down 216; Oregon Transcontinental Q: Rock
Island, IL: Reading. ~; Atchison, 15S; New
England and Big Four, N per cent eacn; Mis-
sour Pacific. ~: Lackawanna, lss; Wheeling
and Lake Erie preferred and Louisville and
Nashville, lH each, and Canada Southern,
per cent
Railroad bonds were more active, but, like
stocks, the increased animation was had at the