Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-27
A DROPPING TENDENCY.
Action on the Senate Amendments TO the
silver Bill n Bitter Dose for Wall
Streef-Dulluess and Wenk.

Action on the senate Amendments 10 tno
silver Bill Bitter Dose for Wall
Streef-Dullness and Wenk.
ness the Features.
NEW YORK, June 28-The expressions Of
opinion on the street after the rejection OF the
Senate amendments to the silver bill had be-
come known were generally favorable, but as
indicated by the quotations to-day the feeling
did not extend to the buying of stocks. The
dullness of the market to-day was again e1-
treme, with general dropping tendency In
prices That the dullness in the street is not
based upon the business Of railroads is sum-
ciently emphasized by the reports OF earnings
received Of late Tor the third week in June. st.
Paul alone of all the important roads in the
country shows loss, while the percentages of
gain in many roads, principally those in the
West. are from II to As per cent. The railroad
situation is. in the opinion of most habitues Of
the street, immensely improved.
The market, when let alone now, always be-
comes dull and firm. and the activity and weak
ness is only caused by the hammering opera
tions of the professionals. To-day there was
some pressure in the Trusts and st. Paul. the
latter on the poor showing for the third week
in June, but the fluctuations were on a strict
parity with the amount of business done, and
in many of the leading shares did not extend to
u per cent for the entire session, Chicago Gas
was sold for no apparent reason, and forced of
from 563s to 535l, but recovered most Of the loss
late in the day. Sugar, on the other hand was
advanced sharply in the early trading to Y, but
fell away again to 20, with many and sharp 1uc-
tuations in the meantime. The advance in the
minimum rate Of discount of the Bank of En-
gland this morning reflects the indisposition Of
the governors to allow any further decline of
gold from London, and the scarcity of money in
London made that center seller to very lin
tied extent at the opening, which may account
for the declines at that time. Later the
effect of the preparation for the July
disbursements was shown in the selling of do
mestlc operators, and while there was no press
ure in any one spot, the feeling that there will
be an unfavorable bank statement on Satur-
day aided in the selling movement. The heavi-
ness lasted throughout the day, and the close
was dull but heavy at about the lowest prices
of the day. The final changes show uniform
line of declines and while most are for small
fractions st. Paul lost 1ss. Chicago Gas IL,
Louisville and Nashville 1ss. Lake Shore ~,
Reading III and Atchson "a
The railroad bond market was little more
active and without special feature, other than
the special activity and strength in the Louis
Vile. New Albany and Chicago consols. which,
on business of ,00O sold up to 1035S q gain
of 2S per cent. The sales of all issues were
81, ,0l5, ,OO0 Louisiana and Missouri River firsts
rose 8, to 12lA.
State bonds have been quiet but firm.
The Post says: Chicago Gas declined on SELL
ing from that city concurrent with a rumor
from there that somebody was preparing to en-
Joy the payment Of the dividend. though it re-
covered per cent in the next half hour on the
absence of any information as to who would
undertake to do SO. Reading declined. not
wlthstanding the endeavor to bolster it up by
the report that somebody had said there was
cause for the recent advance in Reading Rail-
road stock in the fact that the net earnings of
the Reading Railroad and the Reading Coal
and Iron Company together, for the six months
to May 81, were very close to $4,000, ,000
which would indicate net earnings for
the year of at least So .0O0 or
enough TO pay interest on the first
and second preferences in full. Even assum-
ing that the Unauthorized statement of 81. o0U-
is approximately correct, this is not sufficient
warrant for the presumption that the net earn
ings of the next six months will be 62L per cent
greater, and SO amount to SO, 500. 600 The an
nual interest and rentals of the Reading Rail-
road, exclusive of any interest on the incomes,
Is S6,9N 45S. and the annual interest of the
Reading Coal and Iron Company is S826 523 a
total of S7,753 98l, of which the half is So S76-
$780, and one-half OF the annual payments re-
Quired on Car trusts is $21l ,0O0 more, making
$4,087 800, So that even if the net earnings of
both companies had been 81, ,0OO, 900, there would
be deficit of sS7, ,9y8 on the half yearly interest
and rentals.
The following table SHOWS the prices or active
stocks on tine New York Stock Exchange yester-
day. Corrected daily for The DISPATCH by
bers of New York Stock Exchange, 81 Fourth ave-
nue.: