Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1890-06-19
SPECULATIVE.
Cherished Hopes of High Priced Buy
ers Crushed by Dull Market.
The Dealings Went from Bad to Worse
Everything Weak and DuIl-The FL
feet Of the Gold Movement.
Special to the Gazette

Special to the Gazette
NEW YORK, June IS.-This was day OF bitter
disappointment to many who bought stocks dur
ing the recent period of high prices and have
been holding them during the subsequent
slump, fondly expecting each day that the
market would go up with rush as prospects for
silver legislation became brighter. The news
that the senate had passed the free coinage bill
was promptly cabled over to over 70 London last
night and London prices for American
were considerably higher, St. Paul being espe-
cially strong. Our market opened about Il per
cent higher to correspond, but there was such
a rush 70 sell at higher figures that everything
fell fiat. In half an hour prices were down 70
about Yesterday; s closing figures, and the mar
ket was Flooding along in the old rut Inc
drop in the price of silver bullion certlncates
was among the incongruities of the day. On ex-
tensive sales prices went OFF nearly point, ana
would have fallen more but for the absorbing
qualities of one house. Silver bullion IN LONDON
was higher, however. London had few buying
orders in our market at the opening TINS morn
ing in St. Paul and some other specialt1es, but
in rates for actual business in sterling exchange
from going up slightly. Advices from Pnll2-
delphfs stated that London was selling Pennsyl-
vania Northern Pacific and Reading.
The fact that s17O, 600 in gold was Withdrawn
from the bank OF England to-day, for export, OF
course, had its bad sentimental effect ON
London and consequently OF the market. The
defamation of gold was not stated In the cahle
from London, but it Is presumably Germany
France, or South America.
The day wore on and the market went from
bad to worse, sugar showing the greatest de-
clines. Everything was weak and trading very
dull. Fhe announcement that S154. 6l9 moro
gold had been engaged for shipment to Europe
added to the general gloom in the afternoon.
Later London cables reported declines IN
American securities. Our own market continued
to drag along at bottom figures.
The report that Atchison's earnings for the
first week in June showed a total increase OF
Sl30 ,59S failed to help that stock, and Read
ing declined in face of report that the state
ment of earnings for May would show large gains.
ST, Paul reached the lowest figure touched Tor
many months. lit was not pleasant day
in Wall street. Gold shipments were made in
settlement of exchange with Berlin. There are
no reichmarks in the market, and shipments OF
| gold are considered more profitable than the
| purchase of sterling bills, although the ex-
| change rate is below shipping points, The reR-
sons for this apparent Inconsistency are the I'M
! certainty of rates between London and Berlin
| and the indisposition of the Bank OF England to
! part with gold The total amount OF shipments
| since June - are 81, 254, 6l9
| The market closed slightly above the lowest
| figures, but the closings were low enough.
Boston was charged with large amount OF the
| selling in our market. The important declines
! for the day were: in Mexican Central and
| Oregon Transcontinental, rs in sugar trust,
| IL in Rock Island 13i in Reading, lSs in Atchi-
! son, ~ in Cleveland, Cincinnati, Chicago and
| St. Louis, Missouri Pacific and New England.
! I3s in Laokawanna, rs in Wheeling and Lake
! Erie preferred, Louisville and nashville and
| Burlington and Quincy, 1 in Northern Pacific
| c. mmon and preferred Jersey Central, Hook
| ing coal and iron and CANDIDA Southern, z in
| St. Paul and Chicago gas, q in Michigan Cen
| trail. 81 in Union Pacific ard Northwestern
| and u in Erie.