Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-06-21
FRACTIONAL GAINS.
Railroad Shares Continue Their Upward
Movement-Gold Exports Make No
1mpressiou-The Rnte wnrNot
Eo Rad us Rnnorted

So Bad ns Reported.
NEW YORK, June 20.-The stock market con-
tinued Its reaction from the sharp and sudden
depression, and while not active nor specially
strong displayed a slow and steady apprecia-
tion which lifted prices before the close to
large fractions above last evenings figures
The market at present is most affected by the
prospects of the silver legislation, the railroad
situation and the possibility of further gold ex-
ports.
The railroad situation, Notwithstanding the
reports of rate cutting and the disagreeable
it, is not as bad as 1t is made to seem, and the
earnings are sure indication of this. In COM
parison With late years at this time, also there
is less cutting reported, daily cuts being the
doubtedly special orders made at a loss, and
have rs yet had not the slightest influence upon
the money market. as the rates on call are now
lower than before the first announcement Of an
engagement of gold, the continued flow of
funds to this center with the very limited de-
mand for speculative purposes more than sup
plying the drain, which it is felt cannot con-
tinue long, and to-day one of the orders Of yes
terday was countermanded.
The covering of shorts was continuous but
there were evidences of new buying for the
long account, and the suspicion that prepara-
tion for another rise is In progress gains believ-
ers. The demand was steady though SLOW and the
market after the first hours trading showed no
indication of pressure anywhere There were
however, few features of Importance deyel-
oped, the weakness In sugar refneries in the
afternoon and the marked strength in Chicago
gas at the same time being the only ones of
prominence.
The favorable influences were the. reports
that should the House and the Senate rail to
agree on silver bill, the administration itself
would insist upon the coinage of $4,000000 per
month as authorized by the present law.
There were renewed rumors of a deal be-
tween the Atchison and the Missouri Pacific,
which is expected to result in a settlement of
the railroad war in the Southwest. The close
was quiet to dull and firm at about the best
prices of the day, with most of the list frac-
tiOnally better than last evening. The specially
strong stocks were Wheeling and Lake Erie,
Pacific Mail and Chicago Gas, the first named
being " per cent higher and the Others per
cent eacn.
The railroad bond market was still quiet to-
day. and while the usual firm tone was DIS
played the movements were generally OH
small scale and the important changes very
few There was some special animation in the
out of total of 81 .167 900. They failed to show
any marked strength, however.
Government bonds have been dull and steady.
State bonds have been dull and firm.
The Post says: There was no news this FORE
noon to affect the stock market or afford the
bears pretext for selling so far as the pros
poets of silver legislation are concerned they
have less influence In the minds of spectators
than they had few days ago. The conclusion
has been logically reached that even II the
House passes the Senate free coinage bill. the
President will veto II, and that IL the Senate
should agree to the House bill. and iS becomes
q law, its effect on the currency will be COM
paratively small and wo aid also be deferred
several months. The oaly further develop
ments in the railroad ituation to-day were
favorable in the respect that the Chicago east
bound roads had thus lar declined to meet tne