St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-01-16
MATERIAL DECLINE.
Wall Street Market Purely
Political One.

New YORK, Jan. 15.-The passage of the
unlimited silver coinage bill by the senate
yesterday furnished the main spring OF OPP
eratiOns in the stock market to-day, ana alto-
gether the influence was adverse to values.
although opinions differ as to the ultimate .
effect of the bill. Its most marked effect TO-
day was seen in the material decline IN the
price of Silver Certificates, when, II any
thing, it was expected would be benefited by
such measure. The drift OF opln-
ion among silver SPECTATORS now
ever was that the very extremity
OF the measure would defeat it and as little
hope of its getting through the house was
eptertaiped many who have bought and held
on for this very event, sold out as quickly as
possible making drop of GEMS and more
in the value of the certificates. Another Ell
feet of the passage OF the Dill upon tne ssock
market was the stiffening of the rates OF eX-
change caused by the large purchases by peo-
pie who fear the outcome of such Legislation.
The conservative people who nave lateiy
been investing in securities were also gwen
pause and the market being left without
this most influential support became an easy
prey to the reaclionists and the bears, VINO
were joined by the traders in their Ell,
forts to get prices down, ana
the result of their efforts is
seen in the materially lower prices estab-
lished during the day. The sensation OF the
day was the strength in New England, when
has been rising mysteriously for long time,
but to-day a reason was forthcoming IN the
assertion that both the New England and
the New Haven had applied to the legisla-
lures of Connecticut and MASSACHUSETTS 1or
the passage of law which would permit
them to consolidate. The strength in New
England, in fact, had some influence IN
creating a resistance to the downward move
ment in the early trading, but the, general
list soon broke away from it, and the tend
ency for most of the day was DOWNS ard
after that time. The market was mar
rover than for some time, the few
leading stocks monopolizing greater
share of the dealings than at any
time since the first of the year, and the move
ments OF Importance were almost entlrely
confined to these stocks. The opening was
weak under the pressure OF the reacuonary
element, but the usual demand of the first
hour. together with the unusual strength
shown by New England rallied the market,
and prices as q rule, were again brought up
10 about the level of last nights figure. The
pressure. however, soon forced a decline,
| and while the list displayed considerable
feyerishness and irregularity during the day.
each decline carried prices little lower than
the preceding one, and In the last hour there
on the market. with the effect of accel-
Grating the decline, and the lowest
prices OF the day were reached at
the close. Missouri Pacific displayed some
strength in the early trading but gave way
with the remainder after the first hour, while
the retaliatory measures of the Rock Island
in shutting the Union Pacific from its tracks
| had the most marked effect upon the last
| named stock at the opening, its first price be-
| ing 1874 per cent lower than last nights fig
ure. 1t got but shade lower, however, ana
| closed with the opening loss. Sugar showed
| the continuance of the liquidations, and,
after opening off per cent, fell away still
| farther. The grangers, Wizards ana the
| London favorites were all specially weak,
| though in the last named it looked more like
| manipulation for effect than real sell
| ing for foreign account. The final
| changes are almost all in the direction
| of lower prices the only marked exception
| being a gain of 1ls i'll New England, which
| reacted toWardthe close. The losses include
| Rock Island and Sugar, each 2: st. Paul, Us
| Colorado Coal, 2; Union Pacific and Louis
| vile d Nashville. each ia; G. c. e. q st.
| Louis and Atchison, each u.s. North Amer.
can, 1ls; Chicago Gas, Burlington, Lacka-
| wanna, Wheeling & Lake Erie preferred and
| Western Union, each L; and others fractions.
| The railroad bond market shows sull de-
creasing volume of business, and O rather
| weaker tone from day to day, while the
| fluctuations grow smaller and smaller. The
business done'to- day reached only ST. 100000;
| of which Atchison incomes contributed
| S126,OOO The final changes of note
| after q day of irregular changes and absence
| of tone are generally insignificant. and the
| few important changes are quite Irregular
| Among the advances may be mentioned New
| Jersey Midland firsts. 2 TO ST. 49, Govern
| ment bonds have been dull and steady
| State bonds have been entirely neglected
| Petroleum continues dull and narrow. The
| only trading to-day was III February option
| Pennsylvania oil, which opened steady a.
| 73lAe, moved up l2c, then reacted and closed
steady. Pennsylvania oil spot sales none
February option opening 73lac: highest, 74cs
lowest, 73l4c, closing 73l2c: Lima Oil sale
| none. Total sales 4S, 600 bbls.