Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-01-16
NEW YORK STOCK MARKET.

NEW YORK, January l5.--Tbe passage Of the un-
limited silvsr-eoinsge bill by the sonste yester-
day furnished The msinsprinz Of operations In
the stock market to-day. and altogether the In
nuence was adverse 10 values, although opinions
differ as to the ultimate effect OF the bill Its
most marked effect to-day was seen in a ms
teriai decline in the price OF silver certificates
which, II anything, IL was expected would be
benefited by such q measure. The drift OF
opinion among silver spectators, however, was
that the very extremity Of the measure would
defeatit, and little hope OF is getting through
the House was entertain ed. many who have
bought aud held on for this very event sold out
as quickly az possible, making a drop Of 2 cents
and more in the value Of certificates.
sTIFFER RATES OF EXCHANGE.
Another effect OF the passage Of the bill upon
the stock market was q stiiIsning OF the rates OF
exchange, caused by large purchases by people
who fear the outcome OF such legislation. Con-
seryative people who have lately been investing
In securities we're also given pause, and the
market being lef; without this most influential
support became an easy prey 70 reactonlsts and
the bears, VINO wore Joined by traders In their
efforts to got prices down, aud tho result q
their efforts is seen In materially lower prices
established during the day.
The SENSATION OF THE DAY
was the strength In New Kngland, which has
been rising mysteriOusly for long time. but
to-day the reason was forthcoming In the asler-
ton that both tho New England and the New
Haven companies had applied 20 the Legisla-
lures CT Connecticut and Massachusetts for the
passage OF a law which would permit them 10
consolidate. The strength IN Sew England IN
fact had some influence in creating resstance
to the downward movement In the early trading,
but the general liss soon broke away from II aud
the tendency for most Of the day was downward
after that time.
THE MARKET MARROW.
The market was narrower than for some time,
few leading stocks mouopClizing greater
share Of dealings than at any time since the nrst
OF the year. and mOvO menis Of importance were
almost entirely confined 90 these stocks lhe
opening was weak un1er pressure OF the resc-
tonaTy element, but tho usual demand OF the
first hour, together With the unusual strength
shown by New Eneland. rallied the market and
prices As q rule we're again brought up to about
the level OF last nights figures. Tho pressure,
however, soon forced
A DECLINE,
and while the list displayed considerable fever
iBhness and IRE gularity during tho day eRcn de-
cline carried prices little lower than the pre-
ceding one aud in the last hour there was a
large amount OF short stock put on the market,
with the effect Of acceleratiug the decline, aud
the lowest prices o. the day were reached &C the
close. Missouri Pacific displayed some strength
"a tho early trading. but gave way with the re-
mstuder after the first hour, while the retalls-
tory measures OF MOCK l5lanu III euuttlus tuc
Union Pacific from its tracks had . most marked
effect upon the last-namei stock at the opening,
its first price being 4 per cent. lower than last
nights figures. IL got but a shade lower, now
ever, and closed win the opening loss.
SUGAR FALLS AWAY.
Sugar showed continuance OF liquidations
and aftor opening OF per cent fell away still
further, Tho Changers, Wizards. and London
favoriIes were all specially weak, though in the
last-named iI looked more like manipulation for
effect than real selling for foreign accoun. The
nnal changes are almost sll in the direction oil
lower prices. The saleS Of listed stock aggre-
gated III, 900 shares, OF unlisted. $4,000.
MONEY AND EXCHANGE.
Fesafno-Exchange Acttve and strong at 4Sfs
Aeo Commercial bills, $50. Money easy at 80
81, closing offered Bta Sub-Treasury balances
Coin,s ii0.069 600; currency, S,3i5,OOO Govern
ments dun but steady; 4 per cents, 10: ~ 8
100. State bonds entirely neglected.