Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-16
NEW YORK STOCKS.
A Feverish Day on the Street, Caused by
Silver Legislation-New England Shares
Alone Escape a DecIine-Eyen


NEW YORK, Jan. 15-The passage of the un-
limited silver coinage bill by the Senate yester-
day furnished the handspring of operations in
the stock market to-day. and altogether the in
fiuence was adverse to values. although opin-
ions 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 Certiti-
Gates, which, if anything. it was expected would
be benefited by such a measure. The drift of
opinion among the silver SPECTATORS, however
was that the very extremity ofthe measure
would defeat it, and as little hope of its getting
through the House was entertained many who
have bought and held on for this very event
sold out as quickly as possible, making a drop
of cents and more in the value of the certif-
Gates.
Another effect of the passage of the bill upon
the stock market was the stitfening of the rates
of exchange caused by the large purchase by
people who fear the outcome of such legisla-
tion. The conservative people who have lately
been investing in securities also became eau
tiOus, and the market being left without this
most influential support became All easy prey
to the reactionists and the bears, and were
joined by the traders in their efforts to get
prices down, and the result of their efforts is
seen in the materially low prlpes established
during the day.
The sensation of the day was the strength in
New England which has been rising mysteri-
ously for a long time but to-day reason was
forthcoming in the assertion that both the
the Legislatures of Connecticut and Massa.
chusets for the passage of a law which would
permit them to consolidate. The strength i'll
New England, in fact, had some influence in
creating resistance to the downward move
mcnt in the early trading, but the general list
soon broke away from il, and the tendency for
most of the day was downward after that time.
The market was narrower 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 movements
of importance were almost entirely confined to
these stocks. The opening was weak under
the pressure of the reactionary element but
the usual demand of the first hour together
with the unusual strength shown by n ew Eng
land, rallied the market, and prices, as rule,
were again brought up to about the level of
last nights figures. la4
The pressure, however. soon forced z3eelne,
and while the list displayed considerable fever
ishness and irreguariiy during the day, each
decline carried prices little lower than the
preceding one, and in the last hour there was
large amount of short stock put on the market,
with the effect of acceerating the decline, and
the lowest prices of the day were reached at
the close.
Missouri Pacific displayed some strength In
the carly trading, but gave way with the re-
mainder after the first hour, while the retalia-
tory 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 being ~ per cent lower
than last nights figure. 1t got but u shade
lower. however, and 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
and the London favorites were all especially
weak though in the last named it looked more
like manipulation for effect than real selling
for foreign account.
The final changes are almost in the direction
oe lower prices. the only marked exception
being gain of l1s in New England, which re-
acred toward the close. The losses include
Rock Island and Sugar, each 2: st. Paul, ~;
Coorado Coal, Union Pacific and Louisville and
Nashville, each l34: c., T.. g. & st. L. and Atch-
ison, each 1ss; North American, lLs: Chicago
Gas. Burlington, Lackawanna, Wheeling and
Lake Erie preferred and Western Union, each
per cent. and others fractions.
The railroad bond market shows a still de-
creasing volume OF business and rather
ations grow smaller and smaller. The business
done to-day reached only 81, $4,000 of which
Atohison incomes contributed sl2l 900, and