New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-15
PHILADELPHIA STOCKS.
WHAT WAS DOVE IN STOCKS.

"Wednesday. Jan. lap. m.
The stock market affected senslbiy to-day by
the discussion OF the silver question Ill Congress
The decision of the Senate was not known until
long after the close of business, but IL was COT
rectly forctod, and the belief steadily grew 'ha'
the free coinage Of silver, limited Only ny the
production of American mines, was to be legaIl%eu'
While Wall Street was disposed 10 accept the re-
suit with equanimity. there no doubt that in
vestors, especially in EGropa, were somewhat
alarmed by the prospects OF radical legislation. 1t
WAS the common belief that what was called the
modified bill would become a law. The Secretary
of the Treasury is Invested with wide discretion
in determining whether silver bullion is the prod
uct of American mines, and under the pre- sent
head Of the Department. the danger of fraud may
not be great. In other circumstances the honesty
of mine-owners and smclteIs might mol endure the
strain of certain profit between the domestic
product and fOrclgr silver. tn" Immediate erect
on stock speculation was not clearly seen, ana
the feVcriSn fluctuations of silver bullion certil-
Gates fairly illustrated tie prevailing uncertainty.
The transactions in them were extremely large,
but after decline 10 lpi and recovery 10
l01 IA, the price closed LnchanGoi AT lub -.
further advance might he natural. II the present
holders Of certificates Were apparently not wll!lng
TO find IA market The cost If carrying silver
certificates is considerable, while there are TO
dividends to lessen IT, Theoretically, there
seems 10 be no reason why the price
should not rise 20 par un'csS 49, thr
chances OF defeating the rect OlndGc Dlll are
greater than they appear. No amount Of lcgiSla-
lion however. can make silver equal 10 gold
unless Europe is joined with America in the COM
mon purpose. One of the results Of tine action of
Congress will undoubtedly be the boarding OF
roN which was recently a disturbing element in
the money market \ careful discrimination IN
regard 10 securities and obligations will be cN-
erciScd everywhere. and it might not be long
before banks would hc obliged to open separate
accounts. In fact, there is reason 10 believe
that no little gold is held special deposit.
The consequences that may flow from this
LEGISLATION checked speculation and depressed
prices to-day. Realizing sales that may. or may
not have been caused by the reports from Wash
ingtOn helped the movement and the closing
was unsettled and heavy. The final vaTia-
tons were irregular. and while declines were
more numerous they usually small fractions.
The greatest strength shown by spccialtics
or stocks that were influenced by exceptional
causes. Chicago Gas was cOnspcuOusly strong.
advancing 4 per cent and maintaining nearly the
whole Improvement. Other exceptional advances
were -2 per cent in New-Engand and 1-2 in
Tennessee Coal ard Iron. Greater significance
NAV he found in the continued strength of His
souri, Pacific. especially when it. is compared with
the weakness of Union Pacific.
WHAT WAS DONE IN BONDS
There were no transactions in Government
bonds and the closing quOtltons were not
specially firm, as follows