New-York tribune., 1889-12-24

WHAT WAS DONE IN STOCKS.


The stock market to-day was controlled aD-
solutely by fear of monetary stringency Ihe
ruling rate for call loans was per cent, and
there was no indication of stifrening of rates in
time loans Brokers complained loudly about
per cent money, and predicted an extreme strln-
oencv of perhaps 20 per cent in the next week,
when they knew that money on time was easily
accessible at 8 per cent and for q long period, at
a lower rate Some of the louGeSt-mouthed nave
seen stocks steadily advance with money at
daily premium of IA per cent. IL may hoU DC
denied that the money market Is IN a cohdi'loh
where skilful manipulation may cause temporary
disturbance, but the only purpose OF the auVnoiS
must be the purchase of bargains III corpoIdue
securities Tight money is a spook whlch fright
ems only the professional traders at the SlocN
Exchange Ii there no other reason Ior
doubling the reality of the apparltlOl' lne ETiS S
duIness of the market would be sufficient. Inc
trading in stocks has been 50 small tlaU tne
settlement OF differences would De nShl "oIh.
The exchange of contracts under the present nulGo
of the Board may cause occasionally hurry III
money but old-tashiOned strlnSency certainly Is
not probable while the business remains on Ihe
preseat scale The total transactions to-day Daieiy
exceeded 100 900 shares III the regular market
and the addition of the unlisted department
made them less than $4,000 shares WIN tle
exception of Missouri Paclhc ana ot raul uIle
dealings in no full stock exceeded lp,OoV Shales
and as a rule they fell far below that amount
The net results were declines Of IA to IL per
cent and the movement nearly uniform
that particular comment seems ID be unnecessary
Missouri Pacific, which plainly the leader
advanced in the early dealings, but its fnal loss
was surpassed only by one or two speclaiteS
Pacific Mail was a conspicuous exception Dy lts
unusual activity, which resulted In gam OF
nearly per cent, while Western Union was dull
and lower.e The Gould stocks, in other words
were the principal feature of q market dominated
by fear of tight money. At the same time, com
plants of a lack of railroad facilities for the
handling of an enormous freight traffic were
heard on all sides, and Chicago dispatches ad-
mitted that the Western railroads have not
cars enough for the demands being made upon
them Not many railroad reports were made
but Northwestern showed a gain of over 10 per
cent in November, and the first road To report
for the third week in December, the Toledo, st
Louis and Kansas City, showed an increase of
over 100 per cent.
Further progress in the liquidation of the trust
stocks was made by decline of 3 per cent in
Sugar Reineries, which was the only feature of
the unlisted department. Rumors regarding it
were wholly speculative, while the fact remained
that the decline did not stimulate buying.
THE DAY IN THE BOND MARKET
The Treasury bought $4,000 of 4 1-2 per cents
at l04 j-S and Slj0, 900 per cents at l27 \
small sale of the last-named issue was made at
l27 is at the Stock Exchange and, in cOnse-
quence, nominal prices, both bid and asked, were
advanced. The closing quotations were as fol-
lows.