Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-05
NEW YORK STOCKS.
Market Weak With Slight Reaction for the
Better just Before the Close
Union Pacific and Coal
Lists fuffer Most.

Lists tiuffer Most.
NEW YORK. Dec. G-The financial situation
still continues very unsatisfactory both in Wall
street and the country at large. and buying for
the long account, especially upon margin, is
very little indulGed in at present, the best ad-
vice Of the brokers Icing to await such time
when there will be a sufficiency OF time money
to be had to insure the ability to carry stocks
for reasonable length of time. The difficult
ties in business now seem to be in the mercan-
tile community and not in Wall street, and
to-day's failure was not without its influence
upon the course Of prices in the stock market
Things. however. are being adjusted to the
changed order of the situation as rapidly as
possible.
On the street the monetary situation is some
what improved, in SD far as loans are easy to
obtain, and no immediate squeeze is deemed
possible, while prices have again reached a
point where the public Is tempted to buy. AS
the situation now is, the only time that stocks
can be bought is when the bears are hammer
ing the market. When the market advances,
prices frequently show differences Of as much
as per cent between sales.
The most encouraging news of the day was
that from abroad, and iJ showed that the situa-
tion there was so much improved that the Bank
OF England reduced its rate of discount from
to per cent, while prices of American stocks
were all higher. The domestic advices, how
ever, were not SO encouraging. and the decrease
In the earnings OF the Union Pacific was an in
fuential factor In the course of prices
The opening Of the market was made at
higher prices under the influence of the news
from the other places but the buying move
ment had no life. and the bears and the traders
were soon enabled by severe pressure of short
stocks concentrated at certain points in the
list to change the temper of the speculation
again. and, after the first few minutes dealings
weakness was the ruling feature in the market
until the final half hour when covering of
shorts put out at higher prices gave some sup
port to the list and caused slight reaction
Union Pacific was early chosen to bear the
brunt of the attack. and a loss of over 3 per
cent was born by that stock. Northern Pacific
preferred, St. Paul. Rock Island. Missouri Pa
ciic, New England and the coal stocks were
also marked by the bears, and all suffered ma
terial set-backs tbefore the close of business
The failure of the companies to advance the
prices of coal was used against the coal stocks
as virtual reduction, but only Lackawanna
and Jersey Central felt the pressure to any
considerable extent.
The unlisted department and the general list
were quite neglected, and the inactive shares
showed no feature of interest throughout the
day, their changes in Quotations being small in
all cases. though following the lead OF the
active stocks. The close was quiet and fairly
steady at slight reaction from the lowest
prices. The final losses of note comprise Union
Pacific, ~; Wheeling and Lake Erie preferred
IA; Jersey, Central, 2; Missouri Pacific, ls6;
New England. N, and Lackawanna and St.
Paul each per cent. ,.
Railroad bonds felt the influence of the
than usual of late and while the sales of all
issues reached only 81 1000 the final losses in
many of the more active bonds were large.
The market showed considerable strength in
the forenoon, but later gave way rapidly
Among the most important losses, st. Paul H
and D. 5s lost 2 at 100; New York, Lackawanna
and Western Ids. "a at LOG: Milwaukee and
Northern 6s of 1916, ~ at lU734; Pittsburg and
Western ISIS, ~ at "a: Richmond and West
Point trust IS. ~ at 64s<: Wabash debentures
class B. at so, and La CIede Gas lists, Q at 721s.
The Post says Exchange was again reduced
another half cent on the pound here this morn
ing, which was believed to indicate the buying
of some stocks here yesterday for London ac-
count. This morning also there was some mod
crate buying of st. Paul and few other stocks
for London account but the market here is too
narrow yet and confined to exclusively to the
board room traders to be moved much by the
general improvement in the foreign situation.
The general public and the larger spectators
who are never seen in the Exchange room, are
holding aloof, yet with their attention fixed on
the monetary situation throughout the coun-
try, and the board room traders were merely
watching each other II any man tries to sell a
few hundred shares of stocks they understand
him, and "take the market away from him:n If
he tries to buy few hundred they bid the
price up on him. ..z-s
The following table shows the prices or actly
stocks on the New York stock Exchange yester.
day. Corrected daily for THE DISPATCH by
WHITNEY e STEPHENSON, Oldest Pittsburg mem.
bers of New York stock Exchange, 81 Fourth
avenue: