Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-12
NEW YORK STOCKS.
Market Weak and Feverish in Forenoon
but Strong Later-Bear Attacks on
Union Pacific and Lackawanna
in the Morning.


but Strong Later-Bear Attacks on
Union Pacific and Lackawanna
in the Morning.
New YORK. Dec. 1.-THE stock market to-
day was feverish and weak in the forenoon, but
quite strong, though dull. later in the day.
leaving most stocks fractionally higher, though
there were few material losses among those
stocks to which the bears paid most attention,
The trading during the day was almost entirely
of professional order. and is likely to remain
SO until time money is once more available as
brokers are discouraging buying on margin as
far as they are able. one reputable brokerage
house to-day asking % per cent margin to buy
st. Paul for customer
An improved market. however, is Looked for
from the meeting of railroad presidents to be
held Monday. Gold from England is due here
about the middle of next week, and its arrival
is expected to give greater buoyancy and
strength to tho market.
The opening was quite irregular and gen.
orally lower than last evenings prices, but the
bears again took hold and depressed prices still
farther, paying special attention to Lacka-
wanna and Union Pacific, and some specialties
showed marked losses before the downward
movement was checked. Lackawanna was
forced off lA per cent from last nights price,
and Union Pacific per cent, but the changes
in the rest of the list were generally insiRniti-
cant. The loaning rates for stocks however
showed that there was large outstanding
short interest. while money was easy at from
to per cent on call, and the traders. when the
bear attack Stacked away, turned over to the
bull side for a turn, and the market became
dull as the pressure to sell was removed: but
the demand from the shorts developed strong
tone, prices moving up slowly, and soon recov-
ering not only all the forenoon's losses but
something in addition.
Lake Shore was one of the strongest features,
but the movement in Atchison was equally
pronounced, and IN Sugar Refiueries sudden
advance of per cent was made. The demand
from the shorts Stacked away toward delivery
hour, and realizarions sagged the list away in
the last hour, but the market closed strong,
though dull at close TO tine best figures of tile
day. The final changes are nearly all in the di-
rection of better prices. and Lake Shore and
Atchison are up IA per cent each, and Sugar
aud Rock Island eacn per cent. but southern
Pacific is 13s lower. and Lackawanna and
Wheeling and Lake Erie preferred, each per
cent. .s.,.,-.s..-
Railroad bonds were still quiet and generally
displayed steady tone, with irregular changes
in the list, among which losses are rather the
more numerous. The sales of all issues were
Sl.2S3. 600, with no special animation. Among
the advances of note may he mentioned Oregon
Short Line skies, to l03; Reading seconds, 2L
to IS. thirds. IL to q. and Iron Mountain tives,
to Us. Those that show losses. however, are
generally the inactive issues.
The Post says: Money on call at tho Stock
Exchange ranged from per cent in the fore
noon to in the afternoon. These low rates
for loans on stocks at a time when discounts of
commercial paper are stin very difficult. reflect
the opinion of money lenders that stocks for
which there is always 4 ready market-more
ready, In TACT, than ever for railroad bonds
are not only very cheap. but the most available
security for loans. There was good borrowing
demand fof stocks throughout the day. indicat-
ing the existence of an important short inter-
est. A number of stocks. notably New York
Central. Burlington, and one or two others,
loaned fat. showing that the same rate of in
terest was paid for the use of them from day
to day as for the use of.money., Others loaned
Al from / to per cent.
The following table shows the prices or active
stocks on the New York Stock Exchange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY & STEPHENSON oldest Pittsburg mem
bers of New York stock Exchange. 81 Fourth
avenue: - -a.-