Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-11
NEW YORK STOCKS.
Time Money is Not in the Market and the
Bulls Cannot Do Anything Until Loans
Are Available-The Temper

Time Money is Not in the Market and the
Bulls Cannot Do Anything Until Loans
Are Available-The Temper
of the Street.
NEW YORK, Dec. 1o.-The stock market to-
day was less active than that of yesterday, and
the strength of yesterdays market was not
held. Notwithstanding that call loans were easy
throughout the day, never being more than 8
per cent and reaching as low as 2 Time money
however, is not yet IN the market and failures
among mercantile houses continue to be an
nounced, and to-day one in the street was added
to the list. Commission houses seem to feel
that we cannot have pronounced bull market
until time loans are available. although they
advise the purchase of securities by those who
have the money to pay for them in full, and
however prices vary there is always consider
able of this kind of buying of both stocks and
bonds. The slight advance in the prices of
bankers bills was factor in the depression to-
day, but the amount of gold already Caken is
stated at over S. 600 00O with the prospects thai
The temper of the market at the opening this
| morning showed that the rise of yesterday was
| more squeeze of the shorts than anything
| else. and the demand for that purpose was en-
tirey lacking and while the fortnightly settle
ments were reported as progressing very favor
able on the other side, London was a seller, and
| there was considerable pressure to sell what
looked like long stocks Ill many of the leading
shares. The losses at the opening extended
to nearly per cent, but the decline after max
ing considerable further progress was checked
and full recovery occurred. The failure on
the Stock Exchange was announced before
noon and had the effect of frightening off the
buyers, and the bears, seeing the state of AFFAIRS
started in to hammer the list with the effect of
wiping out the recoveries again. Some of the
traders were inclined to play for a rally after
the downward movement lad continued some
time, but the effort served to check the decline
for time only and later there was another
attack. which in the last hour, carried prices
down to the lowest of the day.
The coal stocks were specially prominent in
this later drop and both Iackawanna and Del
aware Hudson lost per cent from the best
figures. Union Pacific and Rock Island, with
the other grangers were also specially weak.
The market finally closed active and weak at
about the lowest prices of the day. The final
! changes are net SO large, however. while Lack
awanna is down 31s, Union Pacific, 211a; Jersey
Central 2: Rock Island and Colorado Coal
each ~; Sugar, N; st. Paul, Louisville &
Northwestern, l1s each. and Atchison and
Chicago Gas each per cent the rest are only
Railroad bonds were quiet, but displayed a
frmer tone than stocks the final changes being
generally slight and of the important ones there
sales of ali issues were ST. AL 600 out of which
Lake Shore second regular furnished 100000
Government bonds have been dull and steady.
State bonds have been entirely neglected.
Petroleum opened strong for January option
and advanced "a on Standard oil buying, but
reacted latter, then became dull and remained
SO until the close. Pennsylvania oil, spot no
sales. January option, opening IS; high
est, 65N; lowest, 64ef: closing, 64zS. Lima oil,
no sales. Total sales. 10000.
The Post says: The reaction was largely due
to the firmer market for the sterling exchange
which it was assumed would be an obstacle to
the further imports of gold, and partly also to
the fear that the Bank of England would ad-
vance its rate of discount again Tomorrow
morning to per cent. The rates at which
bankers short bills could be bought this morn
ing would Lot admit of the import of gold but
with cotton bills as low as 81 n they could be
discounted in London SO as to be turned into
short sight exchange at q cost that would still
bring gold if the rates for money in London do
not go higher. The exports of cotton in the
last FIVE weeks to December were of an ap-
proximate value of SIS 3O0,c90 against s53 5OO.-
600 in the same time of 1882 and have furnished
a large amount of exchange, which together
with tile increase in other commercial bills will
probably keep the rates Of exchange down to
the gold importing point. The general ex-
pecration of bankers IS that this Will bring
more gold. If this proves TO be the case IL will
strengthen the stock market, as the upward
turn in stocks was mainly the effect of tn Q gold
imports.
The following table shows the prices or active
stocks on the New York Stock Exchange yester-
day. Corrected daily for THE DIsPATCH by
WHITNEY a STEPHENSON, Oldest Pittsburg mem-
bers of New York stock Exchange, 81 Fourth
avenue: