Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-30
NEW YORK STOCKS.
Market Opens Irregular, Rules Quiet and
Closes Lower on Almost All Shares
What Becomes of Specie From the
RanLs a Puzzlino Question

Market Opens Irregular, Rules Quiet and
Closes Lower on Almost All Shares
What Becomes of Specie From the
Banks Puzzling Question.
NEW YORK, November 29.-To-day's market
was very quiet, especially for Saturday. The
powers of depression went to work. and, with
some liquidation of long accounts. prices
dropped all along the line, while the properties
to which the bears paid particular attention
were decidedly weak, and scored marked losses
as the result of the days operations.
London had no buying orders this morning,
and the market, while very quiet at the open
ing, was inclined TO continue the downward
movement of yesterday afternoon. but Sugar
was up per cent on the report of the deposit
Of the Mathiessen stock, and rose ~ per cent
farther to CO.
The general list opened irregular and shaded
of slightly. and when the denial of the deposit
of the certificates reached the street. Sugar
dropped away sharply, nearly per cent, and
the general list followed. The bears attacked
Lackawanna and Union Pacific, with Atchison
and St. Paul, and each of those stocks dropped
about ~ per cent, while Cleveland. Cincinnati,
Chlcago and St Louis lost over 2 and wheeling
and Lake Erie preferred even more.
Ihe buying was of good character. but
could not stem the tide of the offerings of short
stock, and the decline was not checked, the
market closing weak at about the lowest prices.
though there were few feeble rallies toward
the end of the session, but they had no infiu-
ence upon the general list.
The whole list, with q few unimportant ex-
ceptions, are lower, and Wheeling and Lake
Erie preferred is down 215. Cleveland, Cincin-
natl. Chicago and st. Louis "a Lackawanna
~. Union Pacific IL, st. Paul 1% and Jersey
Central and Northern Pacific preferred each
per cent.
Railroad bonds were moderately active, and
displayed a firm tone in the early trading,
which gave way to weakness toward the close
IN sympathy with the tone of the stock list.
Final changes, therefore, are quite irregular,
with some marked advances and losses. The
sale of all issues reached $780, 000. The declines
include Big Sandy 6s to ~: Union Pacific,
Denver and Gulf lists, "a to SlH; while North
western sinking fund 5s rose to LOG; East Ten
nessee lists. to 104.
The Post says: Technically the bank state
crease in the surplus reserve, and also because
the liquidation of loans nearly corresponds to
the decrease of deposits, but the continued loss
of specie indicates drain to some quarter
which has continued for months. and in the
last month has taken nearly 81, ,0O0,000 of specie
out of the New York banks. None of it has
gone to Europe, and the question as to where
1t does go is as puzzling as the one as to what
has become of the S62, 000. QUO of currency put
out by the Treasury i'll September and October.
While the banks of New York, Boston and
Philadelphia are obliged to resort to clearing
house certificates, and the banks of Chicago
said to be discussing the same policy, il is
apparent that the vast increase of circulating
capital is not lodged in banks.
The following table shows the prices or active
stocks on the New York Stock Exchange yester-
day. Corrected daily for THE DISPATCH by
bers of New York Stock Exchange, 81 Fourth
avenue;