St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-09
WALL STREET FLEGHTY.
Money OH Call Becomes Scarce
and Dear.

New YORK, Dec. S.-The stock market to-
day was very active and Irregular but on the
whole weak, and while The movements show
no uniformity, the majority of the final
changes are losses. The market, however
was decidedly strong at both ends of the day,
and the temper was such as TO show that
with any real 1nducement to buy, coupled
with a reasonable assurance that the money
to carry them Will he forthcoming, there
would be good or extensive demand for all
good stocks. The offer of the secretary of
the treasury to take So o 10000 of tie 1 per
cents was most influential factor in the sit
uation this morning. The hint that the ST.
000,OO1 of fractional currency might be
made available also had a decidedly good
effect. London prices were higher. and alto
gether the outlook was far different from that
of Saturday afternoon and there was q rush
TO cover shorts in the early dealings. which,
on comparatively limited offerings, soon
brought the list I'D above Saturdays prices
from to 10 per cent, Rock Island, Missouri
Pacific and the grangers generally leading
the improvement. The prospective relief to
the monetary situation, however, was of no
immediate avail, and money on call became
very dear, finally reaching a premium or "A
per cent per day for use, in addition to the
legal interest. at the high prices also there
appeared a disposition to hQuidate long ac-,
counts. and the bears Immediately became
aggressive and hammered the list all along
the line. All the leading stocks soon had
lost all of the early improvement, and, as the
pressure was kept up without interruption.
the LOSSES IrOI0 the QISDcSG QSur0S 6XtGuQeQ
to 5l2 per cent i'll Missouri Pacific. The
downward movement was accelerated by the
announcement of the failure of a large hat
house up town. while the old rumors
about United States cabinet officer being in
financial straits was rehashed and made TO do
duty again. The fear of the continued an
nouncement Of failures in the mercantile
community has become one of the greatest
restraining features on the stock market
and every fresh one serves for the time TO de-
press stocks in general, although it may not
be known that the firm is at ali interested in
securities. The weakness of the Gould
stocks was pointed cut, while the attack.
upon Reading, which forced its price off to
26l4, was made the occasion of the revival
of the old story about the liquidation of the
edly great deal of liquidation of long ac-
counts, but there is no evidence to show that
they are anything but those of the profess
sional traders of the street. fresh issue of
Sl.O00.O00 clearing house receipts was also
used against the market The tightness in
the money market passed away toward de-
livery hour, and ii became known that
ST. 100000 in gold had been ordered
from London, which again set the
shorts to covering, and prices moved up
rapidly in some stocks in the final dealings.
The Improvement however, was insufficient
to wipe out the losses of the day except in
few stocks. Among these latter the stocks
which led the early advance were most con-
sDicuous, and some of them closed with a
material gain ON Saturdays price. The mar
ket was active and strong at the close, but
most stocks are left below Saturdays figures
The advances OF note comprise Union Pa
cifc ia, Rock Island and Northern Pacific
preferred So per cent each aud Burlington
Quincy l per cent while the losses in
clude: Sugar 312, the Wheeling & Lake Erie
stocks each 2Is. jersey Central 2I2. Silver
certificates / 7s, Colorado Coal and Missouri
Pacific each lap, Reading l1s and Lake Shore