Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-04
NEW YORK STOCKS.
The Market Drifting Into Dizziness and No
Strength Anticipated Until the New
Year-Few New Engagements
Now Being Made.

The Market Drifting Into Dizziness and No
Strength Anticipated Until the New
Year-Few New Engagements
Now Being Made. F-
NEW YORK. Dec. 3.-The stock market to-
day has been narrower than at any time since
the break which has begun, and as usual in such
cases there was declining tendency in prices
helped by the bearish attitude of the room-
trading element, which once more seems to
have the making of prices. The market seems
to be drifting into dullness and well informed
people can see little likelihood of any pro.
nounced actiVity or strength until the new
year arrives.
In view of the present outlook for the money
market people are not inclined to enter into
any new engagements this month, and the mar
ket at times like to-day is left without any ap-
parent support. London was inclined to buy
today, and the early figures from that center
came decidedly higher. while the foreign buy
ing orders in the early trading served to sustain
the market during the forenoon. When they
Stacked away. however, there was found to be
no influence to sustain the market, and the
traders, feeling their way, attacked certain
properties with vIgOr, causing material de-
cllnes in the afternoon and giving the market
very ragged appearance.
There was squeeze in sugar certificates this
morning and there was At one time a differ
ence 0f at least per cent between them and
the trust SOmpanyS TeCelpLS. Inc Trading
after rhe little excitement was over, however,
dwindled down TO the usual small proportions
as the volume of business in sugar has been
growing less and less. as the public docs not
now touch them TO any extent, and is not likely
to until public statement of the condition os
the trusts affairs is made. In the general list,
Lackawanna st. Paul. Union Pacific ami
Atchison monopoiZed the most attention and
while the advent of cold weather with its ac-
compartment Of snow, had tendency to help
the coal stocks, making Lackawanna the feat
ure of the day trading.
1t was specially strong when the general
market was held up, and feverish and irregular
when the rest of the list was weak and active
all the way out. The bulk of the pressure was
made upon the Grangers and the Pacific
stocks, and those properties show the largest
losses Of the day. Lackawanna at one time
showed a gain of 2R per cent over its first price,
but at the close all of 1t had been lost and it's
provement for the day. The low priced shares
were comparatively neglected and were dull all
the way out. aad out-ide of the few leading
stocks there was no feature of interest in the
dealings.
The possibility that the Bank of England
wonld reduce its rate of discount tomorrow
was factor in the strength of the London
market, but it failed to make an improvement
here. The market remained quiet and feverish
until the close, which was weak at about the
lowest prices for most of the list. The final
losses are generally small fractions, but Union
Pacific is off l9S. Burlington and Missouri Pa
cifc each IL, North American and Pacific
Mail each rs Northwestern and New England
each per cent, while Jersey Central is up l
per cent.
Railroad bonds were quite dull, and ont of a
total days business of $685. 900. Western Union
5s contributed Sl5O, ,000 while there were fewer
issues dealt in and small changes were the rule.
Prices generally yielded, however, and Cedar
Falls and Minneapolis lists down . at 80:
Ft. Wayne lists ., at l4l15. Government bonds
have been dull and steady. State bonds have
been entirely neglected. Petroleum opened
steady; options fell &c, then recovered &c and
closed dull. The sales were the smallest on
record, the total transactions being only 80, 900
barrels. Pennsylvania ol-Spot, opening SIC;
highest CSC; lowest, 66c; closing, 66c. January
option-OpenIng, &c; highest, SIC; lowest, 661Ic;
closing, 6G34c. Lima oil-NO sales. The Pot
says: 1t was slinctlv what is called a room
traders market" for stocks today that is the
buying aad selling was distinctly by that class
of spectators who trade on the floor Of the
Stock Exchange on their own account, and
govern their operations almost entirely by
what they see others DOING or trying to do in
stead of by any rule or judgment of what may
be the real value of the stocks in which they
trade. They follow each other, aud so it often
happens that in this circular process the prices
OF stocks go down or up without any apparent
reason on either the financial or railroad situa-
tion.
The following table shows the prices or actlv
stocks on the New York stock Exchange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY Il STEPHENSON, Oldest Pfttsburg MEM
bers of New FORK stock Exchange, 81 Fourth
avenue: