New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-12-09
CLOSING PRICES or CALIFORNIA STOCKS.
Ifonrl-.o De-. : $500
TIE DAY IN THE STOCK MARKET

Monday, Dee N-p. M
The bear" faction seemed 10 have complete
control Of the stock market to-day. Prices "i
the active stocks Auctuatcd they bought OF
sold and support apparently was Withdrawn from
d few shares that have recently Oeer conspicuous
by their strength. Tor the first time IN many
weeks there were reasonable evidences Of long
selling IN Reading and Ncw-Jcrsrv Ccrtral. wm'r
all tine Vanderbilt stocks declined without much
opposition and Of the could stocks. Missouri Ia
cinc suffered comparatively the largest loss. The
stocks which exceptionally recorded gains were
those in which there had been for a long time
admittedly an extensive short interest 81
Paul WAS unusually active ard il closed J.? pr
cent higher and Union Pacific, which was neat
70 it in point IF activity, rallied 81 per cent
The Granger and the Willard stocks were the only
others That were specially strong. ana there can
be 10 doubt Of The short interest IN them.
he rise IN this group was caused partly bi
the recent advance IN Western reilTOad rates and
by the announcement that the lODe-dcaycd meet
Ing Of the presidents of railroads beyond Chicago
would be held next week. The general move
ment OF prices was downward aud the final dc
clincs aside from the stocks mentioned were
about ] per cent on an average. in spite of tho
Southern stocks. represented by Louisville and
Nashville. were effected uniaVoI3blY by the de
preston in tie iron industry in the newly dcvcl-
ODpd Southern territory. The preference nat IrdlIV
given 10 Brssemc" steel IS having large Influence
on Southern iron. and consequently. on the traffic
OF the railroads which have Transported it The DE
mand for s.ecl j. falling OF because The rail
roads throughout The country viii buy no more
rails than actually needed for repairs. aud az
though the price may further decline. steel is
doubleday cheaper than iron at present prices.
The decline IN Southern coal and iron stocks
which has recently occurred has been due pin
cipaly 10 this natural inf ucncc.
The money question IS not the most important
one in determining the course Of speculation. II
has been demonstrated heyond tie possibility Of
doubt that tie supply Of money I'm circulation -
much larger than ever before IN the history ~ tie
country. The Government has proved lis willing
ness 10 relieve thr strngency 10 thr very limit
of its resources. while importatiors ~ gold from
Europe have been begun large scale. The
associated banks NJ the principal financial con-
tres are issuing Clearing HOufc certificates with
lberali;y. and presumably equa wisdom. IN
spite OF these endca vOIS the commercial world is
not devoid Of serious fears. and failure. are con
stantly being announced. Time money IS simply
the rate for call loans raised 10 Ii per cent
commission II is irmatcrial 10 the borrower
whether the rate was artificial. or not. because
Banks trust companies, ond. pcrhap> few d" old
cause they need IT, but because they do not know
when they muSt have II. I'm view Of this diStrust
il is not surprising that III" buying Of railroad
shares ana bonds should be limited 10 Investment
requirements. The closing to-day was strono i'm
the midst If a rally by which great part Of tie
early JOSS was Tccaincd.