St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-12-02
SCARCITY OF FUNDS.
The Market Exhibits n Decid.
euEy Weak TEMPER.

NEW YORK, Dec 1.-The weak temper of
the stock market during the latter portion of
The week was continued to-day, and even
greater losses were sustained than on either
of the dIys of last week when prices
dropped. There was no apparent Cause for
the weakness in either the railroad or the
business world, but mauy are inclined to
look upon IL as the natural consequence of
the too rapid rise of the past ten DAYS OF
course the day was the first of the month,
and there was scarcity of funds to loan
owing to the disbursements for interest be-
ing made by the banks, and rates on call
were high during most of the day reaching
per cent at one time. There WAS also
another failure announced. but it was not of
sufficient importance 10 have anv influence
on the course of prices. London was seller
Tor no apparent reason, but this gave
the bears the opportunity to hammer the
list with more success, and many stop orders
were reached OF the early trading on the
combination of selling so that The market
throughout the day was demoraliZed. The
market lacked support because brokers de-
cllned 10 do margin business and it is felt
In the street that not before the firSt of the
new year may easy money be looked for not
WlthSianding the easier condition of the for
eign exchanges. and the very fiattering con-
dition of our foreign trade-at present The
selling was principally in the arbitrage stocks
III early portion of the day, but when the
bears got we'll to work there was great I'M
Partially shown in The hammering opera
tons, and the whole list moved off
in unison, although Lackawanna. Del
aware IL Hudson, Union Pacific.
and Louisville & Nashville were leaders
There were many rumors of an indefinite
nature flying around the street, but the
steady pressure upon the list of short stocks
was the only reason for the decline that
could be seen. There was rumor of dis
agreement among the coal roads to account
for the weakness in the coal stocks and
Atkinson was sold on a rumor of new
floating debt. while TIE opposition to Mr..
Gould among the Boston capitalists in Union
Pacific were credited with selling that stock
The losses were far greater than could be ac-
counted for by these reasons. however and
short selling did the business beyond
doubt The market at the close, however. is
again near the point investors who paw for
and take away their securities are coming in,
and rush orders materially increase as prices
go down. The feeling is general In
the street that by the first of
January decided change for the
better may be expected in the
monetary situation. the Improvement being
indicated by gains which are being made by
the banks i'll all the important financial
centers. London is not likely to do much in
American securities before that time, but the
latter are likely to be in better favor than
anything offered by their own market. A.er-
camille failures outside of Wall street may be
expected now, as that community is gOii,,
through the same contraction and liquidation
that Wall street has experienced. The mar
ket closed active and very weak at the low
est prices of the day. The final losses are as
follows: Lackawanna, SIS: Missouri Pa
cafe, 3A; Louisville d Nashville, 3$a st.
Paul. D. AtShison: Burlington and Missouri
Pacific q; a "a; Western Union. 234; Rock
Island, 25s; Jersey Central, Chicago Gas. c.,
G.. G. & ST Louis. Dig each; New England,
2$s; Northern Pacific and Reading, 2B
each; Wheeling d Lake Erie preferred
2 per cent and others smaller amounts
Railroad bonds were quiet but sympathized
very closely with the movements in the share
list to-day. and the ro~ult of the days opera
materially lower than Saturday. The sales
of all issues reached S1,29OG%o. but there
was only one active ISSUE the Atchson in
comes, which furnished SI67.OO0 ts~the
53ls; Northwest eonsols. = at SO: East Ten
nessee 5s. 2l2 at 1p2; International irsts, 2I2
at I.lll2 Kansas q Texas 4s. 2Ia at 74l2.