Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-02
NEW YORK STOCKS.
General Weakness in the Railroad and
Business World and Scarcity of Funds
Easy Money Not Expected Be-
fore the New Year.


fore the New Year.
NEW YORK, Dec 1.-The temper of the stock
market during the latter portion of last week
was continued to-day, and even greater losses
were sustained than either of the days of
last week. when prices dropped. There was no
apparent cause for the weakness in either the
railroad or the business world, but many are
inclined to look upon il as the natural conse-
quence 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 ow-
ing to the disbursements for interest being
made by the banks and rates of call loans
were high during most of the day, reaching IA
per cent at one time. There was also another
failure announced. but it was not of sufficient
Importance to have had any influence upon the
course of prices. London was a seller for no
apparent reason. but this gave the bears the
opportunity to hammer the list with more sue
cess and many stop orders were reached in the
early trading on the combination Of selling. SO
that the market throughout the day was
demoralized.
The market lacked support because brokers
declined to do a margin business. and it is felt
in the streetthat not before the first of the new
year may easy money be looked for, notwith-
standing the easier condition of the foreign
changes and the very fattering condition of
our foreign trade at present. The selling was
principally in the arbitrage stocks in'the early
portion of the day, but when the bears got well
to work there was great impartiality shown in
the hammering operations, and the whole list
moved of in unison. Lackawanna,, Della
ware and Hudson. Union Pacific and Louis
vile and Nashville were leaders. There were
EumOrs of .nn an sIndsf indefinite se ma ma
steady pressure upon the list of short stocks
was the only reason for the decline that could
be seen. There was rumor OF disagreement
among the coal roads to account for the weak
mes, in these stocks, and Atchison was sold on
rumor of a new floating debt while the op-
position to Mr.. Gould among the Boston capi-
talists in Union p citic were credited with sell
ing tlIat stock. The losses were greater than
could be accounted for by these reasons, how
ever and short selling did the business bevond
doubt. The market at the close. however, is
again near the point where investors who pay
for and take away their securities come in and
such orders materially increase as prices go
down.
The feeling is general in the street that by
the lst of January a decided change for the
better may be expected in the monetary situa-
tion. the improvement being indicated by the
gains which are being made by the banks in all
the Important financial centers. London is not
likely to do much in American securities be-
fore that time but the latter are likely to be in
better favor than ANYTHING offered by their
own market. Mercantile failures outside of
Wall street may he expected now, as that COM
| munity is going through the same contra ction
| and liquidation that Wall street has expert
enced. The market closed active and very
weak at the lowest prices of the day.
There was nothing to indicate that there was
anything artificial about this wide range The
| fact is that there was unusual demand for
| money to-day in connection with the heavy
settlements on the first of the month in all
| lines of business. But the settlement of taxes
| in Brooklyn alone required several millions
| for use in the next few days All the leading
stock commission houses had foreseen the
! probable demands for money about this time
| and had borrowed ahead. 1t is, in fact, these
! balances of brokerage houses, instead of those
| which have
market on the Stock Exchange in the last
week. There is. however. reasons to expect a
much easier market for call loans before many
days.
| The following table shows tne prices or active
stocks on the New York stock Exchange yester-
day. Corrected daily for THE DISPATCH by
| WHITNEY 4 STEPHENSON, oldest Pittsburg men,
| bers of New York stock Exchange, 81 Fourth
! avenue: