Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-06
NEW YORK STOCKS.
Market Continues Weak and Feverish-
Sharp Bear Raids on Union Pacific,
Northern Pacific, and Louis
ville-Money Withdrawn


NEW YORK, Dec. 5-The stock market to-
day continued feverish and weak with no
change in its temper until toward the close,
when moderate rally was had, which brought
few stocks up to and above the level of last
nights final figures. The indisposition Of bro
kers to encourage buying upon margin still
keeps the market under the control of the pro-
fessional element, and that being bearishly in
clined prices continue to move downward, with
rallies here and there and marked dullness in
the general list, with great activity and ma
terial declines in q few of the leaders.
To-day the street was filed with talk about
further issue of Clearing House certificates,
which was interpreted as evidence of weakness
in the mercantile community, and the rumors
of large concern in the drygoods district in
trouble were again repeated. The feeling
engendered by these rumors was of little effect
in the general list. but in some stocks there was
undoubted evidence of liquidation, Northern
Pacific preferred in particular
The affairs of Union Pacific, however, at
tracted most attention The stock to-day was
very weak in the early trading and a selling
order of at least 10, 600 shares is believed to
have been executed, but at decline of one
half per cent. Buying orders appeared and the
stocks were let alone by the bears for the re-
malnder of the day. The liquidation of North
ern Pacific preferred next attracted the atten-
tion of the bears and that stock was sold down
over 2 per cent before the movement was
checked. Louisville was the next to suffer. but
the traders after that took the buying side, and
being inclined to look for rally prices showed
material improvement in the last two hours.
The opening was weak under a continuation of
the pressure of yesterday, but the market was
narrow and remained feverish throughout the
day, the reports of failures in many parts of
the country, owing to the stringency in money
causing discouragfng feeling on the part of
would-be buyers. The buying of the day, how
ever. was for the most part confined to that of
the shorts but the market closed firm under
this stimulus, with prices generally only slightly
lower than those of last evening. Northern
Pacific preferred. however, is down l5; U nion
Pacific, "; Pacific Mail, N; Jersey Central
and New York Central each per cent.
Railroad bonds were quiet. but the weak tone
was more pronounced than yesterday, and the
proportion of material losses is greater than
yesterday. The sales aggregated 81 %. 900. out
of which the Atchison incomes furnished Sl40
600 and Rio Grandes trsts lost 8, at lis, Reading
seconds 9, at 81.
The Post says: So far as the quoted rates for
exchange are concerned, they can even now be
figured SO as to show profit on the importa-
tion of gold. The more important point, how
ever is that, in The present state of the fnan-
cial atmosphere, bankers on both sides would
not be willing to be out of the use of capital
during the ten days of transit across the ocean,
There is reason for believing that a great deal
of money, and chiefly gold, has been put away
| in boards, which have taken it out of circula-
tion in the last three months by people who
have become alarmed by the conditions of the
times. A few millions of gold imported from
England Just now would do more good in restor-
ing confidence than anything else that could
occur: but unless it comes by some special ar
rangements made by bankers it will require
lower figures than the present ones for ex-
change.
The following table shows the prices or actlv
stocks on the New York Stock Exchange yester-
day. Corrected daily for THE DISPATCH by
WHITNEY & STEPHENSON. Oldest Pittsburg mem
bers of New YORK stock Exchange, Fourth
avenue: