Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-19
NEW YORK STOCKS.
Bears Get in Their Work on a Dull Market
Money Rates Much More Demoralized
Than Stocks-Ronds BETTER Than Either

b ears Get in Their Work on a Dull Market
Money Rates Much More DemoraIized
Than Stocks-Bonds Better Than Either.
in the volume of business at the Stock Ex-
change. which was so marked yesterday, made
further progress to-day, and the returning dull
ness indicating that no material demand for
stocks existed, induced more selling by the
bears. and the tone of the market was weaker
than it has been since Saturday morning, re-
sulting in many marked losses for the day.
The bears were more aggressive than usual on
a market of the cali5er displayed to-day and
there was a renewal of the old tactics, of which
spreading reports rejecting upon the financial
standing of prominent firms In the street
was one of the favorites.
The monetary situation was one of the most
influential factors. however, in restricting buy
ing, and while money was much easier during
the latter portion of the day its scarcity in the
forenoon told severely against prices 1t was
reported that many banks to-day took ont
Clearing House certificates, and the criticisms
of these banks and tenders who were industri-
ously calling loans yesterday was most severe
The relief came too late to have any material in
duence upon the market. It was also reported
that there is hitch in the Gould Union Pacific
deal. The report was followed by an attack
upon Union Pacific stock.
The foreign situation offered little consola-
tion this morning, and while early London
prices were generally higher than our figures
of last evening, a weak and declining market
was soon developed there. and the demand
here, which comes principally from investors
who pay for their securities outright there, was
not a sufficient buying power III the market to
withstand the onslaught of the bears, The lat
ter attacked Jersey Central and Pacific Mail
and the former dropped per cent in a short
time and the latter per cent on very light
trading.
One failure was announced in the forenoon
and one in the afternoon, and while they had
much influence to lower prices, they acted as a
further deterrent from buying, and In conjunc-
ton with the scarcity of money effectually
Quelled the resisting power of the market be-
fore noon. The attacks upon the stocks before
mentioned were followed by pressure over all
the whole list. while they yielded more or
less the best prices of the forenoon, reaching
as high as per cent. with Lackawanna special
ly prominent in the drop.
There were rumors of further trouble among
the roads west of the Mississippi, and this af-
fected the Grangers to some extent; but those
stocks were never very active, and their move
ments were comparatively small. The one
strong point in the list was Distillers and Cat
tie Feeders Company, which scored a gain of
about per cent and held most of it at the
close.
The unlisted department was unusually quiet.
and the movements Of those stocks were en-
tlrely unworthy of notice. Rates for money on
call went down to as low as per cent at the
close, but all the business had been done earlier
az the higher rates. and the concessions had not
much effect upon prices.
There was slight rally in the last hour when
Iackawanna rose per cent, but the rest OF
the list failed to follow, and the close was
active and rather heavy. generally at or neaz
the lowest prices Of the day. The final changes