St. Paul daily globe., 1889-10-22
FINANCIAL.
New York.

New YoaK. Oct 21.-The stock market was
more active, but decidedly weak today. and
the declines made were very material, reach
ing all portions of the list although the
trusts. grangers and coal stocks were the
principal sufferers. variety of causes con-
tributed TO this, although the persistent at
tacks of the bears under cover of the high
rates for money were most effcctual in bring
ing about the downward movement To aid
them this morning. there were not only the
threatened opposition TO the Sugar trust by
Spreckels, but the publication of the
statistics of the coal trade for
the late decreases III the earnings
of the grangers. New cuts in rates by the
Burlington d Northern and some opposition
to the Atchison plan, which has developed
in London, were also unfavorable factors.
The opening OF the market was lame and
heavy and the bears Immediately began the
attack, paying special attention TO sugar,
cotton oil, Lackawanna, Rock Island and
Chicago gas. The traders lent their influ-
ence 10 the bears, and there was undoubtedly
considerable long stock dislodged while the
uneovering of several stop orders accelerated
the drop. The pressure upon the coal stocks
was especially severe toward noon, but later
the. attention was transferred to National
lead and Missouri Pacific. Among the
specislties, however. Tennessee coal, Mani
tOba, Delaware & Hudson and Jersey Cen
tral were most conspicuous for the declines
established. There was latter some oppoSi-
IlO0 OuE1cu 10 the ucCllDc, DIV covering OF
shorts put out earlier in the day and money
also eased up, dropping 10 per cent against
IL during the early demand. The improve
ment, however, was Of small proportions
and the market, while becoming somewhat
Quieter, made no rally Of importance ex-
about all of the loss. The market closed
quiet, but heavy, at something better than
the lower prices. The entire active list is
materially lower this evening, and the most
fnnne 7nolTT MI
aware Il Hudson, "a Manitoba, 2Ia Lead
and Cotton Oil. each, 21s: C. c. c.,
& St. L. and Burlington, each
rs; Laekawanna, Ia; Transcontinental.
is; Northern Pacific preferred and Lake
Erie d western preferred. li2 each; Missouri
Pacific lss; Northwestern and Lake Shore
each a: Reading, St Paul and Chesapeake
& Ohio second preferred, each lis Rock
Island and Union Pacific each per cent
and others fractional amounts Railroad
bonds were duh, as usual. the sales of all
issues aggregating $4,000. The Posts
financial article says: The whole stock mar
ket was active, weak and lower throughout
the forenoon, and this time II was not the
money market which caused the selling. but
the realization Of the fact that two of the
most important groups of stocks. viz. the
coal stocks and the grangerS do not afford
as fiatterlng prospects in the matter OF earn
ings as they did some weeks ago. 1t
does not matter whether these stocks
were attacked by the bears or not 1t is
quite certain that they were weakly held and
by the uncOvering of stop orders, all went
down easily, carrying the rest. OF the market
with them. As mentioned Saturday, the
trouble with the coal stocks is the publication
of the statistics of the coal trade for the ex-
pired portion OF the year. These show that
the consumption Of anthracite coal In the
nine months 10 Sept. 8 i, was nearly 2.0OO,-
900 tons less than In the same time in 1898.
This at 81 per ton, shows a loss of So, O0O,-
coo of revenue to the coal companies,
though, OF course, with diminished expense
in the equal decrease of production. SO that
by this .ts . the the od6 net loss Of profit
over S2,500,G00 less than last year
But the most important factor has been the
average lower price Of coal this year, COM
pared with last. The %. 49,. 900 tons Of
coal which have been sold by the coal COM
have brought an average Of nearly per
ton less than the same amount of coal sold
for last year, and this decrease. of say S1O.-
O00.000 in the price has not been accom-
parted by any diminished expense, but re-
mains decrease Of profit. SO that altogether
the coal companies must show 8 net de-
crease of at least 1000, 900 in their profits
in the last nine months as compared with
the same time last year. This is the time Of
the year for an improvement In the coal
trade, and it will probably come, as it does
every year. But 1t would require q
greater imprOvem mt than usual TO prevent q
continuation The net profits Of the anthra-
| cite coal producers, will be from $15, ,0UO. 200
to SI6,O0O,0O0 less in 1889 than in 1883.
The cause of the weakness of the grangers is
the apprehension that the approaching ses-
| Eions of the legislatures of the Western states
will develop a greater hostility to the rail-
roads than ever The publication of the Sep
tember earnings of the Northwestern this
morning was also an unfavoiahle item, as
! they showed decrease of 5 $40 per cent,
and were at the rate Of only S604 per mile,
I rTaIU in NlNn
/ S707 in 1887 and S7O6 in 1856. Money on
call tight, ranging from to 12; last
loan 6; closed offered at per cent
Prime mercantile paper, 5l2@7c Sterling
| exchange quiet and weak al S4.s1Iae for
| sixty-daY bills and 81. s5I2c for demand. The
total sales OF stocks to-day were 265, $50