St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-10-30
FINANCIAL.
New York.

New YORK, Oct. 29.-Clearings, Sl56, O06,-
go; balances, So, 043. S45; money on call
tight, ranging from to 10 per cent, last
loan at 6, closing at 8 bid. Prime mercan-
but weak at S4S14 for siXty-day bills,
and 81. 95l4 for demand. The stock market
to-day was active in spots, but the general
list was quiet to dull, and feyerishness
marked the dealings from opening TO close,
while the coal stocks and trusts were weaker
specialties were strong, all within narrow
limits. The news of the day was not i'm
portant and while there seemed to be great
indisposition to buy, the selling was
the few weak stocks were the objects OF
bear attacks. There was considerable sup
port to the market by the covering OF shorts,
aided by some little purchasing ~ commits
sion houses. The market was narrow and
uninteresting throughout Sugar rehneries
took up the greatest amount of attention,and
the selling of that stock at the opening was
very heavy. supposed by some to be inside
offerings, but which had the appearance OF
another bear drive to others. The stock after
opening only 1bc lower, at 6914c, rapidly re-
ceded 10 6734c. and after material recovery
dropped TO 67l2c. There were undoubtedly.
large covering orders executed at the decline,
and the recovery from the lowest prices eX-
tended to 8 per cent, and 1t closed strong at
70Ac. Cotton oil was strong when sugar was
weak, and weak when sugar was strong;
and in the last hour it was sold down to
against 427S at the opening. The coal stocks
were the weak spot in the regular list. and
persistent efforts were made to get Reading
and Lackawanna down, with considerable
success in the latter, though the final decline
was not important. There was notable sup
port of Reading by the interest which has
stood behind it for long time. The Wander
bits were strong, but moved within narrow
limits and failed to make any material i'm
prOvement, while among the specialtles Den
yer, Texas d. Fl. Worth and Colorado Coal
were conspicuous; the latter after liberal de-
cline at the opening. The dealings were
marked by great irreguiarity and fever
ishness from the opening, which
showed differences from last even
ing's figures of from 18 to II per
cent; and, while the early tendency In the
regular list was to advance the changes from
strength to weakness, were frequent and
rapid. The general result Of the morning
was to leave the active stocks at shade
under first prices. the only really weak spot
being the coal stocks and sugar. There was
a more settled tone to the market after noon.
and the early losses were generally recovered
with something in addition, but the pressure
upon the list in the last hour, accompanying
q decided weakness in the cotton oil market
made rather heavy close. The final changes
are irregular, but in most cases, in1the direc-
ton of higher prices, though while sugar
rose lis and Denver, Texas 4 Fort Worm
per cent. Cotton oil is down "a and North
ern Pacific 1 per cent. Railroad ponds
were again comparatively dull, the sales
reaching 81 ,05O,000, and no active feature
was to be noticed. The coal stocks and
sugar trusts were dead weights, and dragged
the whole market down to-day. The coal
stocks however, were the important factors
and it is now beginning to be realized that
the loss Of profits by the anthracite coal pro.
ducing and carrying companies in 1889 will
necessarily result in important changes in
the values of their securities. The probable:
ity that the Reading will not earn the fixed
charges that come ahead of the $4,000, OOO
of income bonds to say nothing of interest
on the incomes themselves has caused de-
cline of from TO pig per cent in the first
second and third incomes in last week. and
this forenoon the stock was down per
cent to 427s Lackawanna was down j "a be-
fore IL O'Clock to 1.411s, against LA on
Saturday, while Delaware d Hudson was
down ia In the same time to 1.4SA. against
1.5OIa last Friday. The Union Pacific North
western alliance has been the subject OF
great diversity of opinion in the last few
days, and spectators who are disposed to be
bearish on stocks for other reasons have
been ready to predict that it will result in
aggravated rate troubles, though in this case
1.-The wish is probably father to the thought. y
One thing, however, seems certain, viz. that
the great talk about the "car famine" is to
considerable extent exaggerated. As for
the freight movement at the West, there
is reason to believe that the low prices for
grain have checked it as will be seen by the
number of cars of grain received at Chicago
in the last few weeks; viz. - Week to Oct.
%, 1920 cars: Oct. 10. :6.475 cars; Oct. IL,
4,726 cars; Oct. 5, 6,223 cars. Just before
the close money loaned rs high as 10 per
cent. Governments dull and steady. State
bonds dull and steady. The total sales of
stocks to-day were l95,1s5 shares, includ-
ing: Atchison, $780, Canada Southern,