The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-10-25
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK. Oct 24.-The burden of selling
of stocks for foreign account, growing out OF
the strlngency for money abroad ana the
threatened outlook of the European political
situation. coupled with the depressing e1ects
of the Supreme Court decision against the le-
eality of the Joint Traffic Association proved
TOO much for the stock market to carry, and
prices of most of the active stocks are between
81 and s. a share lower tonight than
Saturday night. There was quite an active
first hour trading, and the volume OF commls-
sion house orders were executed which had
come in response TO the encouraging three days
advance of last week. Selling Tor London &C
count was a feature from the start, but prices
were well sustained in the early dealings. The
professional traders soon detected evidences
of realizing on the part Of interests which were
the large buyers last week, and they promptly
ewav from these Iondons liquidation
q very large scale, sales for that account be-
hears The needed backing for their attack
Operations for the long account were almost
wholly relnquished. and when the Joint Traf-
nc decision was announced the prices crumbled
away before the attack of the bears without
much resistance. There was sufficient cover
ing at the close, however, to cause some sharp
The principal weakness on the Joint Traf-
flc decision showed itself rather inconsistently
among the grangers Burlington falling an ex
IRENE "a, Rock Island l5s and st. Paul rs.
The trunk lines on the other hand We're not
the principal effect with a decline of II. This
is the remarkable since the trunk lines,
a legal status up TO to-day, have been ad-
mittedly unable 10 maintain rates, while the
western roads, since the trans Missouri asso-
citation outlawed. having devised other
means for maintaining agreements have
suffered much less from rate cutting. The
selling of stocks for foreign account
fiected In a violent upward movement Of ster
ling exchange, the actual rates rising fully
q of a cent for the pound. The Continentals
changes London at the same time ris-
ing quite sharply. and the open market dis
count rate in London showed a hardening ten
dency. All of this was in line with the active
showed the effort of the British financial CEN
ter to call home its outstanding money re-
sources. Not having any outstanding credits
balance against the United States, London
sold our securities freely with the result.
The midday reaction in the foreign wheat
markets was the only feature of the day that
did not point to threatening developments, and
the later recovery and the continuance Of large
demand in American markets for export coun-
teracted this. The manipulative rise in To-
bacco continued and helped to sustain the price
degree and weakened in sympathy with stocks.
although the New York money market con-
tinued easy in spite of stringency abroad. Total
sales, 81. 80, COO
Government bonds unchanged.
The total sales of stocks to-day were $50, =
900 shares, including: Atchison preferred 40, 05O
Burlington &c. AGO, Louisville and Nashville
e572, Manhattan 1891, Union Pacific 1870, Union
Pacific preferred II, 944 Rock Island 1882 North
ern Pacific 1868, Northern Pacific preferred
1850. st. Paul SOL Southern preferred 1888, G.
1903, Sugar 30 O20 Chicago G. w 4l75
u