The San Francisco call., 1898-10-26
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK, Oct. 25.-The periodical settle ment on the London Stock Exchange to-day de- veloped a very anxious state of feeling in the financial markets, due to the adverse conditions of the money market and the threatening po- Ntical outlook The very high loaning rates precipitated quite active liquidation and squeeze in money rates. The uneasiness in London was reflected on other markets in Eu- rope and there was general rise in the rates Of exchange on London and in the discount rates at all Continental centers. British con- sols dropped a full point and all other securi- ties including American railroads, showed vio- lent declines The announcement of the post ponernent of the British Cabinet meeting drought some relief and the bears were actively covering in London about the time the stock market in New York opened. There were very large and supporting orders in the market here at the opening, so that the decline in prices at that time account of the selling Tor Lon don account was trifing and was soon over fact a small factor, and before the arbitrage trading was concluded for the day London turned turned buyer and took fair amount of stocks in this market. Consols there recorded almost a full recovery and the upward movement in other departments almost as violent. Re leved from that depressing influence prices here mounted upward quite easily, the short con- tracts put out in yesterday s market being gen. orally covered and the large bull operators who led last weeks buying resuming the movement with great apparent confidence. The trading was dull in the latter part of the day, but prices were firmly held and closed at about the point over, the prices entirely retrieving yesterdays large decline. Tobacco was fu-
 
 range several points. The price was low cred in the morning on the announcement of the incorporation Of a new tobacco company with large capital But traders distrusted the first interpretation of this company and the price was run up on very large transac- tons which were large at the prices. Sugar was held firmly In sympathy with Tobacco. Pullman sold off points the Illinois judi cial decision holding that the companys large real estate ownership involved a violation of the charter The stock recovered nearly points.
 The sterling exchange market was an ac- curate barometer of the course of affairs in London. Demand sterling made upward bound of F during the early excitement in Lon- don and while stocks still being sold here for London account. but with the latter relief of the nervous tension in London with some buying here for London account, demand ster- ling suddenly dropped full cent, closing weak. Notwithstanding this violent oscillation in the price of credits London there was not a ripple in the local money market, which contin- ued quiet and easy.
 There a yielding in the early price for bonds, but an upward movement later &C., tive demand. Total sales were E, GOO. 900.
 United States 5's coupon advanced h and old fs coupon Is in the bid price
 The total sales of stocks to-day were 340 4S5 shares including: Atchison preferred, 34 076; Burlington, 10967: Denver and Rio Grande 44S0; Louisville and Nashville, 3o70; Northern Pacific, 9950; Rock Island, 51l6; Union Pacific S220; Union Pacific preferred S060; St. Paul, %, 563; Union Pacific, Denver and Gulf 4s30; Peoples Gas, 316O; Sugar, 19.63s; Rubber, SS7O; Manhattan. S345