The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-10-25
The Stock Markets,

NEW YORK, Oct. 24.-The burden OF SELL
Ing of stocks for foreign account growing
out OF the stringency for money abroad and
the threatening outlook of the European po-
lftical situation, coupled with the depressing
effect Of the supreme court decision against
the legality 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 81 share lower tonight
than they were Saturday There was quite
an active market in the first hour OF trading,
and fair volume of commission house or
ders was executed, which had come in re-
spouse to the encouraging three days ad-
vance Of last week. The selling for London
account was feature from the START, but
prices were well sustained in the early deal
ings. The profes5i0iaf traders soon detected
evidences of realizing -on7 TIE part Of the in
terests which were the large buyers last
week, and they promptly BID prices down In
order to take the market away from these
London's liquidation was on a very large
scale, sales for that account being estimated
at $4,000 shares ard gave the bears the nee d.
ed backing for their success. Operations for
the long account were almost wholly relin-
qushed,- and when the joint traffic decision
was announced the prizes crumbled away be-
fore the attack of the bears without much
resistance. There was sufficient covering at
the close, however, to Cause some sharp frac-
tional rallies. The principal weakness on t. Q
joint traffic decision showed itself rather in
consistently among the grangers, Burlington
falling an extreme 2K, Rock Island, rs and
st. Paul rs. The trunk lireg, on the other
hand, were not markedly affected. New York
Central showing the principal effect with a
decline of IA. This is the more remarkable
since the trunk lines, although the Joint
Traffic association has had legal status up
to today, have been admittedly unable to
maintain rules, while the Western roads, since
the Trans Missouri association was outlawed
have devised other means for maintaining
agreements and ihaEe suffered much SIS from
, rate cut ing. The selling Of ocks fer foreign
account was reflected in a violent upward
movement Of sterling exchange, the actual
rates rising fully y of a cant for the pound
The Continental exchanges on London were
at the same time rising quite sharply and the
open market discount ra In London showed
a hardening tendency Ali of this was in
line with the active war preparations reporte d
from London, and showed the effort of the
British financial center to call home its out
standing money resources. Not having any
outstanding credits on balance against the
United States London sod our securities free
ly with the same result The midday reac-
ton in the foreign wheat markets was the
only feature Of the day that did not point o
threatening development, and the later re-
coyery and the continued large demand in
American markets for export, counteracted
this The manfpulstive rise In Tobacco con-
tinued and helped to sustain the price Of
Sugar. $3.50. D. Ill. ...,
ard weakened In sympathy with stocks, a.
though TIE New York money market cor
tinued easy in spite Of stringency abroad.
Total sales, &.310O00. Government oonds
were unchanged.
Total sales of stocks today were s6O, 700
shares, including: Atchison preferred. 40,e50;
Burlington &c, 400; L. & N, 1852; Manhattan,
1884: Union Pacific, 4,S70; Union Pacific pre-
ferred 1884: Rock Island, 1925; Northern
Pacific, 1858; Northern Pacific pref rred, 3t5S;
ST. Paul, 30,S01; Southern preferred, 3539 !;
Union Pacific, D. & G., ISL; Tobacco, 81, 7S0;
Peoples Gas, 4,903; Sugar sc, 020; Chicago
Great Western, 4175.
STOCKS
The following were the fluctuations of the
leading railway and industrial shares fur
nished by G.. H F. Smith e Co. members
of the New York stock exchange and Chicago
board of trade: