The age-herald., 1898-10-25
Tn Wall Street.

New York October N.-The burden of the selling of stocks for foreign account, grow ing out of the stringency for money abroad and the threatening outlook of the Euro pean political situation. coupled with the depressing effect of the supreme court de- eision against the legality of the Joint Traffic association, proved too much for the stock market to carry and prices of most favorite stocks are between a and g a share lower tonight than they were Satur- day There was quite an active market in the first hour of trading and a fair volume of commission house orders was executed which had come in response to the encour- aging three days advance of last week. The selling for London account was feat ure from the start, but prices were well sustained in the early dealings. The pro- fessional traders soon detected evidences of realizing on the part of interests which were the large buyers last week and they promptly bid prices down in order to take the market away from these. Londons s liquidation was on a very large scale. sales for the account being estimated at 50,000 shares and gave the bears the needed back ing for their success. Operations for the
 
 qushed and when the Joint Traffic decision was announced the prices crumbled away before the attack of the bears without much resistance. There was sufficient cov ering at the close, however, to cause some sharp fractional rallies.
 The principal weakness on the Joint Traf- f1c decision showed itself rather inconsist- ently among the grangers Burlington fall ing an extreme 2A. Rock Island 15s and St. Paul 1%. The trunk lines on the other hand were not markedly affected. New York Central showing the principal effect with a decline of 1A- This is the more remarkable since the trunk lines. although the Joint Traffic association. has had legal status mp to today, have been admit tedly unable to maintain rates, while the western roads, since the Trans Mississippi Missouri association was outlaWed have de- vised other means for maintaining agree ments and have suffered much less from rate cutting. The selling of stocks for foreign account was reflected in a violent upward movement of sterling exchange the actual rates rising fully % of a cent for the pound. The continental exchanges on Lon don were at the same time rising quite sharply and the open market discount rate in London showed a hardening tendency
 
 preparations reported from London and showed the effort of the British financial center to call home it's outstanding money resources. Not having any outstanding credits on balance against the United States London sold our securities freely with the same result. The midday reaction in the foreign wheat markets was the only feat ure of the day that did not point to threat ening developments and the later recovery and the continued large demand in Amer ican markets for export counteracted this The manipulntive rise in Tobacco -con- tinued and helped to sustain the price of Sugar. The bond market was active to a degree and weakened in sympathy with stocks; although the New York money mar ket continued easy in spite of stringency abroad. Total sales $2310,0o0.
 Government bonds were unchanged
 Total sales stocks, 396 800 shares, includ- ing Atchison- preferred 40.050; Burlington 26. 4O9; Louisville and Nashville, 9,572 Man haitian, 13S47; Union Pacific, 4870 Union Pacific, preferred, 11,S44; Rock Island 7,345: Northern Pacific, 5.5s7 Northern Pacific preferred 5,S5S; Southern, preferred, 5,153; Denver and Gulf. 7174; Tobacco, TO- 7S7; Peo- ple's Cas- 4,903; Sugar, 30,029.
 Money on call, easy, at 1sid2 per cent. ; last loan, 2 per cent.
 Prime mercantile paper, 3AG4 per cent. Sterling exchange. strong, with actual business in bankers bills at $4.S5a4@4S6 for demand and at s4S2a4 @4.S3 for sixty days
 Posted rates, $4.S3 and s4.S41s.
 Commercial bills, s4.S1.
 Silver certificates 60d61c
 Bar silver, 60Bc.
 Mexican dollars, 474c.
 Government bonds easier.
 State bonds firm.
 haii oad bcna. weak.