The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-10-26

New York Oct. 25.-The periodical set
Element on the London stock exchange
today developed very anxious state OF
feeling in the financial markets, due to
the adverse conditions of the money mar
ket and TO the threatening political out
| look. The very high lOaning rates pre-
cipitated quite an active liquidation and
a squeeze in money rates. The uneasinesS
in London was reflected on other markets
in Europe and there was a general rise in
the rates of exchange on London and in
the discount rates at all continental CEN
tiers.
British consois dropped full point and
all other securities. including American
railroads, showed violent declines. The
announcement of the postponement of the
British cabinet meeting brought some re-
lief and the bears We're actively covering
in London about the time the stock mar
ket in New York opened There were
very large and supporting orders in the
market mere at the opening, so that the
decline in prices at that time on account
of the selling for London account was
trifiing and was soon overcome.
Selling for London account was IN fact
small factor, and before the arbitrage
trading was concluded for the day Lon
don turned buyer and took a fair amount
of stocks in this market. Consols there
recorded almost a full recovery and the
upward movement in other departments
was almost as violent. Relieved from
that depressing influence. prices here
mounted upwards quite easily, the short
contracts put out in yesterdays market
bull operators who led last weeks buying
reSuming the movement with great ap-
parent confidence. The trading was dull
in the latter part of the day. but prices
were firmly held and closed at about the
best.
Net gains in many instances reached
point or over. the prices entirely retrieV-
ing yesterdays large decline. Tobacco
was furiously active all day and covered
an extreme range over several points.
The price was lowered in the morning on
the announcement of the Incorporation of
q new tobacco company with large caDi
tai but traders distrusted the first in
depreciation 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 six points on
the Illinois judicial decision holding that
the company'S large real estate owner
ship involved a violation of the charter.
The stock recovered nearly four points.
The sterling exchange market was an
accurate barometer of the course of
affairs in London. Demand sterling made
an upward bound of &c during the early
excitement in London and while stocks
were still being sold here for London &C
count but with the later relief of the
nervous tension in London. with some
buying here for London account, demand
sterling suddenly dropped a full cent.
closing weak. Notwithstanding this vio-
lent oscillation in the price of credits on
London. there was not a ripple in the
local money market, which continued
quiet and easy.
There was a yielding in the early price
for bonds, but an upward movement later
on active demand. Total sales were
81, O00,G00 United States IS coupon adj
vanced sc and old As coupon sc in the
bid prices.
Total sales of stocks were $40, ASS shares.
including Atchison preferred. 34076; Bur-
lngton. 10, 700: d. & r. G.. preferred, 4,490;
L. & N. 800: Metropolitan Street rail-
way S,Go0: Northern Pacific. $500; Rock
Island SIG: Union Pacific, S,220; Union
Pacific preferred. S.0G0: St Paul 20592:
L. p. d. & c.. 1880: Peoples Gas, 3,l6O;
Sugar. 1898: Rubber. $3.50