The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-10-25
Supreme Court Decision Heavy Load
to Garry.
LARGE SALES FOR LONDON
ACTIVE SHARES 81 to So LOWER
THAN SATURDAY.
Prices Crumbled Upon Announce
ment That Joint Traffic Associa-
ton Was Deprived of Legal Sta
distraction In Foreign Wheat
Markets the Only Feature.

New York. Oct 24-The burden of
selling of stocks for foreign account grow
ing out of the stringency for money
abroad and the threatening outlook of the
European political situation, coupled with
the depressing effect of the supreme court
decision against the legality OF the JOINT
Traffic association, proved too much LOT
the stock market TO carry Inc prices OF
most of the active stocks are between u
and 81 share lower tonight than they
were Saturday. There was quite an &C
tive first hour trading. and the volume OF
commission house orders were executed,
which had come in response 10 the en-
cOuraging three days advance OF last
week. Selling for London account was a
feature from the state. but prices were
we'll sustained in the early dealings: me
professional traders soon detected evil
dences of realizing on the part of inter-
ests which were largely buyers last week,
and they promptly bid prices down in or
der to take the market away from these.
The London liquidation was on very
large scale, sales for that account being
estimated at $1,000 shares, and gave the
bears the needed backing for their STOCK
Operations for the long account were
almost wholly relinquiShed, and when the
Joint Traffic association decision was an
nounced the prices crumbled away before
the attack of the bears without much re-
sistance. There was sufficient covering
at the close. however, to cause some
sharp fractional rallies. The principal
weakness on the Joint Trafflc decision
the grangerS, Burlington falling an eX-
IRENE pa, Rock Island rs and ST Faui
13s. The trunk lines, on the other hand,
were not markedly affected, New ork
Central showing the principal effect with
a decline of IA. This is the more remark
able since the trunk lines, although the
Joint Traffic association mas had lesal
status up to today. have been admittedly
unable to maintain rates, while the west
ern roads, since the TranS-MiSsourl aSSo-
citation was outlawed. have devised other
for frafs, fr1fr
have suffered much less from rate-cutting.
The selling of stocks for foreign account
was reflected in a violent upward move
ment of sterling exchange, the actual
rates rising fully q of a cent for the
pound. The continental exchanges on
London were at the same time rising
quite sharply and the open market dis-
count rate in London showed a hardening
tendency. All of this was in line with
the active war preparations reported from
London, and showed the effort of the
British financial center TO call home its
outstanding money resources. Not hav-
ing any outstanding credits on balance
against the United States. London sold
our securities freely, with the same re-
suits. The midday reaction in the for
eign wheat markets was the only feature
of the day that did not point to threaten
ing Developments. and the later recovery
and the continued large demand in Amer
lean markets for export counteracted this.
The manipulative rise in Tobacco contin-
ued 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 market
continued easy in spite of the stringency
abroad. Total sales, $2,310.O00.
Government bonds were unchanged.
Total sales of stocks today were 260 800
shares, including: Atchison preferred.
4eO50; Burlington. $40: L. & N, 9,572;
Manhattan. 13s47; Union Pacific, 4,S7O;
Union Pacific preferred. II, S44: Rock ISL
and, 1926: Northern Pacific. 1858: North
ern Pacific preferred. $50; St. Paul 30, sol;
Southern preferred. $3.50; Union Pacific
Denver 6. Gulf ISL: Tobacco. 9S, $40: Peo-
pies Gas. 1903; Sugar. 10000; Chicago |
Great Western, 4.175.