The age-herald., 1898-10-26
In Wall Street..

New York, October 25-The periods of acute fluctuations on the London stock ex- change today developed a nervous state of affairs in the financial markets. due both to the stringent conditions of the money market and to the threatening political out look. The very high loaning rates for car rying over stock precipitated quite an ac- tive liquidation and a squeeze in money rates. The uneasiness in London was re- Hected upon 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 centers. British consols dropped a full point, and govern ment securities and all other classes of se- curities, including railroads, showed violent declines. The announcement of the post ponement of the British cabinet meeting brought some relief and the bears were &C., lively covering In London about the time the stock market in New York opened. There were very large and aggressive sup porting orders in the market here at the opening, so that the decline in prices at that time account of the selling for London account were trifling and were soon over come. Selling for London account was in fact a smaall factor, and arbitrage trading was concluded for the day before London turned buyer and took a fair amount of stocks in this market Consos there scored almost a full recovery, and the upward
 
 as violent. Relieved from that depressing Influence, prices here mounted upwards quite easily, the short contracts put out in yesterdays market being generally covered, and the. large bull operators who led last weeks buying resuming the movement with great apparent confidence. The trading was dull in the alter part of the day, but prices were quite firmly held. and closed at about the best. Net gains in many instances reached point over. and prices on an average entirely retrieved yesterdays sharp decline. Tobacco was furiously active all day. and covered an extreme range of over seven points The price was lowered in the morning on the announcement of the in- corporation of a new tobacco company with a large capital. But traders distributed the first interpretation of this new company and the price was run up on very large transactions which were largest at top prices. Sugar was held firmly in sympathy with Tobacco, Pullman sold of six points on the Illinois judicial decision holding that the company's large real estate ownership involved violation of the charter. Stock recovered nearly four points. The sterling exchange market was an accurate barome- ter of the course of affairs in London. De- mand sterling made an upward bound of F cent during the early excitement in Len4 don, and while stocks were still being sold here for London account, but with the later relief of the nervous tension in London and with some buying here for London account demand sterling suddenly. dropped a full cent, closing weak. Notwithstanding this violent oscillation in the price of credits on London, there was not 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 $20O0,- 000 U. S. Els coupons advanced & per cent and the old fs coupons k per cent in the bid price,
 Total sales of stocks, ,4S5 shares. in- eluding: Atchison preferred, 34,076; Bur lington. 10,967 Manhattan. S,175; Union Pa cific S,22O; Union Pacific. preferred S06O; St. Paul, 2O563; Sugar, 1889.
 Money on call was steady at 1%M2 per cent last loan at ?. Prime mercantile, pa- per- 3AG4 per cent. Sterling exchange was weak with actual business in bankers bills at 4.s5h64S S6 for demand and>at 4S2Ad4.S2si for sixty days; posted rates, 4S3d4.S61a commercial bills, 4.So24@4.s1. Silver certif- cates, 6O661c; bar silver, Gle; Mexican dol lars, 47Ac.
 Government bonds were strong.
 State bonds were inactive.
 Railroad bonds were firm.