Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-10-24
London Sold Stocks Here on Trans
vaal War Rumors.
CAUSED TEMPORARY WEAKNESS
Good Demand for Union Pacific
and the Changers
GENERAL MARKET REPORTS

Special Dispatch 20 The Evening Star.
NEW YORK. October 24.-The early trad
ing in today's market reflected IN some de-
gree declines I'm the London market oeca-
stoned by the disturbing news from the
TransvaaL Foreign houses sold a few
stocks early in the day and London openly
liquidated between 5000 and 10000 shares
OF Anaconda. The selling Of these mining
issues brought out local holdings from the
numerous disappointed sources and the GUS
tomary pressure from the room was also
added In view of the weakness the OPEN
Ing hour was reactionary to the extent Il
realizing on previous purchases. Later in
the day this declining tendency gave way
TO active and irregular trading
Union Pacific issues were strong under an
exceptionally good demand attributed to
Vanderbilt interests.
The new stock issue proposed by New
York Central explains its recent action bur
after opening at lao this morning realizing
on the news forced the price down 10 llSS.
me buying was transferred TO Union Pa
cine by this same interest, and the price
responded easily to the very large transact
tons. 1t is quite within reasonable eNpec-
tatlon that the great transcontlneutal pro-
)ect VIII come To pass in the same deliber-
ate manner which has characterized all the
important undertakings OF the present head
Of the Vanderbilt interests.
The buying of Leather shares was re-
stunned on large scale which carried the
price well up into the 20s. A premium on
these shares indicates that there are those
IN the street who have failed to detect the
latest merit of the reorganization. The
volume Of the trading in Leather was large
and persistent. the stock being supported
against anything more than a traders re-
action.
Manhattan was a strong feature OF the
morning under a rather mixed demand but
Brooklyn Rapid Transit was weak and
without any new development to explain
Its action. What appeared to be pool op-
erations IN glucose forced up the price OF
those shares, but attracted little new bust
ness.
The Granger shares We're given good sup
port from time to time, but there were
frequent evidences of prOfit-taking in all
OF them. The reported receipt of good news
from the Trausvaal was the basis for mod
crate recovery I'm the International list in
anticipation Of higher London prices to-
morrow. The fortnightly settlements in
London Will probably go through tomorrow
without any indication OF fear as TO the
money rate in the new account.
In the local market the money rate fire.
quently exceeded the legal limit but this
fact is no longer regarded as a safe excuse
for selling.
The bank reserves are not above the le-
gal requirements TO degree warranting
any sustained stock market advance. To
have every commission broker in the street
seeking new loans for his customers stocks
would force prices up to a prohibitive point
again. If caution is exercised d per cent
rate may become enough of certainty 10
make it welcome Such an arrangement
would allow for an entirely natural deN-el-
opment of the very good basic conditions
now existing on all sides.