The San Francisco call., 1898-01-16
EASTERN MARKETS.
NEW YORK STOCK MARKET

NEW YORK, Jan. 15.-The stock market was subjected to rather drastic liquidation of speculative holdings to-day in continuation of the movement of yesterday. The selling was uue 10 feeling that 1t was safer to take prohts at the present level than to retain holdings over Sunday The situation at Ha- Nana was the motive of the selling. There Is no assurance felt that there may not be sud oen development of dangerous situation there "hlch would necessitate the immediate meas ures by the United States naval forces to pro tect the interests of American residents in Ha- Naha. Reports on this score were somewhat aggravated by the persistent selling of houses Wlth Washington connections. This was taken to reflect feeling of apprehension ln oihclal circles. Of course the professional traders were ready to turn sellers without further inducement on the general principle that prices go down much more easily ana @ duteey ulah they go up inc i peaI t.i,,fe was vigorous and effective and margins Delns wiped out in many cases holdings were thrown over 10 save losses, thus adding 10 the Weak
 ness or snort lines put out earlier % 'eu @ & ,i bear selling Nearly every active stock on the list was at one time point or over below iast nights close. ro-days and yesterday re actions in the stock market put an end to d period Of strength and activity carrier lh S Ctls week which was regarded as giving good promise of the usually expected old January boom in prices. Only those stocks WinCi scored extreme advances early in the week have anything left to show for it. the general level Of the market being decidedly lower than at last Saturdays close. The frmness with which the market withstood the erect Of the first news of the Havana riottng or Ihursday led to the hope in the mines or the pulIs i that the power for evil of the Cuban question had been tested to the full But the mar ket was sustained on Thursday only by the striking strength displayed by the Wander bilts, New York Central and Lake Shore ris- ing about four points each on reports mat new plans were in contemplation for operations looking to reduced cost and increased dividends on the stocks. The amount of the trading on q practical stationary market on Thursday might have served as a warning of what would have happened had the sustaining force been withdrawn. It was soon an obvious fact that heavy realizing was in progress all the weeS side by side with the active strength Of special { stocks. The special points of vantage which the strength Of the market held early Tn the week were Northern Pacific stocks and Union Pacific and its various affiliated ana connect ing lines, the source or strength being the assurance of the continuance of Union Pacific s old outlet to the Pacific Coast Northern Pa Cinc and the union FaCiIlc group also enjoyed the benefit of anticipations of a large Klon- dille business in the spring. Another source of strength to Northern Pacific was the decision of the Interstate Commerce committee to con- tinue the suspension of the long and short haul clause in cases where rates were in com petition with Canadian lines.
 has been attributed to the declared purposes of the directors to retain the surplus for con tingenCy, and professional traders have taken s gloomy but uniform view of what these con Ha waiian annexation treaty in the Senate is unfavorable to Sugar as annexation would allow Hawaiian refined sugar come in free. The industrial list generally has been heavy during the week. feature has been the large buying for investment account of gilt-edged stocks; To-day's bank statement indicates that the expected replenishment of the money market has been accomplished, and insignif- cant weakening of foreign exchange indicates that the seasonable outgo of gold Is likely not to occur on account of the heavy trade balance in our favor. The item of loan expansion does not indicate very active demand for money. but Tn the last few days offerings of commercial paper were reported to be in large volume Bidding for choice grades has also been suff- ciently active to affect a lowering of rates The market for railway bonds has been very active all week and record prices have been reached for many high grade Issues. The is- sues of the Union Pacific group have beer conspicuous and strong, showing advances ranging up to points. Seattle. Lake Shore and Eastern flrsts trust receipts rose at one time % per cent. but lost a part of the gain Total sales s23. 200, 600.
 United States twos and the old fours coupon are F higher bid and the fours ls higher
 Total sales of stocks to-day were 277. 50l shares including: Atchison preferred 44S0. C. and O. 3s15, Burlington 1s,520 l.. and N. i7so Manhattan 2S S10, Metropolitan Street Railway 3350 Hawaiian Commercial Company 5000 New York Central 14,167. Missouri Pacific 5f20, Northern Pacific 7f03 do preferred r. 360, Rock Island S640 St. Paul r, 760, Tobacco 3250. Chi cago Great Western 5657. Peoples Gas 55S0, Sugar 54. 120, Western Union 4254.