The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1898-01-18

American citizens resident N Havana
Fears Of this scare were somewhat ag-
grevated by the persistent selling OF
houses with Washington connections.
This was taken to reflect a feeIihS OF
a~pprehension In official circles as to the
ontroue of the situation. OF course the
professional traders were ready 10 turn
sellers without further inducement on the
general principle that prices 20 down
much more easily and quickly than they
On M. The bear attack was vigorous
and effective and margins being wiped
ont in many cases, large holdings were
thrown over to save losses. thus adding
10 the weakness Of fire market. The
sharp rally at the close on the covering
Of short lines put out earlier indicated
that bear selling made up Il considerable
proportion of the whole.
To-day's and yesterdays reactions IN
the stock market put an end to a period
Of strength and activity earlier in the
week which was regarded as giving good
promise of the usually expected January
boom in prices. Only those stocks which
scored extreme advances early in the
week have anything left to show for il,
the general level of the market being de-
cidedly lower than at last Saturdays
close.
The special points of vantage on which
Liz III U ShC h4u Ait4o GIL III
the week were the Northern Pacific
stocks and Union Pacific and its various
affiliated and connecting lines, the
source of this strength being the assur-
ance of the continuance of Union Paci-
fcs old outlet to the Pacific coast.
Northern Pacific and the Union Pacific
group also enjoyed the benefit of antici-
pations of a large Klondyke business in
the spring.
Manhattan was another point Of
strength in the market with a ten point
rise. - Of which has been lost in the
taking of profits. Sugar was persistent
ly weak. Its decline has been attributed
to the declared purpose of the directors
to retain the surplus for contingencies
might be. The tendency of the Hawaiion
annexation treaty in the Senate has been
unfayorable to Sugar, as annexation
would allow Hawaiian refined sugar to
come in free. The industrial list general
ly has been heavy during the week. A
feature Of the week 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 accom-
plished and a significant weakening of
foreign exchange indicates that the sea-
sonable outgo of gold is likely not to
'NNAi oh NNOuul VI liz HCdNf llduc Ddl-
ance in our favor. The item Of loan
expansions does not indicate a very ac-
tive demand for money. but in the last
few days offerings of commercial paper
were reported to be in large volume. Bid |
ding for choice grades has also been suf-
iciently active to effect 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 issues of the Union Pacific |
group have been conspicuous, and strong, !
showing advances ranging up to six
points. Seattle, Lake Shore and East
frn firsts trust receipts rose at one time
twenty per cent but lost a part Of the |
gain. Total sales 500, 200. 900.
United States IS and the old as cou- |
pom are p higher bid and the new 4is |
"a higher (ex-interest for the registered.)
The total sales Of stocks to-day wer .
2U.50O shares, including G. B. and O.
1890: Manhattan L.. 2S,S1O; Missouri
Pacific. 1920; New York Central. H.
167; Northern Pacific, 7.1O3: do prefer
red. 1860: Rock Island. S.64O: st. Paul |
ll,l6O; Union Pacific, 1910: Chicago I
G. w. 1867; Chicago Gas, $3.50; Su-
gar, 54,12O.