The herald., 1898-01-16
ON CHANGE
What Was Done Yesterday on Wall
Street

| NE WYORK, Jan. 15-The stock market
was subjected to a rather drastic liquida-
| tion of speculative holdings today in con-
| tinuation of the movement of yesterday.
The selling was due to a feeling that 1t was
safer to take profits at the present level
than to retain profits at the present level
than to retain holdings over Sunday. The
situation at Havana was the motive of
the selling. There is no assurance felt
mat there may not be a sudden develop
ment OF dangerous situation there which
| would necessitate the immediate measures
by the United States naval forces to pro-
tect the interests OF American residents in
Havana. Reports on this score were
somewhat aggravated by the persistent
selling of houses with Washington connec-
tons This was taken to reflect feeling
OF apprehension in official circles. OF
course the professional traders were ready
to turn sellers without further inducement
ON the general principles that prices go
down much more easily and quietly than
they go up. The bear attack was vigorous
and effective, and, margins being wiped out
in many cases, holdings were thrown over
to save losses, thus adding to the weak
ness of short lines put out earlier indi-
Gated the bear selling. Nearly every ac-
tive stock on the list was at one time u
point or over below last nights close. To-
days 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 old January boom
In prices, Only those stocks which 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 firm
ness with which the market withstood the
effect of the first news of the Havana riot
Ing of Thusday led to hope in the minds
of the bulls that the power for evil of the
Cuban question had been tested to the full
But the market was sustained on Thurs
day only by the striking strength displayed
by the Vanderbils, New York Central and
Lake Shore rising about four points each
on reports that new plans were in con-
temptation for operations looking to re-
duced cost and increased dividends on the
stocks. The amount of the trading on a
practical stationery market on Thursday
might have served as a warning of what
would have happened had the sustaining
force been withdrawn. 1t was soon an
obvious fact that heavy realizing was in
progress all the week side by side with the
active strength of the market held early in
the week were Northern Pacific stocks
and Union Pacific and its various affiliated
and connecting lines, the source of this
strength being the assurance of the con-
to the Pacific coast. Northern Pacific and
the Union Pacific group also enjoyed the
benefit of anucipations of a large Klon-
dixie business in the spring Another
source of strength to Northern Pacific was
the decision Of the interstate commerce
committee to continue the suspension of
the long and short haul clause in cases
wnere rates were In competition with Can
adian lines
Sugar was persistenly weak It's de-
cline has been attributed to the declared
purposes of the directors to retain the sur
plus Tor contingency and professional
traders have taken gloomy but uniform
view Of what these contingencies might
be. The pendency OF the Hawaiian an
nexation treaty ip the senate is unfavor-
able to sugar, as annexation would allow
hawaiian refined sugar to come in free.
The industrial list generally has been
heavy during the week. A feature has
been the large buying for investment ac-
count OF gilt-edged stocks. Today's bank
statements indicate that the expected re-
plenishment of the money market has been
accomplished and insignificant weakening
of foreign exchange indicates that the
seasonable outgo Of gold is likely not to
occur on account of the heavy balance
there in our favor.
The item of loan expansions does not in
dicate very active demand for money.
but In the last few days offerings of COM
mercial paper were reported to be in large
volume. Bidding for choice grades has
also been sufficiently active to affect a
lowering Of rates. The market for rail-
way bonds has been very active all week.
and record prices have been reached for
many htgh-grade issues. The issues of the
Union Pacific group have been conspicu-
Gus and strong, showing advances ranging
up to points. Seattle, Lake Shore and
Eastern first trust receipts rose at one
time 20 per cent, but lost a part of the
grain Total sales. $2S. 100000.
United States rs and the old 4s coupons
are 1sc higher bid. and the new As 1sc
higher.