The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1898-01-15
The General Tone Of Speculation Was
Very Parpleslng.
LACK OF SUSTAINING POWER FELT
Che Disposi ton TO Witch Closely for
g Signs OF n Reaction WINS Yer,
4 Marked. and Tho FinnI Hour wil>
ncsset: u Throwing over of Holds
Ing by Professional FINDERS.

New York, Jan. 1.-THE course of
to-day's stock market was decidedly
4 irregular and somewhat perplexing so
~Iar as perception of the general tone
Or speculation was concerned. AS the
day progressed the lack OF sust staining
power in the strength of special stocks,
which has been the marked character
letic OF the market for several days
past came to be more and more felt
The disposition to watch closely for
signs of a reaction became more mark
ed and the final hour saw very gene
raj throwing oyer of holdings by pro-
fesslonal traders There was no spe-
cial news to account for the break and
1t was probably due to the most part
to technical conditions. Stocks which
nave been recently prominent for
strength were conspicuous in to-day's
2Geak by reason Of proiittaking.
Ihere was a feeling OF more or less
uneasiness also over the tone of the
news from Havana in regard to what
as expected rather than what has hap
pened. The fear that the Spanish Gov
ernment's scheme OF reform is on the
point of breaking down Is coupled with
the apprehension that the time is i'm
minent when intervention by the
United States 10 save the island from
anarchy VIII be imperative. The per-
astent weakness of Sugar, n more or
less dominant factor by reason of
the volume Of trading in 1t, also
helped TO break the market. The op-
/, enlnS strength WAS due to the some
what feverish demand for local trac-
non stocks, due To special causes and
20 the execution of q large volume OF
DuE;ng orders for London account
Quotations came higher from London
before the opening and probably 25 600
shares OF the international stocks were
bought in this market for London ac-
l1G --,y
mouse orders. especially for Investment
demand In the gilt edged railroad
STOCKS. The proft-taking invited by
the advances in special cases only
served to increase the late weakness
9f stocks which had failed 10 benefit
from the early strength. AS con-
sequence there was II very general
break of about point
covering of shorts served to retrieve
part of the decline, but net losses OF a
point or over are frequent all through
the list. Money tended 10 become
somewhat easier to-day without any
actual change being made in the quoted
rates for call loans. There was n brisk
demand, however, for commercial
paper which drove the rates down I a
range of to per cent. for the civ CO
grades. To-morrow's bank statement
VIII show large increase in the cash
holdings.
The bond market was active early in
the day, but became less active and
reacted slightly in the later dealings
Union Pacific and connecting line is
sues were strong. Seattle, Lake Shore
and Eastern Frsts trust receipts rose
re per cent. but lost part OF It,
Otner active issues showed gains
Total sales A.260,0OO
United States new As registered were
1sc. lower bid; do. coupon ana the old
As registered &c. lower. and the 2's
tsc. higher. The total sales Of stocks
to-day were $4,000 shares.