The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-01-15

crossed the lack OF sustaining power
In the strength OF special stocks, Wlleal
has ben the marked characteristic OF lne
market for several days past came ~
be more and more felt. The dlsposl-
ton to watch closely for signs or u re-
action, became more marked ana the
final hour saw very general throwing
over OF holdings by professional traders.
There was no special news to account
for the break and it was probably due
for the most part to technical conditions.
Stocks which have been recently proml-
nent for strength were conspicuous in
to-day's break by reason OF profit taking.
There was q feeling Of more or less un-
easiness also over the tone of the news
from Havana in regard to what is ex-
pected rather than what has happened.
The fear that, the Spanish governments
scheme of reform is on the point OF
breaking down is coupled with the appre-
hension that the time is imminent when
intervention by the United States to save
the island from anarchy viii be lmpera-
tive. The persistent weakness OF sugar,
more or less dominant FACTOR py rea-
son Of the yolum of trading IN IL, also
belped to break the market Ihe open
ing strength was due to the somewhat
fevarish demand for local traction
stocks due to special causes and to the
execution of a large volume of buying
orders for London account. Quotations
came higher from London before the
opening and probably $4,000 shares OF
the international stocks were bought In
this market for Lonodn account. There
were also commission house orders es-
pecially for investment demand III the
4 ST
The profit taking, invited by the add
vances in special cases, only serves to
increase the late weakness OF stocks
which had failed to benefit from the
early strength. AS a consequence
there was a very general break Of about
point.
Covering Of shorts served to retrieve
part of the decline, but net losses of d
noint or over are frequent all through
the list. Money tended to become some
what easier to-day without any actual
change uemg made in the quoted rates
for call loans. There was a brisk de-
mand. however, for commercial paper
which drove the rates down to a range
of 8 to 4 per cent for the choice grades.
To-morrow's bank statement wall show
a 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 issues
were strong. Seattle, Lake Shore and
Eastern frsts, trust receipts rose ~
per cent. but lost part of it. Other
active issues showed gains. Total sales
81, go, 900.
United States new As registered were
Il lower b., do. coupon and the old As
registered H lower and the rs II higher.
The total sales of stocks to-day were
4S7. 500 shares. including Chicago, Bur
lington and Quincy, 1900: Louisville
and Nashville, 1925: Manhattan L., 40
900: Michigan Central, 10.165; Hawaiian
Commercial Company, $500: Missouri
Pacific, $3.50; New York Central, 24,231;
q, 231; Northern Pacitic, 31,940; North
ern Pacific, preferred, 20,197; Rock
Island, 10.160; St. Paul, 23.505; Union
Pacific, 1850: C-4cago Great Western,
1850; Peoples Gas. 23,700; Sugar, 61,-
10.