The Anaconda standard., 1898-01-16
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest of Exchange News Mining Stocks
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Review of Trade

was subjected 10 ii rather grave liauida-
ton of speculative holdings to-day. in
continuation of the movement OF yes
terday. The selling was due to feeling
that 1t was safer to take 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 that there may not be "A
sudden development of dangerous sit
uation there which would necessitate
immediate measures by the United States
naval forces to protect the interests of
American residents in Havana.
The professional traders were ready to
turn sellers without further ndueement
on the general principle that prices go
down much more easily and quickly than
they go up.
The bear attack was vigorous and ef
fective and margins being wiped out in
many cases holdings We're thrown over
to save losses, thus adding to the wtak-
ness of short lines put out earlier, indicat-
ing bear selling.
Nearly every active stock on the list
was al one time time q point over be-
low last nights close, but the covering
movement reduced net declines in some
cases TO fractions. To-days and yestef
days reaction in the stock market put
an end to period of strength and activ
ity earlier in the week, which was re-
garded as giving good promise of the US
ually expected 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 firmness
with which the market on Thursday led
to a hope in the minds of the bulls 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
Nanderbilts. New York Central and Lake
Shore rising about four points each on
reports that new plans were in contem-
plation for operations looking TO reduced
cost and increased dividends on The
stocks.
The amount Of trading on il practically
stationary market on Thursday might
have served a warning of what would
have happened had this sustaining force
been Withdrawn. 1t was soon am obvious
fact that heavy realizing was in progress
all the week side by side with the active
strength of special stocks The special
points of vantage which the strength Of
the market held early in the week were
Northern Pacific stocks and Union Pa
cific and its various affiliated and con-
Meeting lines, the source of this strength
being the assurance of 4 large klondike
business in the spring. Another source OF
strength to Northern Pacific was the de-
cision of the interstate commerce COM
mission TO continue the suspension OF the
long and short haul clause in eases where
rates were in competition with Canadian
lines.
Sugar was persiStentfS weak. Its de-
cline has been attributed 10 the declared
purposes of the directors TO retain the
surplus for contingency. irresponsible
traders have taken "A uniform view or
what these contingencies might be- The
pendency Of the Hawaiian treaty in the
senate is unfavorabe To Sugar. as an
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
Io-days bank statement indicates that
the expected replenishment of the money
market has been accomplished and ill.,
significant weakening Of foreign exchange
indicates that the sea sonable outgo of gold
is likely not to occur on account of the
heavy trade balance there in our favor.
The item Of loan expansions does mot
indicate a very active demand for money
but in the last few days offerings Of
commercial paper were reported 10 be in
large volume Bidding for choice grades
has also been sufficiently active To effect
Il lowering of rates.
The market for railway bonds has been
very active all week and record prices
have been paid for many high grade is
sues. The issues Of the Union Pacific
group have been conspicuous and strong
showing advances ranging up to six
points. Seattle. Lake Shore 4 Eastern
first trust receipts rose at one time 20
per cent. but lost a part Of the gain. To-
tai sales, SO 100000 l., S. IS and the old
As coupon are u higher bid and the new
As il higher.