The San Francisco call., 1898-03-20
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK, March 19-The action or lack of action of to-day's stock market can only be interpreted the natural restriction of the overshadowing of the uncertainty of the Cuban question: Last Saturday the threatening as pect of the situation, coupled with the recol- lection of the developments of the preceding Saturday in the suggestion for the re- call of General Lee, led to reckless short sell ing by the traders. driving the market to a point even lower than the Monday market sue ceeding the Lee incident. The pinching ad- mnstered to the reckless bears in the re- bound of last Monday made them extremely cautious about putting out short lines in to- days market. Even the shorts who were driven to cover in yesterdays late furry over unwarranted rumors of compromise with Spain did not venture renew Une-r selling. The consequence almost lifeless market. as no one is ready to take the long side ot the market at this time. Prices dritted aimlessly up and down over narrow range. Only a little over O,0OO shares changed hands during the day's short session.
 The bond market was equally dull
 The bank statement showed an unexpected increase in the surplus reserve, but the net in ceipts of imported gold during the week, and the stock of legal tenders vas materially re- duced. The lowering of the legal reserve level by s1.S26. l2O through the reduction in deposits accounted fors that much of the increased sur clear enough evidence that the heavy receipts of gold from abroad are insufficient to main tain the balance ot the money market, in spite oi -.le distinctly easier tone of money in the last days of the week.
 The Cuban problem has remained the domt- nant factor in the stock market during the week. Its uncertainties and perplexities are felt to be great that no one in the specu- latiye world feels competent form a fixed opinion to the outcome The result is a small and narrow market. The heavy liquida- tion of speculative holdings of long stocks in- duced by the first stage of the threatening de- velopments has about been concluded. and probably no further heavy offerings will be in- duced except by some development threatening serious consequences to security values. That there has been extensive restriction of cred its has been obvious from the developments in the money market. But this restriction has ~ apparently affected nothing yet beyond specula- tive enterprises and partly trading in securi- ties. Prices move easily and quickly with only the light volume of business. which is wholly Tn the hands of professional traders. The bond market has been dull during the week. but prices are soTnewhat better United States new fours advanced ik, the old fours coupon and the seconds declined F and the old fours regis tered declined r in the bid price.
 Total sales of stocks to-day 113, 300 shares including: Burlington s6co, Manhattan HOO, Northern Pacific preferred 6974, St Paul i3O2O. Union Pacific 6110 Peoples Gas 47S0. General Electric S905, Sugar S4.140.
 CLOSING STOCKS
 Atchison ......... 11A lst P & om...... s9A
 Do pref 25A Do pref ........ l50 Baltimore Ohio IT St r M & M...... l27