The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-01-16
Speculative Holding Subjected 10
Grave Liquidation.
APPREHENsIoNS OF WAR
REFLECTED IN DEALINGS ON
WALL STREET.
Bear Attack Was Vigorous and Eff
fective NEUTRALITY-SUSPICIOUS. Mat
ter In Congress Unfavorable to
sslgar-outgo of Gold Not Likely
to Occur.

New York, Jan. 15.-The stock mar
ket was subjected to a rather grave
/ liquidation of speculative holdings to-
| day, IL continuation of the movement
! of yesterday. The selling was due TO
! a feeling that it was safer to take
profits at the present level than to re-
! tain holdings over Sunday. The sit
uation ct Havana was the motive OF
4 the selling. There is no assurance felt
that there may not be a sudden de-
velopment of a dangerous situation
there, which would necessitate the i'm
mediate measure by the United States
naval forces to protect the interests of
American residents in Havana. Re
ports on this score were somewhat ag-
graVated by the persistent selling Of
houses with Washington connections
This was taken to reject a 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 quickly than they go up.
BEAR ATTACK.
The bear attack was vigorous and
effective. margins wiped out in many
holdings being thrown over to save
losses, thus adding to the weakness OF
short lines put out earlier. Nearly every
active stock on the list was at one
time a point or over below last night S
close, but the covering movement re-
duced net declines in some cases to
fractions. Today's and yesterdays re-
action in the stock market put an end
to a period of strength and activity
earlier in the week, which was regard
ed as giving good promise of the usual
ly expected January boom in prices.
Only those stocks which scored eX-
IRENE advances early in the week have
anything. left to show for 1t, the gen
eral level of the market being decidedly
lower than at the close of last Satur-
day.
The frnness with which the market
withstood the effect of the first news
of the Havana riCting 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 market was sustained on
Thursday only by the striking
strength displayed by the Vanderbilts.
New York Central and Lake Shore ris-
ing about four points each, on reports
that new plans were in contemplation
for operations looking to reduced cost
and increased dividends on the stocks.
The amount of the trading on a prac-
teal stationary market on Thursday
might have served as a warning OF
what would have happened had this
sustaining force been withdrawn. II
was soon an obvious fact that heavy
realizing was in progress all the week,
side by side with the active strength
OF special stocks.
EARLY IN WEEK.
The special points of vantage which
the strength of the market held early
in the week were Northern Pacific
stocks and Union Pacific and its va
rious affiliated and connecting lines,
the source of this strength being the
assurance of the continuance of the
Union Pacifc's old outlet to the Pa
cific coast Northern Pacific and the
Union Pacific group also enjoyed the
benefit of authorizations of Z large
Klondilxe business in the spring. An
other source of strength TO Northern
Pacific was the decision of the inter-
state commerce commission to continue
the suspension of the long and short
haul clause in cases where rates were
in competition with Canadian lines.
Sugar was persistently weak. It's de-
cline has been attributed to the de-
ciared purposes of the directors 10 re-
tain the surplus for contingency and
professional traders have taken Il
gloomy but uniform view of What these
contingencies might be. The tendency
of the Hawaiian annexation treaty in
the senate is unfaverable to Sugar as
annexation would allow Hawaiian re-
lined sugar to come in free. The in
dustrial list generally has been heavy
during the week. A feature has been
the large buying for investment ac-
count of gilt edged stocks.
MONEY MARKET
Todays bank statement indicates
that the expected replenishment 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 trade balance
there in our favor.
The item of loan expansions does not
indicate a very active demand Tor
money, but in the last few days offer
ings of commercial .,aper were reported
to be in large volume
Bidding for choice grades has also
been sufficiently active to effect low
ering OF rates.
The market for railway bonds has
been very active all week and record
prices have been reported for many
grade issues. The issue of the Union
Pacific group have been conspicuous
anu SlIOllSs SiOAlilt5 eiNiN elAASSS "a soi'i7
I'D to 6 points Seattle. Lake Shore
and Eastern firsts trust receipts rose
at one time 20 per cent, but lost
part Of the gain Total sales $4,000. 900.
L. S IS and the old Is coupon are
Y higher bid and the new Is Is higher.
THE CALL.
New York, Jan. 15.-Close: Money
on call steady at 9 per cent; prime
mercantile paper, 3 / per cent; ster-
ling exchange, heavy at tSt9t for de-
mand and 4S2ls94 S22. FOR go days;
posted rates, L. S4 and S51445 Sc.
commercial bills, 49,
Silver certificates, j7kla5SK; bar sill
ver Sis; Mexican dollars. i6.
State bonds, dull, railroad bonds,
steady; government bonds. steady: new
As reg. ex-int, 12s;s; coupon 1913. As
reg. 1928; coupon, 1142s; seconds, 100;
5s reg. ex-int., l13h; coupon, l1fal Pa
cific 6s of '99, 1881.
Total sales Of stocks today ,777.J9O
,1rr.-s-e