The age-herald., 1898-01-16
Markers . by Telegraph.


 The. selling was due to feeling that it 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 situation there which would necessitate immediate measures by the United States naval forces to protect the interests of the citizens of the United States resident in Havana.
 Fears on this score were somewhat ag- gravated by the persistent selling of houses with Washington connections. This was taken to reflect a feeling of apprehension in official circles as to the outcome of the situation. Of course the professional traders were ready to turn sellers without further inducement, on the general princi- pie that prices go down much more easily and quickly than they go up. The bear at tack was vigorous and effective and mar gins were being wiped out in many cases, large holdings were thrown over to save losses, thus adding to the weakness of the market. The sharp rally at the close of the covering of short lines put out indi- cated that bear selling made up consider able proportion of the whole. Manhattan exercised a short but effective influence in the list and there was very heavy profit taking in this stock on the strength of the weeks large gains. The price was at one time 2ss below last nights closing. Sugar also showed early extreme weakness in continuation of the liquidation which has been going on all the week in the stock. It fell 2% and rallied but feebly. Third Avenue dropped points to 175, wiping out all of yesterdays gain in price, but rallied 1h. Nearly every active stock on the list was at one time point or over below. last nights close, but the covering movement reduced net declines in some cases to frac- tions.
 Today's and yesterdays reactions in the stock market put an end to a period of strength and activity earlier in the week, which was regarded as giving good promise of the usually 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 withstood the ef- feet the first news of the Havana rioting on Thursday led to a hope in the minds of the bulls that the powerful evil of the Cuban question had been tested to the full But the market was sustained on Thurs day only by the striking strength displayed by the Vanderbits, 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 a practically stationary market on Thursday might have served as a warning of what would have had happened had this sustaining force been withdrawn. It was an 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 on which the strength of the mar ket held early in the week were the North ern Pacific stocks and Union Pacific and it's various affiliated and connecting lines, the source of this strength being the as- surance of the continuance of Union Pa cffics old outlet to the Pacific coast. Northern Pacific and the Union Pacific group also enjoyed the benefit of antici- pations of a large Klondike business in the spring Another source of strength to Northern Pacific was the decision of the in- terstate commission to continue the suspen-
 
 cases where rates were in competition with Canadian lines. Manhattan was another point of strength in the market, with ten point rise, half of which has been lost in the taking of profits. Sugar was per- sistently weak It's decline has been at tributed to the declared purpose of the d. rectors to retain the surplus for contingent cies, and professional traders have taken
 l,,,t vi of what these contingencies might be. The pendency of the Hawaiian annexation treaty in the senate has been unfavorabe to sugar. as annexation would allow Hawaiian refined sligar to come in free. The industrial list generally has been heavy during the week. A feature has been the large buying for investment account of gilt edged stocks. Today's bank statement indicates that the expected replenishment of the money mar ket has been accomplished and a slgnf- cant weakening of foreign exchange indi- cates that the seasonable outgo of gold is likely not to occur on account or heaVy balances in our favor.
 The item of loan expansions does not in- dicate q very active demand for money, hut in the last few days offerings Of com ,nercial paper were reported to be in large volume. Bidding for choice grades has o,so been sufficiently active to effect a lower level of rates. The market for rail- way bonds was very active all week and record prices have been reported for many high-grade issues. The issues of the un- ion Pacific group have been conspicuous and strong, showing advances ranging up to 6 points.
 Total sales s2S,2 900.
 United States 2s and old 4s coupon are E higher bid, and the new As 1s higher (ex- interest for the registered.)
 Total sales of stocks today were 277,500 shares, including: Atchison preferred, A. s4S0; Chesapeake and Ohio, 3,S15 Burlington, IS. .52O; Louisville and Nashville, 4760; Man haitian, 2S, ,S1O; Metropolitan, 3,S50; Hawaiian Cable company, 5000; Missouri Pacific, D. 42O; New York Central, 14,167; Northern Pa cific, 7,103; do. preferred, 12S60; Rock Island 8 $40; St. Paul, 17,76O; Union Pacific, 17,31O;