The San Francisco call., 1898-01-09
EASTERN MARKETS.
NEW YORK STOCK MARKEr.

NEW YORK. Jan. s.-There was profit taking on quite a large scale in the stock market to- day after an additional advance in prices in the early trading That there should be taking of profits after the rise of the last two days was to be expected and the professional dealers who bought stocks late on Wednesday and Thursday sold their holdings of the most active and strongest issues. The realizing was quite pronounced in its effect on New York Central and Sugar, which reacted more than a point from the high level of the morning There was evidence of continued realizing also in the local traction companies. These stocks have advanced steadily all through the dullness and depression of the last few weeks apparently on pool operations and the general strength Of ths market is being availed of to take profits in these. Some of the anthracite group also continued under depression in the day. Not withstandng these reactionary tendencies the general tone of the speculation continued strong and confident. Business was on large scale and embraced large number of different is sues, some of the usually inactive stocks being brought into prominence by sharp advances.
 Realizing at the close reduced prices consid- erably from the best and in some cases wiped out an earlier gain. This caused easy clos ing with net changes mixed between gains and losses
 The expected has happened in the stock mar ket this week in an outbreak of something very ike furor of speculation and an upward rush or prices or pretty much all grades of se- curities There a halt in the anticipated awakening on Monday and Tuesday and some declines due to several causes but primarily to disappointment at the continued stiffness Of the money market pending the final pay ment of the Union Pacific settlement This involved the withdrawal from the market of SS,1SS, AGO, and its payment into the Treasury ana, together with accumulation of funds in- cioent to regular January disbursements re- suited in raising the rate of money to 6 per cent on Monday. By Wednesday afternoon the funds thus disbursed began to come back into the market for investment and the Govern Inent outgo of interest and redemption had oMset oset the Union Pacific payments. The de- cllhes Tn prices of stocks earlier in the week were quickly retrieved and professional opera tors and commission house brokers acting for 1Jttide speculators and investors began to vie "aSh each other in marking up prices
 to-cays bank statement shows the complete li relhispplltation of the New York money market when " has been accomplished not only by the TeIease or funds at this center. but by large tillow or money from interior points Invited @ Dy tne recent high rates for money Notwith- 5tLaholng that additional deposits of sl0 52s 300 as maSe & lifted the level of the legal reserve by Sz oazVi5, the heavy cash increase of $9 i07 900 ieaNes the surplus reserve $6 475 825 higher than ISsl week Conditions indeed promise such nehltude of money that money lenders see thelr prospects marred and there is talk of IsIeasing to the Government it's deposits which were left in New York banks at the time of