Worcester morning daily spy., 1898-02-16
A SHARP RALLY.
Mondays Losses Covered by the
Gains of Tuesday.
American Securities Favored on London
Market-eonds Also Respond to Up
ward Sweep in Prices.

New York, Feb. 15.-Today's sharp
rally in stocks is to be attributed to the
covering of short contracts put out in
yesterdays furry Buying was said to
be heavy for Washington account which
was a heavy seller yesterday. Yester-
days losses were more than recovered in
most cases, Notwithstanding a smaller
volume of business today. There was at
least one period of general reaction dur
ing the day, but 1t was of short duration
and declines reached small proportions.
There was also profit taking in few
special stocks, which did not affect the
general list to noticeable extent.
American securities continued to be
favorites on the London Stock Ex-
change, where prices of Americans were
marked up with a distinctly confident
tone before the opening here, and Lon
don continued buyer here even after
prices had advanced to the London
parity. Much stress was laid on this
as indicating a definite change in the
attitude of the British investing public
toward American securities. They were
persistent sellers of Americans during
an VI Tie ldSL Sl1llIIlST anu during lue
subsequent rise, which has been almost
continuous since November. They are
buying American stocks at prices many
points above where they sold. This buy
ing is regarded as the more significant
on account of the higher rates of money
in London as compared with New York
and the heavy balance of exchange still
known to be outstanding in favor Of
this country. In Paris Spanish fours de-
clined on fears Of strained relations be-
tween the United States and Spain, and
American securities declined on some OF
the continental exchanges: but London
needed none Of these considerations, and
continued buying at advancing prices.
Foreign exchange begins to reflect this
buying, and demand sterling today de-
clined 4 and cable transfers the same
amount. Metropolitan Street Railway
showed a continuance of yesterday 5
weakness after an early period of
strength, and dropped points. 1t sub
sequently rallied, but closed the day
with sharp loss. Other local securi-
ties were strong.
Minnesota Iron was conspicuously
heavy, and Lake Shore ruled below last
nights price.
There were a few losses shown by less
conspicuous stocks, but the general level
of prices at the close was very mate
rally higher. The Minneapolis and St.
Louis stocks were strong on reports of a
circular issued to stockholders asking
an option on the stock with view to a
purchase of control.
New Jersey Central was benefited by
rumors that connected it with a trunk
line working agreement. Kansas and
Texas preferred showed a sharp recoV-
cry from yesterdays loss.
In the active list net gains of be-
tween l and points for the day were
frequent.
The strength and activity in bonds in
creased as the day passed. Business in
Texas Pacific 2ds was large, individual
transactions were made in heavy blocks
at an advance of a point. Total sales,
$4,360000. United States old As reg, the
new As reg. and the 5s were u higher
bid. and the new As coupon Il higher.
NEW YORK QUOTATIONS.
February 10.
S1N1HT1