Worcester morning daily spy. (Worcester, Mass.) 1888-1898, 1898-01-25
LOSSES FREQUENT
News Regarding S. S. Maine
Had Disquieting Effect.
The Market Closed Weak and Near the
Lowest-union Pacific Deposits to
Be Called.

New York, Jan. 24.-There was moth
ing especially interesting in today's
stock market previous to the reception
of the news that the United states
steamer Maine had been ordered to pro-
coed to Havana. Until that time the
market was wholly in the hands Of the
professional traders, and transactions
were on a small scale. Standard stocks
were neglected, and the securities of the
local corporations which are more or
less dependent on municipal favors,
were briskly manipulated. Later some
of the Vanderbilt stocks were taken up
and advanced sharply. The general
market remained persistently heavy
during all this time, but t1uctuated very
narrowly, the offerings being light as
well as the demand.
In the international stocks the de-
clines were hardly as pronounced as
those reported from London. This state
of affairs continued until after midday,
when there was a general improve
Inent Prices of the majority of stocks
rose a shade above Saturdays close
just before the beginning &C the selling
movement, induced by the news of the
Names movements This news was re-
garded with skepticism at first, and the
market held steady for a time, but upon
the publication of the Associated Press's
accredited report, liquidation promptly
set in. The offerings were not on a tre-
mendously heavy scale, but the demand
was light and prices fell fast. The
specialties which had been marked up
in the morning, and some Of the rail
road stocks which have shown the
greatest strength recently, suffered the
heaviest losses on a rush to take
profits.
The Northern Pacific stocks and
Union Pacific were conspicuous suffer-
ers in this respect.
Northern Pacific preferred was at one
time off two points.
In a few cases fractional net gains
remained after the later decline, but net
losses of between l and 2 points are
very frequent all through the list of
active stocks, including the leading spe-
cialties, the Changers and Missouri Pa
cifie. The attitude of the authorities at
Washington in attaching as little sig
nificance as possible to the proposed
movement Of the Maine, had little effect
in allaying the bearish tendency in the
market. With the exception of some
sharp rallies in the local New York
group, the market closed weak and near
the lowest.
In the last Is minutes of trading
Third Avenue slumped to 17S IL, and
then jumped IL points 10 1Sl,-a fair
example of the instability of this group
of stocks. The notice from Washington
that the deposits in New York banks on
account of Union Pacific sale, would be
called in ten weekly installments the
first on Wednesday next, was doubtless
with the concurrence and the approval
of the BANKS in which the deposits were
II had been arranged in the first place
to leave them there, in order to guard
against stringency in the money mar
ket. Their withdrawal, it Is now hoped
may give some tone to the money mar
ket. which has grown quite plethoric
with stability of still greater congestion
Of idle funds
Teday's call loan market, however,
showed no quotable change
The bono market showed increase as
the day advanced, in symnathy with
stocks, the declines being marked in
those bonds which have shown recent
strength. The L. S. new As fell 10 in
the price today. The calling of the
government deposits in New York
banks, tends to increase the supply of
government bonds by releasing those
which have been placed as security for
these deposits.
NEW NOT9L- ORION, ,,rrOo--