Worcester morning daily spy. (Worcester, Mass.) 1888-1898, 1898-01-27
A BULL FACTOR.
So the Presence of the Maine in
Cuba Seems to Be
Evidence OF Great Strength Underlying
the Stock Market-Marked Advances
Common Bonds Active and
Prices Higher.

New York, Jan. 26.--If the strength In
yesterdays stock market was to be at
tributed to a natural recovery from the
scare caused by the Names departure
for Havana, there could be no doubt of
the underlying strength and breadth of
today's market of securities. The Maine
incident has, in fact, been converted to
an actual bull factor in the stock mar
l1et, the exchange of courtesies at Ha-
vana being looked upon as promising
more towards smoothing relations be-
tween the two countries than anything
that has yet occurred.
The movement of today's market was
broad and deep. and left no room to
doubt that large interests absorbed Sc
curities with great confidence and on a
very heavy scale.
Purchases of 1000 share blocks were
frequent in leading stocks all through
the list, and there were a number of
transactions in bonds, in which 500 par
value, changed hands in one block. Al
most every group Of railroad properties
in the market was represented in the
advance, the continued heavy buying of
New York Central and the Vanderbilts
being the decisive influence on the mar
ket, as for some time past The gran
gers, the southern group, the south
westerns, the coalers and the Klondike
group all developed advances from
point to nearly points in some mem
Der of each group. Kansas and Texas
preferred rose points on rumors of an
approaching dividend declaration, and
New York Central at one time added
nearly two more points to yesterday S
gain. Lake Shore rose AZ. OF the Gran
gers, Rock Island was the leader, with
a rise of 215 and all the leading mem
bers of the group rose over point
Reading LIST preferred was in the van
of the coalers, with a rise of ~ points.
Similar sharp gains were scored all
through the industrial list. The group OF
New York corpora lions was an eXcep-
ton. and showed signs of heaY1ness.
London continued large factor though
it's purchases were probably not as large
in this market as was the case yester-
day
The exchange market reflected the
further effect of this development with
a sharp fall of * in the actual rate for
demand for sterling, bringing 1t down
To 4S41h This is the point which mas
started the two last importments OF goIo
and there was talk in the street TO-DAY
of gold imports. This would be the more
remarkable in view of the hardening
continued ease here. The local money
market showed no effect from today $
surrender by the New York banks of
the first 10 per cent installment of the
government deposits on account OF the
Union Pacific sales. This transaction re
suited in partly wiping out the sub
treasury debit balance at the clearing
house today, which has been running
recently at from over half million to
nearly a million dollars a day.
Dealings in bonds were large so, ana
prices were very generally improved
kansas and Texas rs were most active,
and gained 2 PER cent Total sales
S5.570,0o0 ~
declined "a bid and the SIS coupon ad-
vanced Il bid
at 11bG2 D. c; last loan, ia p. c. Prime
mercantile paper, 3Q3S4 p. G; Sterling eH-
change weak, with actual business IN
bankers bills at 4Si1z for demand ana LIZ. az
1 S2136i2l for 60 davs. Posted rates, = oo52
and 1855 Commercial bills 4.8la4 Siyer
certificates, 56i4@57h. Bar SILVER ,,6 S07S .
weak.