Worcester morning daily spy. (Worcester, Mass.) 1888-1898, 1898-01-26
MARKET BUOYANT
London Sets An Example By
Taking Our Securities,
Brokers Who Sold Monday on the War
Scare Hasten to Buy Again-Prices
Advance Sharply.

New York, Jan. 25.-The timidity
manifested by dealers in stocks yester-
day because the warship Maine had
been ordered to Havana, was fully
equalled by the confidence with which
traders bought back their stocks today,
when the ship had arrived in Havana.
The most notable feature of the days
trading was the large volume Of trans
actions for London account. The num-
Der Of shares bought in New York for
London was estimated at from 10000 to
$4,000 shares. Even with this large
demand to be filled, prices were not lift
ed at the opening fully to the London
parity.
The sharp decline here yesterday
seemed to have awakened keen de-
mand in London for Americans. and
early quotations from there showed yes
terday's decline here largely recovered.
The strength of the Spanish fours in
London also indicated the absence Of
apprehension Of an embodiment be-
tween the United States and Spain.
London gave the tone TO the days mar
ket, and sustained it by the absorp-
ton of free offerings Of securities after
the opening.
The foreign buying of securities was
sufficiently heavy to have marked ef-
feet on the exchange market, the act
ual rates declining Is, with the demand
for bills very light. London's large buy
ing Of securities has, in fact, led to re-
newed talk of early imports OF gold, and
this talk is given additional force by
the showing Of merchandise exports
from New York for the week, which
were over $1,200,0 900 in excess of those
of last week, and over 900 greater
than those in the corresponding week OF
last year. 1t was evident that some Of
the professional traders who put out
short contracts on yesterdays Cuban
scare, refrained from covering in the
early transactions, in the belief that the
market would become easy after Lon
don had ceased operating. These be-
lated shorts rushed to cover in the final
transactions and made the buoyant
tone at the close which found prices at
the best of the day for the standard
stocks. Yesterdays losses on the aver
age have been more than recovered.
New York Central was most conspicu-
Gus in the dealings, with its net gain OF
over three points, and the stocks OF al
lied properties shared in the strength to
a somewhat less extent. Union Pacific,
the Northern Pdclnc ana ule Quiet pAOp-
critics which go to make up the Klon-
dixie group, were all conspicuous for
strength, and the grangers and south
westerns may be added to the list. The
local transit and gas stocks moved in
a somewhat erratic manner under pal
pable manipulation, all showing gains,
except Third Avenue, which reacted
sharply.
The bond market showed increasing
activity and strength as the day prog
ressed. and showed gains as rule. The
total sales were So. 100000 United States
old fours registered were Is lower bid,
but the same coupon and the new fours
New York, Jan. 25.-Money on call
easy, l 1902 per cent; last loan l "a;
Prime Mercantile Paper, 1903 S-4 per
cent. Sterling exchange weak, with
actual business in bankers bill at
4.S4 So for demand and at 4S2 1904
for go days; posted rates, 4.S3@1-2 and
4.S5 1-2@ 1886; commercial bills, 4.S2; sill
yer certificates, Sc l-2@57 1-2, ban silver,
Sc 49, Mexican dollars, A ga; govern
ment bonds strong; state bonds dull;
railroad bonds strong.