Worcester morning daily spy. (Worcester, Mass.) 1888-1898, 1898-02-03
MARKET UNEVEN.
Some Stocks Strong, While Gen.
eral Trend Was Downward,
Losses for the Day In Most Cases Only
Acknowledgement in Bonds
Continued on Large Scale

New York, Feb. 2.-The stock market
was under liquidating pressure today,
but the strength of some special stocks
and manipulated advances Of others,
made the market exceedingly uneven.
There were numerous halts in the liqui-
dation during the day, and partly sue
cessful attempts to active rallies, so
that the day was one of constant
changes, some stocks mounting upward
strongly, while the market was tending
downwards
There was every evidence of contin-
ued heavy selling to take profits IN some
of the most prominent favorites in the
recent speculation, notably Northern
Pacific, Union Pacific and the Wander
bits Quite a large element Of the
professional traders sold the market
with a good deal of vigor and con-
fidence. Nevertheless, offerings were
very well absorbed, and most Of the net
losses of the day are confined to frac,
lions. The early transactions showed
positive strength under a combination
of influences.
There was considerable buying for
London, especially Of Ontario and
Western. There was quite large vol
ume of buying orders from commission
houses during the day. The new Sc
curities of the Union Pacific, in the
unlisted department of the exchange,
advanced with something Of rush over
the opening prices, and impaired
strength to the whole market. Balti-
more and Ohio advanced III over yes
terday's high point. With the eNcep-
ticn Of the acc umulated buying orders,
the bearish tendency of traders grew.
and obtained the ascendancy There
were various reasons given TO account
for the decline. Among them was the
cutting Of rates between Minneapolis
(. and Chieago. ana the apparent hope
lessness Of agreement as to rates on
the expected Kondike business. The
grangers showed themselves especially
sensitive and we're hurt also by a
growing apprehension over the outcome
OF the Nebraska maximum freight rate
case, which is awaiting decision by the
supreme court. Great Northern pre-
ferred added six more points to its adj
vance of yesterday, and its subsidiary
Iron, and 4 number of other inactive
stocks showed marked advances. The
Reading stocks were strong on rumors
of the sale in London Of about $4,000 of
the company's bonds. Norfolk and
Western preferred gained sharply on
the dividend declaration. NOTWITHSTANDING
ing these exceptional elements Of
strength the general tendency of the
market was towards weakness. Ru-
mors Of losses sustained by a local bank
through injudicious loans, encouraged
the reactionists. The rates for eX-
change hardened a shade on investment
demand, induced by the low rates for
money, which continued to work to an
easier basis. The days exchanges at
the local clearing house went to the
enormous total OF S204. 22l ,925, rejecting
some very heavy financial operations,
The details of these could not be ascer-
tanned.
The bond market continued strong on
a large volume of dealings. The Kan
sas Pacific consols were decidedly I'M
settled, first advancing a fraction, then
reacting to 100. and later recovering to
11O%, a net loss of Is. Total sales, So
000, 600.
United States new As declined q bid,
but there was an actual sale Of coupons
at an advance Of 4.