Worcester morning daily spy., 1898-01-13
IN WALL STREET.
Conditions Like Those of Tues
day Governed Wednes-
days Market.
Union Pacific and Certain Other Lines Of
Steck Showed Much Strength-Most
Bonds Made Gains.

New York, Jan. 12-Today's market
for securities was of much the same
character as yesterdays.
The principal interest was centered in
Union Pacific and a number of it's affil-
lated companies, and in Northern Pa
cific, which were the leading factors Of
strength, while, on the other hand, su-
gar continued under weight of de-
preston, as was the case yesterday. A
new feature of special strength was
Chesapeake and Ohio, which advanced
a point on heavy buying.
Transactions were on a very large
scale, and the heavy dealings of larger
operators, backed by powerful interests,
were manifest all through the market.
These large operations attracted a con-
siderable following both amongst the
smaller traders and from outside
sources. Commission house business
was, in fact, quite noticeable element
in the days trading.
1t was obvious, however, that realiz-
ing on large scale was going on in
different parts of the list coincidently
with the strength in other parts. A
striking example OF this was seen in
the two Northern Pacific stocks, the
common being advanced over a point,
while realizing In the preferred carried
it before the close below last nights
sale.
The grangers, outside of st. Paul, also
reflected a supply of stock fully equal
to the demand.
The anthracite coalers were weak ana
continued the decline, but the Ohio
soft coal roads maintained their recent
show Of strength Union Pacific rose
at one time over points but recent
buyers commenced to take profits as
soon as a report was published that the
new company had secured control of
Oregon Short Line, and this stock re-
acted over point. The recent
strength of the stocks of the disinte
grated portions of the old Pacific sys-
TEN is fully explained by today's an
nouncement. This buying evidently
founded on q belief in far-reaching
plans OF combination and extension
which. according to some prevalent ru-
mofs, will embrace one vast system
from the Atlantic to the Pacific.
Much was made in the market of re-
ported bond sale by Chesapeake and
Ohio though the view of the benefits to
accrue seem to be somewhat exagger-
ated, considering the amount OF the
transaction.
Advices from London and the CONT
nent showed the tone of American Sc
curities in the foreign markets to be
excellent. London bought in this mar
ket no less than 20 900 shares of the ia
vorito international stocks, and the
marked strength of Union Pacific pre-
ferred and Northern Pacific was direct
ly attributable to this demand
The weakness in sugar seemed to be
connected with the annual meeting of
directors in progress today, though no
news regarding the company reached
the public.
Money declined to yield today below
~ per cent, but the tone of the market
reflected the prevalent feeling that rates
will yield in the near future. Large
amounts of money also found their way
into investment and speculation today
The possibility CT relief to the money
market was indicated by the fall of
" cent in the posted rates of sterling
exchange and the decline of Il cent in
the actual rates, the decline not being
prevented by the expected arrival to-
morrow at San Francisco of another
$1,000,000 in gold from Australia.
The par value of today,s transactions
in bonds is not as large as that of yes
terday, but business was remarkably
well distributed all through the list.
Gains were the rule, but there We're
some declines.
Total sales, S4,775, 900. United States
old As, coupon, and the Is, were Y
higher bid today There was a sale of
the new As, coupon. at 1.29s4, which is
the highest on record.
New York, Jan. II. Money on call
steady at 21kQS p. C. Prime mercantile
paper, 31zM4A p. C. Sterling exchange
weak, with actual business in bankers
bills at 4.S4sa07b for demand and at .2as
as for so days. Posted rates, .SSG1a and
4.S51114. SO. Commercial bills, 4.81%. Silver
certificates, 57&. Bar silver, SIN. Mexican
dollars, 461s. Government bonds strong.
State bonds dull. Railroad bonds strong.
NEW YORK CLOSING QUOTATIONS.