The daily morning journal and courier., 1898-02-16
+ Ftmanctal.
sharp Rally in Stocks.

New York, Feb. 15.-To-d days sharp rally in stocks is to be attributed to the covering of short contracts put out in yesterdays furry. Buying was said to be heavy for Washington account, which was a heavy seller yesterday. Yesterdays losses were more than re- covered in most cases, notwithstanding a smaller volume of business to-day. There was at least one period of gen. eral reaction during the day, but it was of short duration and declines reached small proportions. There was also profit taking in Q few special stocks, which did not affect the general list to vanced to the London parity Much noticeable extent. American securi- ties continued to be favorites on the London stock exchange, where prices of Americans were marked up with a distinctly confident tone before the opening here and London continued a buyer here even after prices had ad- stress was laid on this as indicating a definite change in the attitude of the British investing public toward Amer ican securities. They were persistent sellers of Americans during all of last ! summer and during the subsequent rise which has been almost continuous since November. They are now buying American stocks at prices many points above where they sold. This buying is | regarded as the more significant on &C., count of the higher rates of money in London as compared with New York and the heavy balance still known to be outstanding in favor of this country. In Parish Spanish fours declined on l fears of strained relations between the United States ana Spain and American securities declined on some of the con- 1 tinental exchanges; but London heed- cd none of these considerations and continued buying at advancing prices. 1 Foreign exchange begins to reflect this buying and demand sterling to-day de- clined 4 and cable transfers the same | amount. Metropolitan Street Railway showed a continuance of yesterday s weakness after an early period of strength and dropped points. It sub l sequently rallied but closed the day with a sharp loss. Other local securi- ties were strong. Minnesota Iron was conspicuously heavy and Lake Shore ruled below last nights price. There were few losses shown by less con- spicuous stocks, but the general leve of prices at the close was very ma- terially higher. The Minneapolis and St, Louis stocks were strong on re. ports of circular issued to stockhold. CTS asking an option on the stock with a view to purchase of control. New Jersey Central was benefited by rumors that connected it with trunk line working agreement. Kansas ant Texas preferred showed a sharp recov cry from yesterdays loss. In the ac, tive list net gains of between i and : points for the day were frequent.
 The strength and activity in bond. increased as the day passed. Bushes! in Texas Pacific seconds was large, in
 dividual transactions in heavy block at an advance of a point.
 Total sales, $4,360000.
 United States old fours regular, tn, new fours regular and the fives wer, I 1s higher bid and the new fours coupol
 4 higher.
 Following are the closing prices re
 ported by Prince & Whitely, banker
 and Brokers, 46 Broadway, New York
 and 15 Center street, New Haven: