The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-01-26

TUESDAY. Jan. IS.
For weeks past Wall street has dreaded the
despatch Of q United States warship to Havana
as likely to precipitate a panic on the Stock Ex-
change. Yet when the bare statement was cir
culated in Wall street yesterday afternoon that
the Maine had been ordered to the principal
Cuban seaport. nothing serious happened. Some
of the smaller spectators threw over their hold
ings. and q bear campaign was promptly under
takon by some of the room traders. The
official statement of tho Government rela-
tive to the sending Of the Maine to Ha-
yana did not reach tho Street in time
to counterfeit the inadequate and mislead-
ing report of the event circulated by the
Associated Press. To-day's market reflected q
better understanding of the policy of the Adj.
ministration. and those who sustained losses on
account of yesterdays slump in prices are now
blaming themselves for acting hastily upon tho
reports OF q thoroughly discredited news COM
b~ination. London was quick to perceive tho
actual situation. and In consequence bought
freely in it's own market and also cablod liberal
buying orders to this centre. Its purchases here
were estimated at $4,000 to $4,000 shares Of
various stocks. These operations. together
with the persistent strength OF New York Cen
trail, brought about q radical change in specu-
lative sentiment that resulted in higher
prices for the entire list. Practically all
of the losses sustained yesterday were re-
covered, and many stocks closed materially
higher than they did last Saturday.
New York Central was the leader of the mar
ket In every respect. On transactions aggregate
ing nearly 10000 shares it closed 81 points
higher than yesterday. at the best price re-
corded for II. The Street has advanced q num-
ber of theories to account for the continuous
and material advance in New York Central. but
as q matter of fact all of them are pure conjec-
lures. Tho most plausible view advanced Is
that q radical change is impending n.the man
ner and policy of operating tho road, with
the view of increasing its revenues. Tho
buying has certainly been OF a most
substantial character, and is presumably
based upon exact knowledge OF what is
about to take place. All Of the other so-called
Vanderbilt stocks were exceptionally strong at
net advances extending to . cent. for Michi.
gan Central and Chicago and Northwestern
The first named was unusually active. For the
first time in several weeks there were indica-
tons of o revival OF speculative interest In the
Granger stocks. In spite OF current reports OF
rate cutting, which, by the way, refer TO passen-
ger rather than TO freight trafhc. all or the
Granger trunk lines continue to report traffic
receipts largely In excess OF those OF a year
ago. 1t is learned, moreover, that their bust
ness Is more diversified than heretofore. and
that in spite OF tho rushing Of wheat to market
on account of the December whoat cvrnor. large
quantities of that cereal are still coming for
ward.
The repurchasIng movement was pronounced
In Sugar Refining, Manhattan Railway, tho
Northern Pacific stocks, Union Pacific. and
Metropolitan Traction. The last named sold at
the highest price yet recorded for 1t. Local
~uolitIcal interests were credited with making q
furthur advance of Ga points In Consolidated
Gas. Those interests have. according TO al 40