The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1898-01-25
Eimumcial.
Nothing Especially Interesting on Stock
Market Yesterday Until Cuban News Ar


Market Yesterday Until Cuban News Ar
rived.
New York, Jan. 24.-There was MOTH
ing especially interesting in to-day's
stock market previous to the reception
of the news that the United State ship
Maine had been ordered to proceed to
Havana Until that time the market
was wholly in the hands of profession
al traders and transactions were on
small scale Standard stocks were neg
lected and the securities of the local
corporations, which are more or less
dependent on municipal favors, were
briskly manipulated. Later some of
the Vanderbilt stocks were taken up
and advanced sharply. The general
market remained persistently heavy
during all this time, but f1uctuated very
narrowly, the offerings being light as
well as the demand. In the internation-
al stocks the declines were hardly as
pronounced as those reported from
London. This state Of affairs continued
until after midday, when there was a
general Improvement, prices of a major
ity of the stocks having risen a shade
above Saturdays close just before the
beginning of the selling movement, in
duced by the news of the Names move
ments. This news was regarded with
skepticism at first, and the market held
steady for time, but upon the publica-
ton of the Associated Press accredited
report, liquidation promptly set in. The
offerings were not on a tremendously
heavy scale, but the demand was light
and prices fell fast. The specialties
which had been marked up in the
morning and some of the railroad
stocks which have shown the greatest
strength recently, suffered the heaviest
losses on a rush to take profits. The
Northern Pacific stocks and Union Pa
cific stocks were conspicuous sufferers
in this respect. Northern Pacific pre-
ferred was at one time off two points
In few cases fractional net gains re-
manned. after the late decline, but net
losses Of between 1 and points are very
frequent all through the list of active
stocks, including the leading special
| ties, the grangers and Missouri Pacific.
| The attitude of the authorities at
| Washington in attaching as little sig
nificance as possible to the proposed
| movement of the Main had little effect
| in allaying the bearish tendency in the
market. With the exception of some
! sharp rallies in the local New York
group the market closed weak and near
| the lowest. In the last fifteen minutes
of trading Third avenue slumped to
1881 and then jumped TX points to 1S1,
a fair example of the instability of this
group of stocks. The notice from Wash
ington that the deposits in New York
banks on account Of the Union, Pacific
sale would be called in ten weekly in
stallnents, the first on Wednesday next
/ was doubtless was with the concurrence
and the approval Of the banks in which
| the deposits lie. The government ar
ranged in the first place to leave them
there in order to guard against strin-
gency in the money market. Their
withdrawal now it is hoped may give
some tine to the money market, which
has grown quite plethoric with adapta.
bility of still great congestion of idle
funds. To-day's call loan market, how;
ever, showed no quotable change.
The bond market showed increasing
weakness as the day advanced in sym.
pathy with stocks, the declines being
market in those bonds which have
show recent strength.
The United States new As fell u ir
the bid price to-day. The calling of the
government deposits in New Yorl
banks tends to increase the supply o.
government bonds by releasing those
which have been placed as security fol
these deposits.
Following are the closing prices re
ported by Prince g. Whitley, banker
and brokers, As Broadway, New York
and Is Center street, New Haven.