Worcester morning daily spy., 1898-02-02
DECLINE GENERAL.
Heavy Liquidation Forced Prices
Down Fractional Degrees.
Strength Assumed by Certain Stocks
Ordinarily Dormant-L London Bought at
opsning But Sold Later in
the Day.

New York, Feb. 1.-The stock market
still heavier than that of yesterday, and
there were fewer prominent stocks to
exert a sustaining force by special
strength The heavy offerings were well
absorbed and net declines are for the
most part confined to fractions, but are
very general
For time after the opening there
seemed to be no diminution from yes
terday's activity. There had evidently
been "a large accumulation of outside
orders over night, and London was also
a buyer of stock. This demand was
satisfied, however, without effecting any
marked advance in prices, the offerings
being very large. Later prices began
to yield under the weight of continued
offerings. bat the pressure was not
great, ani the market fell into dullness,
holders apparently being content to
await a rally to continue the llquida-
ton The rallies were helped by the
continuing strength of a number of
stocks. especially Union Pacific, and all
its securities. The strength of these
gained during the day, and this stock
closed a. the highest at a net advance
showed early weakness, but rallied 23s
on an unauthorized assertion that the
reorgauiza ton plan had been agreed
upon. Upon the denial of this the stock
fell away, but closed with small net
gain
TIE Ohio soft coal roads gave evidence
of strenTth On the better outlook for
the coal traffic. and reports Of an agree
meat amongst them for Its distribution.
Des Monas and Fort Dodge made
Conspicuous movement Of 32s per cent.
There were some very marked gains al
so among Usua dormant stocks, such
as Great Northern preferred Chicago
and Eastern Illinois preferred, Cleve-
land. c. G.. and st. Louis preferred,
Adams Express and Sus1uehanna and
Western preferred. There were periods
of strength In other stocks during the
day, notably the Local traction companies,
Western Union and General Electric,
but the order of the day was profit tax
4ng. ana This tendency extended even to
Noethern Pacific preferred, upon which
there was a quarterly dividend of ! per
cert declared late in the day.
Lcndon bought some stocks early in
this market, but sold more later, which
probably had an influence in giving
somewhat stiffer tone to the exchange
market. It is to be noted. however, that
a part of the cash from the interior,
which is being received in New York, is
due to remittances on account of Aus
tralian gold received at San Francisco
to the order of New York houses. There
was a noticeable growth of activity in
the commercial paper department OF the
the commercial paner department
of the money market today, the
supply showing a decided increase, but
without Quotabie sffect on the rates
The rates for cali loans worked to a
lover basis IN spite OF the withdrawal
of the second ten per cent installment
of the governments deposits of the
Union Pacific payment. This with
drawal was called for tomorrow, but
most of it was made today.
In the bond market, the Kansas Pa
cific consols were the most conspicuous
feature with an advance of S3s per cent
to 110M. Other bonds of the Kansas
Pacific advanced ! to points on the
belief that they would be included in
the Union Pacific reorganization, with
or without an arrangement with the
government The bond market gen
orally showed a continuance of flactivity,
and prices continued to advance. Total
sales $6 6140,0O0
United States new As advanced 1s
bid, the coupons ex-dividend.
New York, Feb money on call
easy at HOP per cent; last loan IL
per cent. Prime mercantile paper 3Q4
per cent. Sterling exchange frmer,
with actual business in bankers bills at
484% for demand and at 4821s04.82sz
for so days; posted rates, 4.S3@4S91s and
4S51a@4S6; commercial bills. 4.S2; silver
certificates, 56A @5TA; bar silver, 563s
Mexican dollars 45A government bonds
strong; state bonds dull; railroad bonds
strong.
NEW YORK QUOTATIONS.