Worcester morning daily spy. (Worcester, Mass.) 1888-1898, 1898-01-29
BULLS ACTIVE.
Their Struggle to Sustain Prices
Partly Succeeds.
Northern Pacific Alone of Recent Favor
ties Showed Net Gain-Prices for
Americans Higher in London.

New York, Jan. 2s.-Today's stock
market showed signs of a struggle by
the bulls to sustain prices while they
were taking their profits They We're
moderately successful, and sold
large blocks of the stocks which have
been recent speculative favorites with
out producing any marked decline else
where in the list. Northern Pacific pre-
ferred is the only one of the recent IA
vorites which shows net gain for to-
day, but the declines in the others were
not sufficient to uncover any large num-
Der of stop loss orders.
The sharp gains in special stocks at
different times during the day were evil
IDENTIFY due to manipulation, for the pur-
pose of sustaining the general market
This, together with the higher range of
prices reported from London this morn
ing. kept stocks we'll above last nights
level during the early part of the day.
but the closing showed an easy tone
with prices generally at the lowest. New
York Centre was conspicuous under
realizing pressure after the opening
and closed ~ lower than the days high
point. Kansas and Texas preferred
showed an extreme decline of IA, and
Rock Island one of full point The
heavisess of the Changers group was
an additional factor ; the decline, the
December statements Of st. Paul and
Burlington. WITH tIle small increase
shown in net earnings, having an I'M
favorable influence on the general list
London sod on balance in this market
several thousand shares Of Stock, es-
pee ally IF New York Central
Thi' added tn the heavy tone to quite
a marked extent Still another fac
tor % the side Of the reac-
tion'stS was the weakness Of
the %r+nraeite sl1Ap, declines in
some " its oga,nlets reaching a point.
1ho ieU3. New York r,up added the
weiga 7f us weakness to the burden Of
sudden scrrts Of strength shown by
Northwest. LouisvillS, Denver pre-
ferred. and a few other stocks proved
unav2i,iag 10 counteraet the general
lover tendency.
Exchange hardened a fraction for de-
mand in response to London continued
selling of stocks here. The announce
ment OF the withdrawal Of fl0,000 in
gold from the Bank Of England for
shipment to the United States was with
out any effect here.
Reports from London during the ear
lier dealings here fhowed prices for Am
orleans higher and the market quite
active, the speech of the president last
night being assigned as the cause.
The anticipation OF this speech has
been used for several days by the bulls
in Wall street, and the realizing today
after its delivery was IN accordance
with the usual practice Of professional
traders
The business in the bond market con-
tinued on a remarkably heavy scale,
and prices generally are higher. There
were single transactions in par value Of
$15o,0O0 and $4,000 of the Union Pacific
purchase certificates of 1925, 900 of Atch-
ison and Adjustment As, and 100000 of
Erie Prior As. Total sales, s., 500 900
U. s. old As reg. were ss higher bid
the new As n higher bid, and do. cou-
pons and the 5s * higher.
Money on call easy al 112G1% p. c.;
last loan, 11a p. c. Prime mercantile pa
per, 9Q3% p. c. Sterling exchange firm,
with actual business in bankers bills at
4.845s for demand and at 4.S215dS4 for 60
days. Posted rates, 4.S3dia and 4.&1.a
4.86. Commercial bills, 4.S115d4.82. Bar
silver, 56es. Mexican dollars, 45. Govern
ment bonds strong State bonds dull.
Railroad bonds strong.