Worcester morning daily spy., 1898-03-01
MARKET STRONG.
Activity Confined Chiefly to a
Few Favored Stocks.
Cuban War Scare No Longer An Impor-
tant Factor on the New York Ex-
change-London Solid Stocks.

New York, Feb. 2S.-Today's stock
market was strong, but the activity was
largely centered in the leading stocks
such as Sugar, the Grangers, Union Pa
cif1c preferred and few others. The
most notable strength was also shown
by these stocks. The total sales showed
a considerable falling off from the re-
cent average, and the market lacked
breadth, business being poorly distrib-
uted. London was a seller of stocks
here today for the first time in a consid
erabIe period. The local market was
as little affected by this movement as it
was by London's persistent buying dur
ing the recent declines, if temporary
heaviness at the opening be excepted.
The fall in international stocks in the
early dealings was sharp, but was for
only brief time.
Added to the days net gains, the ear
ly weakness makes the range of prices
in the stocks affected very considera-
BILE, Apprehension over the Cuban ques-
ton seemed to be in allegiance, and the
course of the market was continually
upward after the opening, with the ex
ception of a slight reaction after noon
and some yielding from the highest near
the close, on profit-taking. The noon
reaction was attributed to disappoint-
ment because the supreme court re-
Trained from handing down Its decision
in the Nebraska maximum freight rate
case. The sentiments of London and
New York on the Cuban question
seemed to be completely reversed for
the recent disposition in London to look
confidently for peaceful solution, gave
way to depression today, the decline in
Spanish As, both in London and Paris,
being particularly significant. In Lon
don it was a. and in Paris 3-32
But it is none the less highly signifi-
cant that the simultaneous decline in
stock prices in London and in New
York, was accompanied by stiffening
of money rates in London, and a nota-
bly, easier tone in New York. Call loans
were made as low as 1R per cent here
today, presumably in response to the
gold shipments, 900 additional be-
ing announced today. Sterling exchange
failed to be stiffened by the gold move
rhent, and demand bills fell to 4S4, post
ed rates for long and short time being
marked down an additional half cent.
Considerable additional shipments of
gold are under the circumstances ex-
pected later in the week. There is
talk also that efforts will be made to
have the remaining government depos-
lIS Oh LNe. ."tIlloll EStCliiG liz re- IL
New York banks for the present, al
though notice had been given of the
intention to withdraw them in 10 per
cent weekly installments. The amount
of these deposits still remaining in the
New York banks is estimated at about
SIS, 100000
The average debit balance of the sub
treasury at the clearing house shows
a constantly diminishing tendency, and
today's statement shows small credit
balance, due to the fact that the gov
ernment's obligations for the last few
days Of February are very small The
days net gains in active stocks range
up TO ? per cent. and in a few cases
| over that, Sugar having gained 4
! points.
The bond market was not active to-
| day. and showed early depression, but
recovered in sympathy with the
strength in stocks. Total sales, 81
400, 0O0
United States new As registered de
clined q, ditto coupon 5s, and the old
As. and The 5s Y per cent bid, n@4at :