Worcester morning daily spy. (Worcester, Mass.) 1888-1898, 1898-01-15
IRREGULAR.
Lack of Sustaining Power Evi.
dent in Stock Market,
Professional Traders Generally Threw
Over Holdings in Final Hour-Havana
News Dsquieting.

New York, Jan. 14--The course of to-
days stock market was decidedly irreg-
ular and somewhat perplexing SO far as
a perception of the general tone OF
speculation was concerned. AS the day
progressed the lack of sustaining power
In the strength of special stocks, which
has been the marked characteristic OF
the market for several days past, came
to be more and more felt
The disposition to watch closely for
signs of a reaction became more marked
and the final hour saw a very general
throwing over of holdings by profess
sional traders. There was no special
news to account for the break, and it
was probably due for the most part TO
technical conditions.
Stocks which have been prominent for
strength recently were conspicuous in
today's break by reason Of profit TAX
ing.
There was a feeling of more or less
uneasiness also over the tone of the
news from Havana, in regard to what
is expected rather than what has
happened. The fear that the Spanish
governments scheme of reforms is on
the point of breaking down, Is coupled
with the apprehension that the time is
imminent when intervention by the
United States to save the island from
anarchy will be imperative. The per
sistent weakness of Sugar, more or
less dominant factor by direction of the
volume of trading in 1t, also helped to
depress the market. The opening
strength was due to a somewhat fever
ish demand for local traction stocks,
due to special cases and to the eXecu-
ton of a large volume of buying orders
for London account.
Quotations came higher from London
before the opening, and probably $4,000
shares of the international stocks were
bought in this market for London ae>
count.
There were also commission house or
ders especially for investment demand
in the gilt-edged railroad stocks. The
Vanderbilt's Union Pacific and the
Northern Pacific stocks were not lack
ing in continued strength. There were
also sharp advances in New Jersey Cen
tral and Peoples gas. But the profit
taking invited by the advances in sew
eral special cases only served to in
crease the late weakness of stocks,
which had failed to benefit from the ear
ly strength. AS a consequence, there
was very general break, ranging up
to over points in Manhattan and over
points in Third avenue. Covering OF
shorts served to retrieve part of the de-
cline, but net losses of a point or over
are frequent all through the list.
Money tended to beTome somewhat
easier today without any actual change
being made in the quoted rates for cali
loans There was a brisk demand, how
ever, for commercial paper, which
drove the rates down to a range of to
4 per cent for the choice grades. To
morrow's bank statement will show a
large increase in the cash holdings.
The bond market was active early in
the day. but became less active and re-
acted slightly in the later dealings. I'm
ion Pacific and connecting line issues
were strong. Seattle, Lake Shore and
Eastern lists, trust receipts, rose ~
per cent. but lost part of that. Other
active issues showed gains. Total sales
81, $50 900. U. S. new As registered Were
II lower bid, do coupon and the old Is
reg. u lower and the % II higher.
Money on call easy, 212d2A p. c. Last
loan, ~. Prime mercantile paper, 3Qf.
Sterling exchange heavy, with actual bus
mess in bankers bills at 4.S4$4Q4. IS fol
demand and 4.821kG94 for go days. Posted
rates. A. S39k and 4.S5d4 IS. Commercial
bills, 482 Silver certificates, 57l545S15.
Bar silver 58k Mexican dollars, 469s
Government bonds weak. State bonds
dull. Railroad bonds strong.
NEW YORK CLOSING QUOTATIONS.