Worcester morning daily spy. (Worcester, Mass.) 1888-1898, 1898-02-09
BREAK IN STOCKS.
Cuban Resolution in the Senate
Frightened Men on 'Change.
Foreign Buying Was Strong and Helped
to Buoy the Market Early in the Day
Money Rate Declines.

New York, Feb, S.-The market sue
cumbed to the Cuban scare today in
spite of the London indifference to the
fears reflected by the New York ex-
change of rupture between the United
States and Spain. The strength of
American securities in London was
partly accounted for by the progress of
the periodical settlement Of accounts on
that exchange. Prices were bid up
sharply there before the opening here
and resulted in a sympathetic rise in in
ternational securities at the opening.
Not only was this the case but when
heaviness developed here London was
a liberal buyer at the decline, and was
a very important factor IN sustaining
prices during the forenoon session.
Americans were in demand in other
foreign centres, and from Frankfort
comes the report that they were the
features sustaining the market. Denver
& RE Grande pref was the favorite
with London, and it was able to hold
substantial gain to the close, a con-
spicuous exception in this respect.
Quite a number of stocks developed
aggressive strength at one time or 9TH
er during the day. Metropolitan Street
Railway rose at one time 4 points, but
f1uctuated feYerishly below that in the
final dealings. Michigan Central, North
west, Omaha, Pullman, Lake Erie &
Western pref and a few less conspicu-
Gus stocks We're at one time over a
point above last nights close, but the
gains were practically eradicated. Ear
ly weakness developed in the Union Pa
ciflc stocks. and Norfolk SS Western
pref. was keenly affected by profit taxi
ing. Manhattan also broke 11s early in
the day, but showed a better tone later.
General Electric and Pittsburg, c. c. &
st. L. were also heavy.
The earlier weakness of the market
had been to large extent overcome by
the strength in special stocks, when the
news of the resolutions expressing in
tervention in Cuba were introduced in
the senate. This broke the market In
the final hour and resulted in the most
severe shaking out since the ordering of
the Maine to Havana. The covering of
shorts made but a feeble rally, and
there was disposition to>reneWed liqui-
dation before the close.
The money market weakened very APP
preciably today, call loans being made
at l per cent. Domestic exchange at
some interior points has turned sharply
against NEW 1OIks anu TIE W1Ilul dN al
of an additional 10 per cent installment
of the government deposits of the Union
Pacific payment is due tomorrow. But
these features were unable to hold the
money rate. The sharp rise in the ster-
ling exchange of Il cent in the actual
rates and of Y cent in the posted rates
is probably to be attributed directly
the weakening of the money market.
Exchange bills are offered, however, at
Il cent above the demand rate for de-
livery in April and at Y cent above the
demand rate for delivery in May. This
indicates that the present stiffness Of
exchange rates is not expected to be-
come lower
Dealings in bonds continued very
large today, but there were no transac-
lions of such magnitude as yesterday
There was some disposition to realize in
| the speculative issues, but the genera
| tendency was upward in the early deal,
| ings Prices yielded to some extent
with the break in stocks. Total sales
s., IT'S, 900. United States new fours ad
vanced Is bid.
8. MEM YORK QUOTATIONS.. q
February s.