Worcester morning daily spy. (Worcester, Mass.) 1888-1898, 1898-03-15
PRICES ADVANCE.
Indications of Strong Underly-
ing Current Become Evident.
General Conditions Favorable to Pros
perlty Cannot Be lgnored-Acute
Depression OF the Spanish
Fours in London.

New York, March 14.-The stock and
bond markets were strong throughout to-
day. Different opinions were offered as
had some truth in them. That the ex-
cess of buoyance was a surprise to many
professional traders, even to those who
expected some natural rebound from
Saturdays excessive depression, was
evident.
There was nothing in the news of the
day to change materially the political
outlook, and that many holders of Sc
curities continued nervous, was evident
from the large offerings to realize,
which met the large rises at the open
| ing. But the reaction which resulted
from these offerings was more than over
when those stocks which showed the
! largest gains at the opening rose in
some cases over a point over the really
high prices
! Prices of Americans were advanced in
London before the opening here. This
was the more notable on account of the
acute depression of the Spanish govern
ment As, which fell 2 IL in London, on
Paris selling, and showed an extreme
decline of 1 rs in Paris. The course of
these bonds has been looked to as a true
index of the diplomatic relations be-
tween the United States and Spain.
This discrepancy might mean that cap
ital looks favorably upon the excellent
financial and industrial conditions in
the United States, in spite of the dam
ger of war, or it might mean that the
acute financial distress of the Spanish
government detracts from the value of
its bonds, in spite of the chance of
peace.
1t is not to be lost sight of that United
States bonds in the local market de-
clined IL per cent in the bid price in
face of the strength of all other secu-
rites
1t is possible, however, that the stiff
fleming of the money rate may have ac-
counted for this movement Certain it
is that there was very large covering
of short contracts. which had been left
open over Sunday, on the belief that
some new and dangerous development
was imminent in our relations with
Spain Traders were indisposed to put
out fresh short lines, and there was even
the evidence of various familiar devices
for bulling prices to show that some of
these elements were in the market for
at least a short upward turn in prices.
The firmnesS Of prices was sustained to
the close. This was a demonstration
that the underlying strength Of business
conditions in the country would quickly
bring about a recovery of prices upon
any relaxation of the tension over the
Cuban question.
Gold continues to be engaged abroad
for import, today's announcement aggre-
eating considerably over 100000 The
fall in the rate Of exchange on Paris
and Berlin, and the relative steadiness
of the rate on London, indicates where
the pressure for gold is being applied,
and there was a response in the stiffen-
ing of the money rate in Paris and Ber-
lin. Money is still moving to the in
terror from this point, and the receipts
of gold had no effect today in easing
the money market
I Over $1,000, 900 will be withdrawn to-
day and paid into the treasury, for the
second payment on account of the Kan
sas Pacific sale.
Nearly all active stocks are from to
over per cent higher as a result of the
days trading.
Prices of railroad bonds rose in SYM
pathy with stocks, but the overwhelrn-
ing proportion of the dealings was in
the Atchison adjustments, and the
Union Pacific new As. Total sales
SO, 100000. U. s. bonds were 1-2 per cent
lower bid, except the As and rs, which
were unchanged.
NEW YORK QUOTATIONS.
March H.