Worcester morning daily spy., 1898-02-17
MARKET UNEVEN.
Disaster to the Maine Centre of
Interest on 'Change.
Declines in Stocks Not Altogether Attri-
butable to Disaster-Net Losses of 2
Points Common Through the list.

New York, Feb. l6-Trading was re-
markedly feverish on the stock ex-
change, today, and all interest centred
in the disaster to the Maine in Havana
harbor, and in the possible information
al consequences. 1t cannot be said,
however, that varying phases of the
speculation during the day represented
an exchange of opinion as to the very
grave possibilities with whi2h the disas-
ter is pregnant
The occasional checks to the down.
ward course of prices We're rather the
results of question in the minds Of
large operators as TO their ability to
hola the market, or the best way in
Which to effect the liquidation of their
holdings. Twice during the day very
powerful support was forthcoming in
the market to check the decline and to
combat the successful raid Of the bears.
That there was very large short sell
ing during the day was evident from
the strength of the rallies caused by the
covering of shorts when the turning
point at the low level was reached This
was particularly noticeable In some OF
the greatest favorites of recent specdla-
ton which have been pushed up to
prices hardly warranted by their intrin-
steal value
The knowledge possessed by the bears
of very heavy speculative holdings in
these stocks covered by light margins,
gave them care in fiercely setting the
mark down. The support Of the bills
no sooner effected a check to the decline
than realizing offers began to come out
again. There was an abundant supply
of long stock fed into the market all
day long, and it was evident that the
bulls had abandoned an immediate cam
paign. How far the speculative hold
ings for a rise were lfquidated, remains
to be seen. 1t seems sufficiently evil
dent, however, that as soon as this liq-
uidation can be concluded, prices of Sc
curities will be left for the time being,
to find their natural level. Stocks which
have been free from manipulation, for
rise, were comparatively firm today,
and the so-called Klondike group, no.
tably Oregon short line, was even ag-
gressively strong, rising at one time
points This was on reports of the large
traffic opening up for Alaska.
Northern preferred gained points
and Denver preferred showed compare
tive f1rmness. Kansas and Texas pre-
ferred also rallied to last nights level
before the close, Otherwise the weak
ness of stocks was only a question of
| degree. The local traction stocks were
all severely handled. Metropolitan Street
rallying at one time 8 IL points, and
closing at a loss of 6 points. Norfolk
and Western preferred was raided
down Rearly points at one time, but
closed at a recovery of over points
| Northern Pacific preferred also yielded
= at one time 3 1-2, but recovered sharp
! ly. Net declines of 2 points and up
1 wards are very numerous all through
/ the list
! Bonds We're heavy in sympathy with
stocks, but declines were not so severe,
and the market was not as active as
1 that for stocks, Total safes, ST. 100,0 600.
/ U. S. old As reg, new As reg. and IS
were Is lower. bid today, and the new
| As coupon IA lower.