The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-12-27
STOCKS SOARING sKYwARD.
All the Developments of the Day Fa-
vOr the Bulls.

New York. Dec. 26.-Stocks showed con-
siderable strength during the early hours,
the easier condition OF the money market,
lower rates for sterling exchange and a
belief that there will be favorable legis-
lation at Washington, being the contrib
uting cause. The opinion was also uni
versal that measures viii be taken either
by congress or the executive looking to
the restoration Of the gold reserve and
this led to buying of securities in certain
quarters.
Bankers were making preparations for
the expected issue, which 1t Is now thought
viii be at least slOO.OOO,OO0 There was any
amount of gossip about the issue. but
people usually in touch with the govern
ment financial operations either did not
know or did not care TO go on record
as making predictions about the matter.
The war scare also abated and London
was a moderate buyer Of Louisville and
Nashville. st. Paul and others. Improve
ment In railway earnings in the west
also led to buying of the stocks Of the
wheat and corn carrying roads.
The easier condition OF the sterling ex-
changes put an end to the foolish talk
about a premium on gold. and a leading
bullion dealer stated that the only in
quiry for the metal was from intending
purchasers of the new government loan.
The Improvement in stock prices in the
first hour ranged from to 4la per cent.
Lackawanna rose AZ TO l65la; Michigan
Central. to 9e Cotton OIL preferred,
to 8; lead to MSs; Consolidated Gas, "a
to SEA Lake Shore. pa to 147; Louisville
and Nashville PA 70 47A Northwestern,
2 to l00h; Canada Southern, 1% to 80; 81.
Paul, Ia TO 69% Rock Island. 17s TO 6Sh;
Jersey Central lFa TO 1(lla and the other
active issues a to ! per cent.
The advance induced sales TO realize
profits, and a reaction Of 1hq2 per cent,
Shore, ST. Paul and Manhattan being
most conspicuous In the downward move
ment. Lackawanna, which had sold at
l60 and offered at 1924. Reading, Balti-
more and Ohio and, for time, Leather
preferred, were weak and lower Read
ing was sold by holders who do not Wish
TO pay the heavy assessment Leather
preferred was sold down TO 0iL from 64
on a board rumor that the dividend will
not be paid. Later there was a recovery
to So on semi-official denlals Of this report
Baltimore and Ohio fell 3h per cent. on
the revival OF the unfavorable reports
about the company's financial condition
The market ruled quiet during the greater
part of the afternoon and the course OF
prices was irregular until near the close
when speculation became firmer, owing "a
a sudden rise In Sugar to 1O3l6 The buy
ing OF sugar at this time was based on the
belief that there viii be no adverse leg
islatiOn, so far as this company Is con-
cerned at Washington at this session
Net changes show gains OF Y to 31A pei
cent. for the day. Reading, Union Pa
cific and Chicago, Burlington and Quincy
show losses of hal per cent. Baltimore
and Ohio however, lost 31a per cent.
Railway bonds, after a firm opening
became weak on sales, and realize. The
total sales were S2023000.
The sales OF listed stocks aggregated
214. 800 shares, and of unlisted stocks, &c.
749 shares.
The treasury balances were: Coin, $780,
on. .261; currency, O0,74l, 500.