Worcester morning daily spy., 1898-01-06
CLOSED BUoYANT
The Bear Campaign Has Met
Temporary Check.
uulen Pacific Reorganization Committee
Makes Final Payment TO the Govern
ment-Effeet on the Iharket

New York, Jan. 5.-The stock market
dealings today and closed buoyant and
very active in part because of the rush
of the shorts to cover. Some of the
Specialties were strong throughout the
day, but there was a period in the early
session when the reactionists seemed to
have gained control, some of the south
ern and southwestern stocks being sold
down a point or over The bears also
attempted TO utilize the Introduction at
Albany of bills directed against COM
binations of capital. The only effect
from this source was shown in CONSOLE
dated Gas, which fell over point
Some early heaviness was manifest
amongst prominent railroad stocks,
which may have been due to sympathy
with depression for the same stocks in
London and on European exchanges.
This was notably the case with New
York Central and Northern Pacific pre-
ferred. The forced covering of shorts,
and the later buoyancy of the market
brought the extreme advances in some
of the most prominent stocks to nearly
points or over, and net gains of a
point or over are very frequent through
out the list The failure of the bears to
effect declines encouraged aggressive
work among the bulls.
There was a growing feeling also that
recent utterances by railway officials
pointing to poor returns on account OF
the low rates and rate-cutting were not
fully warranted and were designed to
influence public opinion and the action
of congress,
The days reports of railway earnings
came to reinforce this view st. Paul
earnings for the last week of the year
were second only to those of 1892 for the
corresponding period. Missouri Pacific
shows an increase in gross earnings for
the last week in December of $4,000,
Chesapeake and Ohio for $9S645. and
Kansas and Texas S56,607
The detailed statement for October for
Cleveland, Lorraine and Wheeling start
ed active buying of that stock in the
final hour, which carried the price up
to 1874 compared with recent bids OF IL.
Finally the Union Pacific reorganiz-
alton committee presented its check to
the assistant treasurer today for $685.
401, which is the final payment on &C
count of the Union Pacific sale. The
contamination of this operation which
has been a disturbing factor in the
money market for over a month, and
the absence of furry on account of 1t
in the money market today were viewed
with relief by Wall street. The future
ease of the money market now seems
assured so far as government operations
are concerned. This encouraging COM
bination of circumstances served to put
an end to the bear campaign today, and
turned the tide in favor Of the bulls,
though the days business was still
largely confined to the professional trad
ing element
Brooklyn Transit led the market both
in point of activity and in extent OF gain
which was 2A per cent. The bond mar
ket took on increased activity and
strength in sympathy with stocks, and
prices were generally higher. Total sales
81, 175,000
New as were Y higher bid, the IS
reg. e higher and the old As reg. and
the SIS coupon Is higher
NEW YORK CLOSING QUOTATIONS.