The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-01-06
Upward Tendeney OF Prices In Wall
Street Yesterday.
SHORTS RUSHED TO COVER
AND THE BULLS SCORED A DAYS
TRIUMPH.
Contamination of the Final Payment
On the U. P. Sale Viewed With
Relief-This Has Been a Disturb
ing Element In the Money Market
For a Month.

New York, Jan. 5.-The stock market
got away from the bears in the later
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
Gag but there was a period in the early
session when the reactionists gained con-
troll, some of the south and southwestern
stocks being sold down over a point. The
bears also attempted to utilize the intro-
duction at Albany of bills directed against
combinations of capital, but the effect of
these bills was confined to Consolidated
Some weakness was shown in some
prominent stocks which may have
been due to sympathy with the de-
preston in the same stocks on London
and on European exchange. This was
notably the case with the New York
Central stocks and Northern Pacific pre-
ferred.
THE ADVANCE.
The forced covering of shorts and the
later buoyancy OF the market brought the
extreme advance to nearly points in
some stocks, ana net gains of a point or
over are very freqCent throughout the
declines encouraged aggressiveness in
the bulls. There was a growing feeling
also that recent utteranceS by railroad
and rate cutting were not fully warranted
opinion and the action of congress. The
days reports of railroad earnings came to
reinforce this view.
DISTURBING FACTOR.
Officially the Union Pacific reorganiza-
lion committee presented its check to the
assistant United States treasurer for S.
c00O. which is the final payment of the
Union Pacific sale.
The consummation of this deal, which
has been a disturbing factor in the money
market for a month and the absence of
furry on account of it in the money mar
ket 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 cir
eumstanceS served to put an end to the
bear campaign today and turned the tide
IF the bulls, though the days business
was still largely confined TO the profess
iional trading element
The bond market took on an increased
activity and strength in some stocks, and
prices were generally higher.
L. S. new 4S were y higher bid; the 5S
~eg. g higher and the old As reg. and the
IS coup. Is higher.
MONEY MARKET.
Money on call firm. 3@3l2 per cent: last
Oan, 80, closed $685. per cent. Prime
mercantile paper 312d4 per cent. Sterling
Exchange firm with actual business IN
bankers bills at 4.S5G4S5ls for demand
md at 4S2ss S224 for 60 days. Posted
rates. 4S31aa4S6 Commercial bills, 4.S112.
Silver certificates. 56szQ5S.
Bar silver. SOS.
Mexican dollars. 4515.
Government bonds strong. State bonds
iull. Railroad bonds firm.
SALES OF STOCKS.
Total sales of stocks today were 2SS, 700
shares, incluulng: Atchison preferred,
$40; c. 3. & O.. 1S.115; L. & N, 7105;
Manhattan. 1920: Met. St. Ry., 1920;
<Se Is G
erred $685. New York Central, $780,
Northern Pacific preferred 6.3S5; Rock
,sland, 1910; st. Paul. 20 1870; Union
'acihc 1855; American Tobacco, S512;
'hicago Great Western, 4920 Peoples
as, Il, 123; Sugar, 19, 595.