The daily morning journal and courier., 1898-01-06
EtmaMctAl.
Stock Market Gets Away from Bears and
 Closes Very Active.

otOCk marKoC Getb away rom beArS auu
 Closes Very Active.
 New York, Jan. 5.-The stock mar ket got away from the bears in the later dealings today and closed buoy ant and very active, in part because of the rush of the, shorts to cover. Some of the specialties were strong through out the day. but there was a period in the early session when the reactionists seemed to have gained control, some of the southern and southwestern stocks being sold down & point or over. The bears also attempted to utilize the in- troduction at Albany of bills directed against, combinations of capital. But the effect of these bills was confined to Consolidated Cas- which fell over a point Some early heaviness was mani fest also amongst other prominent rail- road stocks, which may have been due to sympathy with depression for the same stocks in London and on Euro pean exchanges This was notably the case with New York Central and North ern Pacific preferred. The forced cov- erlng of shorts and the later buoyancy of the market brought the extreme ad- vances in dsome of the most prominent stocks to nearly 2 points or over and net gains of point or over throughout the list. The failure of the bears to eff feet declines encouraged aggressive work among the bulls. There was a growing feeling also that recent utter anees by railway officials pointing to poor returns on account of low rates and rate cutting were not fully war ranted and were designed to influence public opinion and the action of con- gress. The days reports of railway earnings came to reinforce this view. St. Paul's earnings for the last week of the year were second only to those of 1892 for the corresponding period Mis- souri Pacific shows an increase in gross earnings for the last week in December of $l54,000, Chesapeake and Ohio for | $93, ,645, and Kansas and Texas $56,607. | The detailed statement for October of | Cleveland, Lorain and Wheeling started active buying of that stock in the final hour. which carried the price up to 15% compared with recent bids of 13. Final | ly, Union Pacific reorga nization com mittee presented it's checks to the as- sistant treasurer to-day for $S,538, ,401 which is the final payment on account of the Union Pacific sale The consum- nation of this operation, 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 market to-day, were viewed with relief 1 by Wall street. The future ease of the money market now seems assured, SC | far as government operations are con- i cerned This encouraging combination of circumstances served to put an end to the bear campaign to-day and turn ed the tide in favor of the bulls, though
 the days business was still largely con-
 fined to the professional trading ele-
 ment. Brooklyn Transit led the mar ket both in point of activity and in ex- | tent of gain, which was 2A per cent.
 The bond market took on increased
 activity and strength in sympathy with
 stocks and prices were generally higher
 Total sales, $2,175,000
 I United States new fours were F high
 CT bid, the fives regular % higher and the old fours regular and the lives cou- pon k higher.
 Following are the closing prices re
 ported by Prince & Whitely, banker
 and brokers, 46 Broadway, New York
 and 15 Center street. New Haven: