The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-04-12
STOCKS SCORED NET GAINS
COURSE OF THE NEW YORK
N ~
MARKET WAS A SURPRISE
For Fifteen Minutes After the Mes
sage Was eNIade Public Prices
TumbIed ON Free Selling-Then
Rally Carried the Active List
to the High Point of the Day
Bonds Were Dull.


NEW YORK, April 11.-There was period
OF about fifteen minutes of animated selling
and quickly dropping prices on the stock
exchange today after the reading of the
were, some large buying orders executed in
the last fifteen minutes Of trading, which
NOI . prices up to the top level Of the day.
otherwise the market drifted in the hands
of the room traders as it has done for sew
eral days past. Prices opened up point in
many stocks. lost practically all the ad-
was presented to Congress The drop upon
the conclusion Of the reading was between
one and two points. Net gains at the close
were over a point for most of the leading
stocks.
ST The ls., days results were a surprise It can
scarcely eoGt,. De gainsaid that they go far to
tracts remained to be covered. The bears
who sold stocks after the Maine disaster evil
IDENTITY made up their minds some time since
that the unfavorable effect upon values Of
securities was being discounted in advance
OF the presidents message. The bears &C
cordingly covered. leaving small short ac-
count to be covered today.
Inc puylng was largely by foreign houses,
ana 1t Is said the purchases were taken with
we view a OIL selling tomorrow.
=. Inc doubtful element in the situation is
the action which congress is likely to take.
Today's market demonstrated that until this
question is decided there is no disposition to
enter into large operations in securities.
owing to the fact that today was holiday
IN London, there was almost nothing doing
In sterling exchange, and quotations were
merely nominal, but about steady. The
making OF call loans at 4 per cent indicat-
ed that there is immediate prospect of
easy conditions in the money market The
subtreasurys credit balance of $197, O38 re-
nected the further withdrawal of the Union
racine payments, which have been left on de-
post with New York banks and which is
now being withdrawn as a set-off to the
governments expenditures for defense ac-
count or the balance due the government
on the Union Pacific payment, which now
amounts to about 1900. 600, one bank alone
holds something less than $50 600. 1t is
interesting to observe that of the total sur
plus reserve of the, New York banks, amount
Ing to "a, about sS5.ooOooe, the surplus Of this
same bank makes up. about sS,250,OO0. In
addition to the withdrawal Of government
deposits the movement of currency to the
interior continues today in full force.
There was no marked activity in today's
bond market, but prices showed strength
as the day advanced. Total sales, 81, OPS, 900.
New As reg. advanced "a do coupon, "a.
Total sales of stocks today were 257 200
shares, including: Burlington, 26101; L. & N,
s772: Manhattan sss METROPOLITAN, 10 81
missouri Pacific. 3,425; Northern Pacific,
5A5; Rock *. Island. ITO; st. Paul, 29.ssO;
Union Pacific, 37,304; Sugar, $685.
The following were the fluctuations of the
leading railway and Industrial shares fur
nished by G. H. F. Smith & Co., members
New York stock exchange and Chicago board