The San Francisco call., 1898-04-12
NEW YORK STOCK MARKET.

NEW YORK, April 1l-There was a per,od of about fifteen minutes of animated selling and quickly declining prices on the Stock Ex- change to-day, after the reading of the Pres ident's message to Congress and ther. were some large buying orders executed in the last fifteen minutes of trading which brought prices up to the top level of the day Otherwise the market in the hands of the room traders as it has been for several days past Prices opened up d point in many stocks, lost the ad- vance and rose again before the message was sent to Congress. The drop after the reading of the message was between Il and F points from the high point for the principal stocks Net gains at the close over a point for most leading stocks. The days results were a surprise. It can scarcely be gainsaid that they go far to demonstrate that very few specula- tive contracts remained to be covered The bears who sold stocks short after the Maine disaster evidently made up their minds some time since that the unfavorable effect upon values of securities being discounted in advance of the Presidents message The bears count to be covered to-day The Offerings which brought about the decline to-day were not large The buying was largely by foreign houses. and 1t is said the purchases were taken change tomorrow. That exchange was closed to-day, and no reflection came from there on the sentiment abroad in the developments be- tween the United States and Spain The ab- sence of any specific recommendation in the iards from Cuba was taken as a bull point The doubtful element in the situation Is the days market demonstrated that until this question is decided, there is disposition to enter into large operations Tn securities Ow- ing to the fact that to-day was a holiday in London, there almost nothing doing in sterling exchange and quotations were merely nominal, but about steady. The making of cali loans al per cent indicated that there is no immediate prospect of easy conditions in the money market. The sub-Treasury's credit bal ance of sl97 ,04S reflected the further with drawal of the Union Pacific payment which has been left on deposit with New York banks and which Is being withdrawn as set- off to- the Governments expenditures for ex- .pense account. Of the balance due the Gov ernrnent on the Union Pacific payment which now amounts to about sl2. .000 GOO, one bank alone holds something more than $, GOO. GOO It is interesting to observe that of the total sur nlus reserve of the New York banks amount ing to about s35, ,O0o;000, the surplus of this same bank makes up about sS 250 GOO. In ad- dItion 10 the withdrawal of Government de- nosits the movement of currency to the in- fferjnr continues to-day in full force.
 There was no marked activity in to-day's bond market but prices showed strength as the day advanced. Total sales s1,o25.oOo.. New As. reeistered advanced F: do coupon. S: the old as registered and the 5s. F in the bid price
 Total sales of stocks to-day. 251, 200 shares including: 3430 Atchison preferred; 26. 101 Bur iineton. S772 L. & N, 1885 Manhattan, 10.sl7 Mefronolitan. 3425 Missouri Pacific. 50. 245 North ern Pacific. THO Rock Island. 2s.3sO St. Paul, Si 30{ Union Pacific. 6266 American Tobacco.