The age-herald., 1898-04-12
In w all Street.

tn wall Street
 New York April 11.-There was a period of fifteen minutes of animated selling and dropping of prices the stock exchange today after the reading of the presidents message to congress and there was some large buying orders excutd in the last fif- teen minutes of trading which brought prices up to the top level of the day. 9th erwse the market dfifted in the hands of the room traders it has done for sev- eral days past. Prices opened up a point higher, lost all the advance and rose again before the message was presented to con- gress. The drop upon the conclusion of the reading was between 1 and 2 points from tn highest for the principal active stocks. Net gains at the close were over point for most of the leading stocks. The days result were surprise. It can scarcely be gainsaid that they go far to demon- strate that very few speculative 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 was being discounted in advance of the presidents message. The bears accordingly covered leaving a small short account to be covered today. The offerings which brought about the de- cline today were not large. The buying was largely by foreign houses and it Is said the purchases were taken with a view to selling on the London exchange tomorrow.
  flection came from there of sentiment abroad the new developments in the relations between the United States and Spain. The absence of any specific rec ommendation in the presidents message for busting the Spaniards from Cuba was taken as bull point. The doubtful ele- ment in the situation is the action which congress Is likely to take. Todays mar ket demonstrated that unless this question usy $normal. l.tskandherwaFfffb gEing is decided there is no disposition to enter into large operations in securities. Owing to the fact that today was Q holiday in London, there was almost nothing doing in the sterling exchange and quotations were merely nominal, but about steady The sub-treasurys credit balance of $197 O3S reflected the further withdrawal of the Union Pacific payment, which has been left on deposit with New York banks and which is now being withdrawn as a set off to the governments expenditures for defense account. Of the balance due the government on the Union Pacific payment, which now amounts to about $12, ,OOO 900, one bank alone holds something less than SS,- 900. It is interesting to observe that of the total surplus reserve of the New York banks amounting to about $35 ,0O00 900 the surplus of this same bank makes up about $S,25O,OOO
 There was no marked activity in today's bond market, but prices showed strength. Sales, 125O,000.
 New As registered advanced 1a; coupon %; old As registered and the 5s A in the bid price,
 New York, April 11.-Tota1 sales of stocks 257 200 shares, including 3.43O Atchison pre- ferred; %,1o0 Burlington; 8.772 Louisville and Nashville; 7.SS5 Manhattan; 1O, ,s17 Met ropolitan; 3,425 Missouri Pacific; 5,2i5 North ern Pacific; THO Rock Island; 29,S6O St. Paul; s7,sO4 Union, Pacific; e,2e4 Tobacco; 57,S07 Sugar.. .s5Fg
 10
 T New York, April 11.-Money on call firm at 25zd4 per cent; last loan, per cent.
 Prime mercantile paper. 514@6 per cent.
 Sterling exchange steady, with actual business in bankers bills at $4.S34@4. S31a for demand and at A.30l for sixty days.
 Posted rates, $4.S044.S0A.
 Commercial bills, A.79@4.79h.
 Silver certificates, 555s@56K.
 Bar silver, 55%.
 Mexican dollars 45.
 Government bonds, strong.
 State bonds dull.
 Railroad bonds strong.