The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-04-08
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks
Metal Quotations-Wool Prices and
Movements-Grain and Pro-
duce-Review OF Trade.

New York. April THE conviction Is
evidently unaltered in Wall street that
the delay i'm presenting the presidents
message to congress adds to the POSSIBLE
tiles of a peaceful solution of the Cuban
question. The market closed a shade
lower today in the average price. In
dividual losses were i'm almost all cases
confined to fractions, and there is a fair
sprinkling Of gains among leading stocks.
Only a small proportion of the sharp ad-
vance which came with yesterdays news
that the message was to be delayed un-
I'll Monday was wiped out. Tit profess
sional bears showed no disposition to re-
new their short contracts. Neither was
there any sign of liquidation of long hold
ings. The only buying demand was
caused by some slight covering of shorts
and a very limited amount of commission
house buying. The result was an almost
%stagnant market. There were no devei-
opments today which awakened IL from
its lethargic condition. That this duii-
ness Is due to an attitude of waiting was
evident from the sudden activity when
it became known yesterday that the pres
ident's message would be delayed. and
when IL was supposed that the delay in
dicated probable concessions by the Mad
rid government. The impression in Wall
street that the undertone of firmnes I'm
the market IL due to some hidden motive.
generally supposed to be the expecta-
ton that Spain will yield to pressure from
the European powers and from the pope.
and will concede the demands of the Unit
ed States. Today's small losses in face
of the generally threatening aspect of the
situation can only be explained on the
hypothesis that a peaceful solution is
still hoped for.
There was. however, a demonstration
In yesterdays late bulge thai large offers
to realize are brought out by any sharp
advance in prices. Professional opera
tors on either side are watching for the
definite development of the situation. 1t
is thought possible that liquidation us
ually incident to a war scare is waiting
for the expected heavy demand from
large short interests, which undoubtedly
exist in the market. This short inter-
est is waiting for an actual declaration of
war to cover. On the other hand. there
are those who hold that actual war has
already been sufficiently discounted. and
that the frmness In the market is due to
this cause.
The situation in the money market is
felt to be one fortified against even a Sc
we're shock. Bank reserves all over the
country have been greatly strengthened.
The gold reserve, both of the govern
ment and of the New York banks. is
large. unprecedentedly so. in the case of
the latter. and Is constantly growing.
A large proportion of the payments at
the custom house are made in gold, and
the clearing house balances are I'm great
part settled in the same metal. There Is
no immediate prospect of international
exchanges turning against the United
States. and until this occurs there will
be gold imports to replenish the money
market. Today's advance in the Bank
of England rate did not check the en-
gagements of gold. but served to shift
the demand somewhat from London to
Berlin. The rise in money I'm London re-
suited in a rise i'm the Berlin and Paris
rate of exchange on London.
The bond market was almost wholly
neglected. but prices were firm. Total
sales. S1.oJ0.00. United States new As ad-
vanced 1 per cent, the old IL registered II.
and the 5s 4 per cent In the bid price
today. and the seconds declined y per
cen There were sales of the new As
coupon at 122h, All advance of q over
yesterdays sale price. Today's last price
was 122.