The times. [volume] (Richmond, Va.) 1890-1903, 1898-04-07
AN OPTIMISTIC
STOCK MARKET.
The Anticipated "War Panic" Didn't
Pan Out.
A VERY QUICK RECOVERY
Follows the Depression ut the Opening
News OF the Postponement OF the
Transmissions of the Message
Relieves Selling Pressure.

NEW YORK, April 6.-There Is a strong
conviction I'm Wall street that the delay
In tho sending I'm Of the Presidents mes
sage is favorable 10 the avoidance Of war;
This was clearly manifest I'm the response
Of tho market 10 the early rumor from
abroad that the Presidents message
I'D not 80 in to-day, and 10 the later
authorized announcement from Wash
Monday. The disposition OF the message
was the central point about which the
whole marked turned all day. The as
sertions OF the newspapers this morning,
that n would without question go in to-
day. and that II would declare fOr forci-
BILE Intervention caused the decline at the
opening prices. In almost all cases being
She lowest Of the Gay. The resistance 10
the decline and the quick recovery were
"A surprise TO outside observers who were
prepared for something like a war panic
on the exchange. The recovery was que
20 cabled reports Of a rumor IN LONDON
that the message would not come in until
next Tuesday. This rumOr was quickly
discrcditcd by statements from Washing
ron. and the market drifted 10 lower
plane again. but not 10 the lowest. Inc
stagnant Of the trading during this period
Of waiting was almost absolute and the
sudden outbreak of activity on the later
reports which came from the capital that
the message would be delayed until Mon
day was in strong contrast. IL was eNl-
dent that the conclusion was lcaped 10
that the Withholding Of the message was
due 10 the reception or further proposals
frOm SPAN or TO movements lOI Hutuld-
ton 10y European powers giving promise
that the two countries might emerge
peacefully from their enlargement. The
violent advance was checked. and reaction
set in. when n was stated lhat the delay
was due 20 advices from COnsui-General
Lee that he would not be able to secure
the departure I'm safety of Americans from
cuba before next Monday. Prices stinen-
ID again. however. before the close on the
strength OF the general sentiment that
The DELAY favored peace.
The money market maintained a waiting
atti ude. Time money was firm AZ per
cent. for an dates. but the exchange mar
ket showed a. hardening tendency. cold
continues to come, however. from abroad.
Bonds moved I'm sympathy with stocks,
and We're stagnaut until the last hour,
when price. advanced on squirt OF ac-
tivity Total sales Sl.3jOWp. United
States new As registered. were u lower
bid. prices otherwise unchanged on the
day The new As. coupon, sold al l2llQ
900 the last transactions.
Total sales Of stocks were 823 100 shares'
including Chicago. Burlington and Quincy
80 72O. Louisville and Nashville. 500;
Manhattan Elevated, 1860 metropolitan
street railway e.2lO Reading nrst pre-
ferred 6725; Northern Pacific, y 40 90
preferred. 1870: Rock Island. 1880, St
Paul. "a SOS: Union Pacific preferred, 81
G75: Union Pacific. Denver and Cult
% 40. American Tobacco, 1870 People
Gas $50, Sugar $500.
The Evening Posts London financial
"a hleRram says. The stock markets mere
we're waiting for President Mckinley
message to-day The tone WAS dull ana
faverish Americans opened fairly steady
and then gave way on sharp ran IN
Spanish as. The latter subsequently raj
He'd ON Paris buying. accompanied by re-
ports that the Emperor OF Austrla was
endeavOriug 10 induce Spain TO come 10
terms Americans recovered with Span
ssh as but in the street all the markets
became dun again, notably c9h ,5 On
dered for New York from the Bank or
England tomorrow.
New York sent selling orders for Ameri-
cans to-day but az the same uhe gave
"a lot of option money for put and cali
later. New York also took stock on bal
cold to the amount Of f1s5,OoO was
Withdrawn from the Bank OF England
to-day FOR New York. OF which tlu1WO
was i'm eoVereigns. il is believed thal lhl5
Indicates an expectancy Of their proDaDle
return here soon. The bank sclilhB price
of eagles IS 7Gs. I'd, but the buying price
ia. rrobablv 3D. less. hence to bring them
hack means considerable loss. NO WIN
drawals for Saturday mas yet Dteh au-
uouncod 10 is believed that nothing Dut
a war declaration will stop n. Inc CITY
opinion stin faVors "a prObap,,ce, aversion sI.3.
,f war AT the present time. me pIeNd-
lent rate for money here to-day - 8
uer cent. contracts being made subject
however. TO a possible rise IN the baiN
of England's rate tomorrow.
MONEY AND ENCHANGb'-Mone on
can at 2i4N3 per cent last lodh at "a
,er cent prime mercantile paper $40
rer cent. Sterling exchange nrmer, MM,i1t n
actual business In bankers DIS AZ asotttg
1891 for demand, and al 4sO'4otSVi2 Iol
ei,tx davs. postcd rates 4Sln4olR ana
4SfTlsiiG. commercial bills. 4I!94. SILVER
csrtidcotes 5GaJI: bar silver. o6 Mexican
dollars 45a Government BOMBS htaNy
stale bonds dull railroad pohos hrhi'