The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-04-12
THE WORLDS MARKETS
Daily Record of Commercial and
Financial Proceedings.
NEW YORK STOCK REPORT
Digest of Exchange News-Mining Stocks.
Metal Quotations-Wooi Prices n
Movemepts- Grain and Pro-
duce-Review OF Trade.

New York, April n.-There was a period
and quickly draining prices On the stock
exchange to-day after the reading of the
p presidents message to ongIess and there
were some large buying orders executed
in the last Is minutes OF trading which
brought prices up to the top level of the
day. Otherwise the market was in the
hands OF the room traders. as II has been
for several days past. Prices opened up
a point in many stocks. lost the advance
and rose again before the message was
sent TO congress. The drop after the
reading of the message was between one
and two points from the high point for
the principal stocks. Net gains at the
close were over a point for most leading
stocks. The days results were a sur
prise. IL can scarcely be gainsaid that
they go far TO demonstrate that very
few speculative contracts remained to he
covered.
The bears who sold stocks short after
the Maine disaster evidently made up
their minds sometime since that the UNI
favorable effect upon values of securities
was being discounted I'm advance of the
presidents message. Thu bears accord
ingIy covered. leaving a small short ac-
count to be covered to-day. The offer-
ings 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 with a view to
selling on the London exchange to-mor-
row. That exchange was closed to-day
and no reflection came from there on the
sentiment abroad in the developments
between the United States and Spain.
The absence nf any speci0c recommended
ton in the presidents message for GUST
ing the Spaniards from Cuba was taken
as a bull point. The doubtful element In
the situation is the action which congress
is likely to taxi To-day's market dem
onstrated that until this question is de-
cided there is no disposition to enter into
large operations in securities.
Owing to the fact that to-day was a
holiday i'm 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. indicated that there Is no
Immediate prospect of easy conditions in
the money market. The sub-tressury $
credit balance of sl97,04S 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-on to the gov
ernment's expenditures for expense ac-
count. vi tne DdidHce uue u oNt'h
ment on the Union Pacific payment,
which now amounts to about $4,000 900,
one bank alone holds something less than
81. OO0, 900. 1t Is interesting to observe that
of the total surplus reserve of the New
York banks, amounting to about $4,000.
600. the surplus of this same bank makes
up about 81. $50. 900. In addition to the
Withdrawal OF the government deposits,
the movement OF currency for the IN
| terror continues TO go in full force.
There was no marked activity in to-
days bond market. but prices showed
strength as the day advanced. Total
sales, 1.025.O 600. New A. reg. advanced
II; new Is coupon q: the old Is reg. and
the IS "a i'm the bid price.