The San Francisco call., 1898-04-08
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK, April 7.-The conviction Is evil dently unaltered in Wall street that the delay in presenting the Presidents message to Con gress adds to the possibilities of a peaceful solution of the Cuban question: The market closed shade lower to-day in the average price. Individual losses were in almost all classes confined to fractions and there is fair sprfnkling Of gains among leading stocks only small proportion of the sharp advance was caused by the news that the message was 10 be delayed until Monday. The professional bears showed disposition to renew their short contracts Neither there any sign Of liquidation of long holdings until the only buying in them was caused by some slight cov- ering of shorts and a very limited amount of commercial buying. The result was an almost stagnant market Tbere develop ment to-day which awakened from It's lethar- gic condition. That this dullness is due to an attitude of waiting evident from the sud- den activity when 1t became known yesterday that the Presidents message would be delayed and when it was supposed that the delay indi cated probable concession by the Madrid Gov ernment. The public impression Wall street Is that the undertone of frmness in the mar ket is due to some hidden motive, generally supposed to be the expectation that Spain will yield to pressure from the European powers and from the Pope and will concede the de- mands of the United States.
 There was, however, a demonstration In yes- terday's late bulge that large offerings to real ize are brought out by any sharp advance in prices. Professional operators on either side waiting for the definite development of the situation. It Is thought possible that the H. quldation usually incident to war scare Is waiting for the expected heavy demand from the large short interest which undoubtedly ex ists in the market. This short interest Is wait Ing for 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 firmness in the mar ket is due to ths cause.
 The situation in the money market Is felt to be one fortified against even severe shock. Rank reserves all over the country have been greatly, strengthened The gold reserve both of The Government and the New York banks is latter and Is constantly growing. A large pro- portion of the payments at the custom house are made in gold and the clearing house bal ances are in great part settled in the same metal There Is no immediate prospect of fn- ternational exchanges turning against the limited States and unless this there ought 10 be gold imports to replenish the money market To-day's advance in. the Bank nf Eneland rate did not check the engagements of gold but served to shift the demand from Gandon 10 Berlin The rise in money in Lon- don resulted in rise in the Berlin and Paris rate of exchange on London.
 The bond market was almost wholly neglect ed hut prices were firm. Total sales. sl050. GOO. limited States As advanced l per cent; the old As registered ia and the 5s per cent in the bid price to-day, and the Eds. declined F per cent There sales of the new is con pon at l22A, advance of % over yesterdays sale. price. To-day's last price was 122.
 Total sales of stocks to-day were 2SI, 200 shares. including: 3165 c. & O., 24, 750 Bur ungton. s7s5 Louisville and Nashville. s6ol