The San Francisco call., 1898-04-10
EASTERN MARKETS.
NEW YORK STOCK MARKET.

NEW YORK, April 9.-Operators In stocks maintained strictly waiting attitude to-day
 The extreme variation in prices reached point or over in a good many stocks and the market
 took on some show of animation in the first
 hour on the upward movement, but the purely
 fictitious character of this advance was dem onstrated by the relapse in the second hour. The days net changes are hardly perceptlble In many and show an indiscriminate mixture of gains and losses. The market was without any more significance than yesterday.
 The total sales of stocks were less than lo0,0OO shares. The fact that the London exchange
 was closed left New York without the initia- tive from that quarter. London operators were apparently not eager to avail themselves or the opportunity of trading on the New York ex- change and orders by cable of small amount though they sufficient to aid the first hours advance. The bank statement was regarded as unfavorable, the movement of cur rency to the interior having apparently been heavier than expected. It was expected that the imports of gold would about offset the movement 10 the interior. Apparently some Of the gold has also been absorbed to meet in- directly the demand ot interior banks; that is to say it has been deposited at the sub-treas- ury in exchange for currency transferred from
 ashington.
 they were a week ago. The high prices of the week made on Wednesday afternoon when the announcement came that President Me Kinley's message to Congress would be delayed until Monday. The first interpretation of this
 
 looking to a peaceful solution: Although the further negotiations have not developed part of Wednesdays gains has been held There has been much puzzled effort to account for the frmness of the market in face of the weeks threatening developments and there has been a disposition to ascribe some secret motive to the buying popularly supposed to be on in- side information from high financial sources in Europe that Spain would be forced to recede at the eleventh hour. But it must be said that the prevailing conviction in Wall street has become that war with Spain Is now inevitable and still prices do not go materially lower. Commission houses authority for the state ment that they have orders to buy on a de- scending scale. This condition stops the pro fessional bears from operations on the short side. On the other hand Wednesdays bulge demonstrated that there is supply of stocks ready to offer on any notable advance. The market is thus held in sort of stable eQu- librium by orders to. buy below the present level and orders to sell above it. Meantime the amount of trading which is invited is very small The conviction is unavoidable that prices are near the level of the value for existing anxious to sell and those who seek them are not willing to offer more for them than pre- vious to the Maine report in the effort to find the true level and to discount that event and it's probable result. It is the invariable rule that a prolonged price movement overshoots the mark, resulting in reaction. There can be no more convincing demonstration of true level Of values than stagnation in the market. There are varying opinions regarding the effect of the actual presentation or the Presidents message in Congress on Monday, both as to the amount of liquidation which will be brought out and the volume of short contracts which will be covered. The prevailing belief is has been accurately reflected in the money markets. The continued stiffness of time money rates and the dsinclination to make time loans is called sentimental there is no lack of money in supply, notwithstanding the large demands of interior institutions for the purpose of strengthening their reserves.
 The bond market has been dull all week and has moved in sympathy with stocks. United States old 4s (regular) have advanced 11s the new 4s tregular) l, the is tcoupon) ,, and the old Is tcoupon) and the 5s + per cent, and the seconds have declined l per cent in the bid price.
 The total sales of stocks to-day were s9 200 shares, including II 520 Burlington, 31I5 North ern Pacific, 3005 Rock Island. F, ,3i5 St. Paul, F. III Union Pacific, 31l5 Union D. and G.. A 275 Sugar. |