The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-04-12
AFTER IHE MESSAGE
Prices on the Stock Exchange
Off For a While.
LARGE BUYING ORDERS
Bring Figures to the Top
Again, Near the Close,

! New York, April n.-There was a period
| Of about Is minutes of animated selling
and quickly declining prices or ghe stock
exchange today. after the rea1ing of the
presidents message to congress ard there
were some large buying orders executed
in the last Is minutes of trading wni, h
brought prices up to the top Ievel of the
day Otherwise, the market IVES in the
hands of the room traders $ 1t has been
for several days past. Prices opened uD
a point in many stocks, lost the advance,
and rose again before the message was
sentsent to congress. The drop upon the
conclusion of the reading was between
and points, being the high point for
the principal stocks. Net gains at the
close were over a point for most lead
ing stocks. The days results were sur
prise. 1t can scarcely be gainsaid that
they go far to demonstrate that very few
speculative coAtracts are made 10 be COW
cred. The beaEs who sold stocks shortly
after the Maine disaster evidently made
up their minds some time since that I'M
favorable effect upon values of securi-
ties was being discounted in advance of
the presidents message. The bears ac
cordingly covered, leaving a small short
account to be covered today. The offer
4ILSS winch ABOUT the utCllllt IT,
day were not large. The buying was large
" by foreign houses. and it is said the
purchases were taken with a view to
selling on the London exchange tomorrow.
That exchange was closed today. and no
reflection from there of the sentiment
abroad on the new developments in the
relations between the United States and
Spain. The absence of any specific rec
OmmendatiOn in the presidents message
for ousting the Spaniards from Cuba was
taken as bull point. The doubtful ele-
ment in the situation is the action which
congress is likely TO take. TOdays mar
ket demonstrated that until this question
is decided there is no disposition TO enter
into large operations IN securities. Owing
to the fact that today was a holiday in
London. there was almost nothing doing
in sterling exchange and quotations were
merely nominal, but about steady The
making of call loans at per cent indi-
Gated that there is no immediate prospect
of easy conditions in the money market.
The sub-treasury's credit balance of $751;
04S reflected the further withdrawal of the
Union Pacific payment which has been
left on deposit at New York banks, and
which is now being withdrawn as a set
off to the government expenditures for
defense account. Of the balance due the
30 Nii NiAO oIiAOli e'NiiS pay Alitiit'
which now amounts TO about $l2 600 900,
one bank alone holds something less than
SS000,000. It is interesting to observe that
of the total surplus reserve of the New
York banks, amounting to about S35-
000,GO0 the surplus of this same bank
makes up about IS. 100000. In addition to
the withdrawal of government deposits
the movement of currency to the interior
continues today in full force.
BONDS.
There was no marked activityin today's
bond market, but prices showed strength
as the day advanced. Total sales were
ST. 025 600.
Newfour s, registered, advanced z per
cent. coupon, g per cent, and the old tours
registered and the fcvs Il per cent bid.