The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-04-08
STREET IS STILL HOPEFUL
AVERAGE OF STOCK PRICES
ONLY A FRACTION LOWER
of the Previous Day Wiped Out,
and a Fair Sprinlxling of Net Adj
vances Among the Active Issues
Market Dull and Now In
Waiting Mood.

IDENTIFY unaltered in wall Street, that the he de-
lay In presenting the presidents message to
congress adds to the possibility of a peace
full solution of the Cuban question. The mar
ket closed shade lower today, in the aver
age price. Individual losses were in al
there Is fair sprinkling of gains among
leading stocks. Only small proportion Of
the sharp advance which come with yes
delayed until Monday was wiped out.
The professional bears showed no DISPOSE
ton to renew their short contracts. Neither
holdings. The only buying demand was
caused by some slight covering of shorts
and very limited amount Of commission
house buying. The result was an almost
stagnant market. There was no development
of the day which awakened it from It's leth-
argic condition.
The public Impression in Wall street is
that the undertone Of lrmness 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 will concede the demands of the
United States.
Todays small losses in the face of the gen.
can only be explained on the hypothesis that
a peaceful solution Is still hoped for. There
was, however, a demonstration in yesterdays
late bulge that large offerings to realize are
brought out by any sharp advance in prices.
Professional operators on either side are
warily watching for the definite development
l
the liquidation incident to war scare is
waiting for the expected lower demand from
the large short interest, which undoubtedly
exists in the market. This short interest is
waiting for an 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 frmness
in the market is due to this cause.
The situation In the money market 1t felt
to be one fortified against even severe shock
Bank reserves all over the country have been
greatly strengthened. The gold reserve, both
of the government and Of the New York
banks, is large, unprecedently 80 in the case
Of the latter. and is growing constantly. A
large proportion of the payments at the GUS
toms houses are made in gold and the clear
ing house balances are in great part set
tied in the same metal, There is no great
against the United States, and until this
occurs there will be gold imports to replen-
ish the money market. Todays advance in
the engagements Of gold, but served to shift
the demand somewhat from London to Berlin.
The rise in money In London resulted in a
rise in the. Berlin and Paris rate Of ex-
change on London.
The bond market was almost wholly
neglected. but prices were firm: Total sales,
$500, GOO. U s: new tours advanced ! per
fves Il per cent in the bid price today, and
the twos declined " per cent There were
sales of the new fours coup at 122A and ad-
vence Of II over yesterdays sale price. To-
days last price was 122.
Total sales of stocks today were 237, 800
ShaEes inslgdns: as5 e o. Mn5 Bur
SIS Metropolitan. $3.50 Missouri Pacific. 4, los
Northern Pacific, 9,135 do pfd, 1850 Rock
Island, 2O,s75 st. Paul, 1885 Union Pacific.
1875 U; F, D. & G., $40 Spirits. 4,21o To-
The following were the fluctuations of the
leading railway and industrial shares fur
nished by G. H. F.. Smith & Co., members
of trade: