The daily morning journal and courier., 1898-04-12
FfltamctaI.
Tho Stock Market.

New York, April t1-There was a
 period of about fifteen minutes of anil
 mated selling and quickly dropping
 prices on the stock exchange to-day
 after the reading of the presidents
 message to congress, and there were
 some large buying orders executed in
 the last fifteen minutes of trading
 which brought prices up to the top
 level of the day. Otherwise the mark
 ct drifted in the hands of the room
 traders, as it has done for several days
 past. Prices opened up point in
 many stocks, lost practically all the
 advance and rose again before the mes-
 sage was presented to congress. The drop upon the conclusion of the read
 ing was between 1 and points from the highest for the principal active stocks. Net gains at the close were over point for most leading stocks.
 The days results were a surprise. It can scarcely be gainsaid that they go far to demonstrate that very few speculative contracts remained to be covered. The bears who sold stocks short after the Maine disaster evident ly made up their mind some time since that the unfavorable effect upon values of securities was being discount ed in advance of the presidents mes sage. The bears accordingly covered, | leaving a small short account to be covered to-day. The offerings which brought about the decline to-day were not large. The buying was largely by | foreign houses and it is said the pur- chases were taken with view to sell l ing on the London exchange to-mor- | row. That exchange was closed to- l day and no reflection came from there of sentiment abroad on the new devel- opments in the relations between the | United States and Spain, The absence l of any specific recommendation in the presidents message for busting the | Spaniards from Cuba was taken as a l bull point The doubtful element in | the situation is the action which con- gress is likely to take. To-day's mark I ct demonstrated that until this ques- | tion is decided there is no disposition | to enter into large operations. Owing l to the fact that to-day was holiday | in London there was almost nothing doing in sterling exchange and quota tions were merely nominal but about steady. The making of coal loans at per cent. indicated that there is no | immediate prospect of easy conditions | in the money market The sub-treas- urys credit balance of $1970 03S reflect ed 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-off to the governments expendi- | lures for defense account. Of the bal ance due the government on the Union
 Pacific payment which now amounts | to about s120, 100000, one bank alone | holds something less than $S,000, 000 It | is interesting to observe that of the to- | tai surplus reserve of the New York l banks amounting to about 35,000,000, | the surplus of this same bank makes up about $S,250, 900. In addition to the withdrawal of government deposits | the movement of currency to the in- 1 terior continues to-day in full force. | There was no marked activity in to- days bond market but prices showed strength as the day advanced. Total
 sales, s, ,O25, ,O00.
 l United States new As registered ad- vanced F, the coupon ss, the old As registered and the 5s A in the bid price.