The herald., 1896-04-17
CLEWS' WEEKLY LETTER

NEW YORK, April 11.-Affairs in
Wall street remain quiet. Money Is
returning from it's temporary transfer
to the country for April settlements, but
the expected benefit from that source
has not yet appeared. Several minor
occurrences appear to have contributed
to the postponemert Of operations.
The wild fluctuations in tobacco stock
have produced an unsettled feeling.
The reports of the commercial agencies,
for the first quarter in 1896, make an
Unexpectedly favorable exhibit, with
the effect of encouraging the pessimis-
tic feeling entertained in some quarters.
The London market has'been dull, and
it's operations have, on the whole, been
unfavorable to New York. The still
unsettled condition of European poll
tics also continues to hold in check for
eign operations in our securities. The
renewal Of exports of gold has contrib
uted its quota towadS discouraging
buying transactions. Those shipments,
il is true, are not surprise, for they
are natural to the season; but, under
the existing currency arrangements,
they have an effect which was not felt
in normal times; for they mean the
locking up of legal tenders in the treas
ury, which have already accumulated
to $112, 900, 900, with a certainty that the
gum will be materially increased before
the spring exports of specie cease. AL
so. the relations between Washington
and Madrid have tendency to produce
timidity in financial operations. The
Cuban resolutions passed this week by
such large majorities in both houses of
congress. 1t is true, have no other force
than as a declaration of sentiment.
They cannot compel action by the ad-
ministration: and they were doubtless
intended mainly for effect in politics;
but it is impossible to say whether the
dn,f ri ae M n
party to take action from like party
motive. The Venezuelan episode is evil
dence that the president is capable OF
bold action when he thinks his party is
menaced. In any nt.when nine
tenths of legislature declare them
selves in such terms as were
uttered in the Cuban reso-
lutions of last Monday the
country against which such
protest is made cannot but
regard it as contributing to
snimosities between the two nations
concerned. Contingencies like these
are. for the time being calculated to un-
settle confidence in the financial mar
kets. And again, although strong
hopes are entertained that the Nenez-
uelan trouble will be amicably settled,
yet the shadow of disturbing possibili-
ties still hangs over that sensitive
question.
InlS is the group OIL ullSettiluS CoH-
tingencies that at the moment supplies
reasons for hesitation and postpone
ment in Wall street operations. None of
the factors Is in a really threatening
shape. The probabilities are that each
one will disappear without trace of
bad consequences. Nevertheless, the
speculative imagination, when in a So
ber mood, is very conservative and de-
mands large odds against a series OF
contingencies suggestive of caution. 1t
would be difficult to say just how much
weight Wall street really attaches to
this momentary set of conditions. Ger
tain it is that. while they suffice to
prevent buying for the moment, yet
they do not cause selling among the
larger holders of stocks, nor even sem
sibly disturb their confidence; nor do
even the professional bears" seem to
view the situation as warranting any
free selling of staple securities, but con-
fine their selling mainly to sensational
stocks. Among men OF financial status
the feeling is very general that the
substantial conditions affecting rail-
road investments are sound and healthy
and that, measured from that point of
view, stocks are cheap at present prices.