Evening star., 1896-12-19
FINANCE AND TRADE
Foreign Spectators Not Disturbed
by the Cuban Resolutions.
FOREIGN PURCHASES RAISED PRICES
Confidence Expressed That the
Scare is Over.
GENERAL MARKET REPORTS
pecial Dispatch to The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK. December 1a-The action
of the Senate foreign relations committee
I'm agreeing to report the resolutions ac-
knowledging the independence of Cuba
ia. a to impress London TO the extent an
ticipated by traders at the close OF yester-
days business. Foreign prices reflected
gains varying from L to IL per cent by
comparison with our closing. and were du-
plicated at the opening of the local market.
The dealings throughout the morning re-
fecred the extreme sensitiveness of the
market. but instead of decentralization
prices were generally improved. The net
gains for the day. from first prices. varied
from to 2la per cent. The strength Of the
International shares was the most con-
spicuous feature of the days developments.
The Venezuelan panic was inaugurated
by foreign liquidation, the Cuban panic
has been stayed by foreign buying. The
fact that yesterdays demonstration against
values was regarded as an anniversary
celebration of the Venezuelan episode, un-
doubtedly had some influence on the i'm
pulsive element in speculation. 1t is diff
cult to account for the extravagant un-
dertakings recorded during yesterdays late
trading by any more substantial argu-
has demonstrated the difference between
complications with Great Britain and the
wounding of Spanish pride.
Stocks sold yesterday were bought back
by traders and commission houses alike,
with the determination to wait more sig
nificant developments. The fears of those
who hesitate to again assume liabilities in
the long account are based on the posi-
bilities resulting from the proverbal hot
headedness of the Spaniards. These fears
are fully. justified by historic precedents.
but it is generally believed that completed
legislation win be awaited by the foreign
powers.
Public sentiment in this country will
crystalize during the holiday recess, and SO
much of the congressional demonstration
as is intended for mere political effect may
be arrayed on the side of dilatory tactics
looking to an indefinite prolongation of the
debate on the pending resolutions. Then,
too. the wishes of the new administration
may command respect in this matter. and,
if SO, the responsibilities for yesterdays
decision against the present administration
may rest on individuals. rather than the
whole country.
The street is assured of the administra-
ticn's standing firmly on is present policy.
and is confident that. barring surprises
abroad. the scare has been exhausted
Jhe market developed strong indications
OF Improvement just prior to yesterdays
attack, and the opinion is now general that
Cuban difficulties will alone prevent ac-
tivity by large and influential interests
The bank statement shows further
gain of $2,fJ0,OU0 in lawful money, about
% per cent OF which is in specie. The
loans have increased $3,512.JU0, while the
deposits reflect an increase equal to more
than the gain IN the two items mentioned
An Increase of 81 l.G6S.37 in the reserve
holdings up to SS3.2j0,OO. An easy money
market is consequently assured during the
balance of the year.
The probability of gold shipments on
Tuesday are more remote than formerly
as the result of increased offerings of eX-
change in the form of options. Foreign
banks were prepared to send out some coin
to Germany, but it is now hoped that the
balance of the year will be passed without
decreasing the local gold supply 1t is also
probable that the usual early year loss will
be reduced as the result of easy money
markets In Europe.