Evening star., 1896-04-11
FINANCE AND TRADE
Strong Speculative Undertone and
Small Volume of Business
CONFIDENCE IN CUBAN SITUATION
What Representatives Of Foreign
Interests Say.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. April 11.-A strong specula-
tive rndertone and a minimum volume Of
business about describes today's stock ope-
rations. Fractional additions were recorded
In majority Of the more active issues. but
the professional character Of the market
remains unchanged. The developments Of
the pest week. which are likely to influence
speculation, have in the main been favor
able and should eventually find reflection
In slightly higher range of values.
The Madrid letter. notwithstanding the
existence of grave doubt as to it's having
been sent and patent evidences Of guess
work as to its contents. had a moderate
influence for good in todays market.
Enough has already been learned Of the
probable course to be pursued in connec-
tion with the Cuban situation to inspire
confidence in a satisfactory termination Of
a disQuieting controversy.
This latter assurance is all that should
be demanded as a speculative factor, the
date of diplomatic letter opening the way
to such a result being of small moment by
comparison.
The adjournment of Congress would ma
tcrially relieve the tension of the present
situation, and indications point to an early
discou 1ting of this event. A movement,
based on the prospect, is quite probable
within the next fortnight. unless present
The market for foreign exchange is an
important factor at the present time and
will continue to he for several weeks. in all
probability. There has been no important
business, transacted in the market during
the week, the bulk of the transactions con-
sisting principally Of bills sold against gold
shipped on special order, to Russia. Rates
have ruled well under the shipping point,
except in cases similar to the one noted, in
which premium was paid.
Representatives Of foreign banking in
terasts are authority for the statement that
there is almost no disposition on the part
of foreigners to withdraw funds from this
side, condition fully substantiated by the
free offerings of three and four months
money at per cent. For the first time
since the government bond transaction the
associated banks report a moderate gain in
lawful money, all in legal tenders SThis
circumstance indicates that the receipts of
money from interior points have more than
c1set the Withdrawals on account of specie
exports.
An easier money rate Is reasonably GER
tain in view of the changes noted. Should
the exchange market sink back to normal
conditions, cheap money will prove a val
liable auxiliary to improvement in values.
The approach of more seasonable weather
is regarded with hopefulness. a revival of
general business being likely to follow
more settled climatic conditions. The
markets disregard for the government crop
report, in view of the extreme dullness pre-
vailing, was generally regarded as an
couraging indication of strength. Dscrim-
mating purchasers from now on will not
be disappointed with final results. Patient
holders alone are likely to be rewarded,
however, as the demand for stocks will not
Immediately become general.