Evening star., 1897-01-04
FINANCE AND TRADE
Looking for Conservative Legislation
Regarding Cuba.
EFFECT OF TIE st. PAUL FAILURES
Caused OuIIness Rather Than
Pronounced Concessions.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star
NEW YORK. January 4.-opening priceo
In today's stock market were generally
steady around Saturdays final figures
The volume of business was unimprovei.
out prices were well sustained b. son of
restricted offerings. No new commission
business worthy of note was reported, un-
certainty as to the probable developments
In the Cuban situation inspiring caution.
Present Indications are decidedly more fa-
vorable to conservative action on the part
OF Congress. and any general realization of
present prospects should cause an i'm
mediate reaction from the fear inspired bI
the possibility of breach between this
country and Spain. Once apprehension
based on possible Legislation is disposed of
the routine Developments In the financial
world will be given q new and probably
favorable significance.
The decisions in the cases OF Manhattan
and the Reading railway companies were
conceded TO be a favorable Indication ot
what is likely to happen in certain other
directions. The Reorganization commits
tees of other roads would have been
harassed at every turn had such a project
as that of rehabilitating Reading been
found legally defective.
The revival of activity in speculation will
in all probability be led by shares which
one year ago offered no announcement to
paid, and these properties, selling on
basis requiring small interest charges for
carrying. offer encouragement for ths
future such as few of their high-priced
neighbors can boast Of
Further banking failures i'm St. Paul had
depressing influence on the early after
noon trading, but dullRess rather than pro-
nounced concessions served to express the
Significance of these disasters. Commercial
aud financial difficulties are to be expected
at this season, but il is hoped, as well as
believed. that the east will not be called
upon to participate in these calamities.
Traders being still in control OF prices are
watchiul for just such announcements and
are prepared TO make the most OF all adj
verse influences.
Among the favorable indications of the
situation, however, the condition OF the
foreign exchange market is to be considered
as OF unusual significance. Instead Of high
rates and threatened gold exports. q mar
kept in which all demands are easily sup
piled and rates prevailing at the normal
level is reported. Money is plenty and
rates. consequently. low.
Foreign cables report an easy money in
London, although some advance from SAT-
urday's low level Is recorded. Consois were
sold down a few fractions in the foreign
market on realizing sales. but the general
markets were steady. Trade balances war
rant the belief that the customary loss Of
gold to Europe at this season may be
averted. The significance of such condi.
items cannot be underestimated with profit
to the operation in railway securities.
Rock Islands statement, while refiectinq
a decrease. limits the amount considerably
and is therefore relatively favorable. Items
of this character from row on should inn
prove noticeably. The market reflected the
further unfavorable developments In ST.
Paul and Minneapolis during the last hour.
but the pressure to sell came entirely from
the room. The net result of the days
trading was fractionally unfayorable by
comparison With initial prices