Evening star., 1896-12-23
The Usual Holiday Dizziness Charao-
terized Speculative Dealings.
DECLINES WITHIN FRACTIONAL LIMITS
Cuban Situation Regarded as
Less Threatening.
GENERAL MARKET REPORTS
Special Dispatch To Thc En-airr star,

Special Dispatch 10 Thr Er:ir- star.
NEW YORK. Decemner .3-Today's
stock market reflected ,he usual holiday
dullness and was given over 10 the insgnid-
cant operations of the professional element.
Prices rarely profit 10y such conditions and
the net result of the day trading sustains
the record of preN ious Years. There were
no stocks pressing for sale. however. and
the declines exceeding fractional limits
were brought abou; only 10y concerted ac-
tion on the part OF the bo'acr room traders
Western adyices reported .he failure Of one
small bank but announced gratifying i'm
provement In the Chicago situation.
AT this center all of the leading institu-
uonS are working together harmoniousiy.
and ii is hoped that the threatened run OF
yesterday has been permanently averted.
Liquidation in the west cannot be safely
regarded as having run its course. and
sales of securities are likely to protect real
estate, and such other inflated assets as
are known to exist ia that section of the
country. If the process Of liquidation *
conservativeiy undertaken. no special dis
turbance should result. but enforced selling
would involve sacrifices beyond all reason
able doubt.
Recent disclosures have had the effect or
discoaraging enthusiasm among the more
active speculative interesi5 and surface IN
dica.ions ere not wholly encouraging To a
higher market during the holiday period.
Dullness is. however. morv proba hl. than
any serious decline.
The Cuban incident Of last week l. daily
working back toward a less threatening
aspect and is not seriously regarded as an
il centiye to immediate financial operations.
Diplomatic affairs seem more likely To
shape themselves into arguments favorable
to values rather than to supply an ncen-
tive 10 cenression.
The short interest in Delaware and Hud-
son was active during the forenoon in COW
erirg the stoc k sold oft yesterdays rumor
of probable reduction in the diviuent
rate The company has sold less coal this
year than last. but has received a greater
profit on its proauct than heretofore The
dividend earned is consequently lacking
only about per cent of the usual rate. and
considering the size OF the company's sur
plus and the encouraging prospects for the
future it is not unlikely that the per cent
rate Will he maintained next month.
The declaration of an extra dividend Of
> per cent by the Pennsylvania Cc1l Com
of the trade during the coming season when
some mere harmonious working agreement
becomes operative.
The executive committee of the United
States Rubber Company has been IN ses-
sicn during a greater part of the day. hut
the result of the meeting will not he an
hounced until after the Close of business
A cor siderable number of the committee
VIII. 1T is undeTs TODD, favor the declaration
of small dividend. probably 81. per cent,
on the common stock Of the company.
The market was irregular during the find
hour, and entirely professional, the volume
of business being too small to warrant
significant fluctuations.