Evening star., 1896-11-12
FINANCE AND TRADE
Disquieting Rumors Circulated Con-
cerning Cuban Affairs.
NO REASON FOR ANY APPREHENSION
Far Reaching Effectof Judge Sho-
walters Decision at Chicago.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, November 12-Lower Euro
pean markets. particularly for Spanish Sc
curities. had g, depressing influence on Lon
don prices this morning, which finally found
reflection In local security operations. The
volume Of the days business Indicated a
slight falling OF in the demand from out
side sources, but no material declines were
recorded.
The circulation OF disauieting rumors con.
corning Cuban affairs had a tendency to
restrict trading, Notwithstanding the abso-
lute lack of ml,erial justifying apprehen-
sion OF this character. The poverty of
spain was cited among the arguments used
to demonstrate the improDabili;y of that
country's making an attack on this gov
eminent.
Funds are needed in Cuba and the inabil-
ity to secure them for that purpose is
urged against the probability Of thcm being
secured for purposes certain TO be dtsas.
ucus Inc market Is extremely sensitive
70 an rumors concerning our International
reiations. and the mere knowledge OF this
TACT in certain quarters explains the fres
qGent repetition OF unfounded reports.
The decision of Judge Showalter, handed
deWn In case brought to determine the
legality of the rebate vouchers Of the DIS.
uliins and Cattle Feeding Company was
one of the most significant events OF ths
day. owing to It's comprehensive character
ana general applicability to similar cor
porations
The decision declares that the rebate
i'olicy Is entirely legal and that pure haseru
are not prevented from transacsing bust-
less with rival corporations. IL rebate
privileges are to be taken advantage OF,
however, the purchaser must be a regular
customer OF the company granting tho
privilege.
Owing to the general adoption OF this
method by the larger Industrial corpora
tions the decision is conceded to be OF
great advantage to the majority OF them.
The adjournment Of Manhattan's direo-
tors without considering the muc h. talked
OF consolidation scheme resulted in some
selling Of that property this morning by
disappointed holders.
The earnings of the road for a period Of
about two years have not been equal to tho
continuation of the esta ltlished rate of divi-
dends. The ability to earn per cent, how
ever, HIS been demonstrated. and a sure in
come at that rate may encourage a conser-
vatfHe investment demand which might
keep the stock around !ts recent ayer,ps
level.
Against this prospect is the certainty Of
an eniorcen change an motive power or ma
terial improvements in the present system
Expenditures are usually beneficial TO IN
ture holders OF stock only, an 4 more or less
long stock would be sold Immediately the
assurances of an outlay were announced
ne comparative strength o: tho stock.
While attesting the value OF its franchise
is somewhat surprising in view OF recent
official figures
Traders are disposed to continue opera
uons on the short side OF the market bu:
thus far they have accomplished little
Material improvement mas been delayed ty
room selling. but no concessions worthy
the effort have been recorded.
Earnings have not been favorable and
the advance I'm prices has been extremely
liberal, considering the actual amount OF
trading done. Such conditions have pre-
coded profitable selling heretofore but new
speculative conditions are now to be con-
sdered.
If recent averages are maintained The
conservative element: will overlook the nrcs
ent and buy on the prospect of future pros
perity. While the net result of the days
trading reflects some irregularity, fractional