The Saint Paul globe., 1896-12-19
STREET IN A PANIC
THE ACTION OF THE SENATE Gu
BAN COMMITTEE SENT STOCK
PRICES TUMBLING,
LONG SHARES IN A FLOOD.
THEM OVER FRANTICALLY
RIGHT AND LEFT.
-0NG SHARES IN A FLOOD.
LOSSES EXTENDED TO PER CENT.
The Market Closed Feverish MT Only
fractional Recovery From the
Lowest Level.

NEW YORK, Dec. 18.-Wall street has re-
Gently attached only perfunctory interest
to the Cuban probabilities, having persuaded
itself that, beyond few fierce and impas-
stoned rhetorical declarations by certain SEN
ators and congressman, disturbing devel-
opments were likely to occur. The average
trader and security holder was not quite GER
tain, in fact, whether even these resolutions
would escape burial In committee, and the
leading bull interests seemed disposed to as
sert themselves after their protracted mac
tivity and compel the prompt covering of a
too bold and somewhat unwieldy short in
terest. Instead, however, the financial COM
munity at large, and especially interests on
the long side, were treated today to an un-
pleasant and almost entirely unexpected re-
minder of the Venezuelan episode of a year
ago.
London prices for American securities were
reported lower, and stress was again laid
upon the monetary stringency in London and
at other financial centers, while the continued
firmness of the exchange market caused re-
newed discussion of the prospects of early
exports of gold. The market opened weak,
and soon developed increased heaviness on
the reported confidence expressed by GER
tain senators and congressman regarding the
strength of the pro-Cuban sentiment in the
respective bodies. Shortly before / o'clock
disconnected and incomplete dispatches from
Washington, reporting the decision of the
senate committee on foreign relations TO re-
port favorably to that body the Cameron
resolution recognizing the independence of
Cuba by the United States, caused demoral-
1zation in the stock exchange market. Hold
ers OF securities. in their uncertainty as to
the scope of this action, threw them over
right and left. AZ ugual, in similar circum-
stances, stop orders were uncovered right
and left. and the flood of long stock enabled
the professional depreciators of other peo-
PIE property to mark down prices rapidly.
The liquidation embraced all classes of Sc
curities. and the declines in the active list
extended to 3Q6 per cent, with the grangers
and internationally listed stocks the greatest
sufferers. In the inactive specialties the
losses We're even more severe
The extreme decline included Burlington
6% Consolidated Gas, 61a; St. Paul, 5A Su-
gar, AS; Rock Island, 424 Kansas & Texas
preferred and Southern Railway preferred
AZ: Louisville & Nashville, 4as; Manhattan
and Reading Az American Cotton Oil, Chi
caSo Gas and Western Union, A. General
Electric, 32s; Northwest g; Tennessee Coal
25s and Leather preferred 2b per cent In
the usually neglected shares, Hooking Valley
preferred dealt in at 49, as against IS
the last preceding sale.
Around delivery hour covering and to a
lessened extent supporting orders, caused
rallies of point or thereabouts in most of
the active shares. Prices again slumped in
short order, however, and in that space the
greatest activity was noted. Aside from the
general depressing influence of the Wash
lngtOn news, Sugar was unfaVOrably affected
by the reports of probable bitter contest
with the Arbuckle interests, involving the
engagement Of the management of the COM
pany in the coffee business. The iron and
steel stocks also suffered from the demorali-
zation in those industries. The market
closed feverish at a fractional recovery from
/ lowest prices.
i The railway and miscellaneous bond mar
! ket was weak in sympathy with the slump in
stocks; liquidation was most severe in the
speculative shares. The sales were 81 &c.,
0C0. The principal declines were in Reading
2ds preferred, 3A do lists, 8; do general As.
IA; Kansas & Texas 2ds and Southern Rail-
way 5s, 3ss; Toledo, St. Louis & Kansas City
first trust receipts, Standard Rope 6s and
+ Southern lists. 2; do trust receipts and Ches-
apeake & Ohio 41as, 115; Northern Pacific
general As, 1B; Texas Pacific 2ds, 13s: Union
Elevated lists, IL, and Chicago & Northern
Pacific lists, rs per cent. Ohio and Missis
sippi 2ds exceptionally rose to 115. Gov
ernments weak and fractionaIly lower
sales of $S5, 600. State securities were
fairly steady; $4,000 Virginia Centuries sold
at Gig
The total sales of stocks today were $685.
049 shares, including: Tobacco 400; Sugar,
70, 800; Burlington, $4,000; Chicago Gas, 12,-
500; L. & N, 10,500; Manhattan, 1890; Mis-
souri, Pacific, 500; Reading Al, 700; Rock
Island, $780, st. Paul, 40, 300; Tennessee Coal
G. Iron, 10,100; Union Pacific, 400; Wabash
A. AGO. Southern, $500; do preferred, 9.100.
leading railway and Industrial shares, fur
nished by C. II. F. Smith & Co., members
New York stock exchange and Chicago board
of trade.