Evening star., 1896-12-08
FINANCE AND TRADE
A Period Of Activity and Improved
Values Confidently Predicted.
TMIDIFY OF REGULAR SPECTATORS
Expected Introduction of a Cuban
Resolution in Congress.
GENERAL MARKET REPORTS

Special Dispatch to The Evening star.
NEW YORK. December s.-The comment
of the foreign press on yesterdays message
to TIE American Congress was I'm the main
complimentary to that document but show
ed Europe's appreciation of the fact that
the matter is far from being settled. Lon
dcn's early prices were about on a parity
with yesterdays final figures and foreign
houses bought a moderate amount OF the
shares having an International market
No significant Improvement in the gem
eral character of the speculative situation
was reported.
The market reflects the passing whims of
a pessimistic room element and the timidi-
ty of influential moneyed interests Trad
ers sold stocks around the room during
the forenoon and succeeded In detracting a
few fractions from initial figures. The COW
ering Of short contracts from time to time
supplied the bulk of all the support accord
ed the active issues. The fear of sensa-
tonal legislation has been adopted as the
ofncial excuse OF the bear party and the
failure of previous predictions of calamity
is disregarded.
During a period Of hesitancy on the part
OF capital 1T is not necessary that the ag-
gressive element should have a logical
excuse for Its position. There is lit.le
"hhsHcSs " Duy on tne part OF those
whose best advice to their friends is to
begin an immediate accumulation of long
stock. There is. however, nor hing lacking
but this want of confid.nce in the logical
deductions from the present business out
look
Sooner or later a wholesale and spon-
tdneous recognition or .he good in the
situation will inausurs,te a period Of actiy-
ity and improved values While the mar
ket may remain for an indefinite period
,-t.l
course of prices under their domInation is
likely to prove of small consequence when
compared with the movement which must
mark the re-entry of the investment public.
The demand for the high-priced shares al
ready encourages the belief thai such re-
entry is at least contemplated.
Lake Shore, which last week sold at thC
highest point in its history, was today
forced up to a new high level under de-
mand believed to be entirely for investment
account. The loaning list Is fairly large
and suggests the probability of an early
covering movement, once the proper
| amount of courage is developed.
The declaration OF the usual dividend Of
1i2 per cent Manhattan was variously
construed. but the stock was not benefited
In price by the action. The winter season
is said TO favor the property and the show
ing for the current quarter is consequently
likely to show the full rate earned.
This has not been demonstrated during
previous dividend periods. but friends or
the property are confident Of its future
The past may be disregarded and the flu
tire looked TO i'm cases where the prosper
ity of the territory traversed is the only
consideration. n. but future insuring the en-
renditure of nIorey in order to meet a
growing competition is not wholly bright
American Sugar opened strong and sold
off, under new sales. for both accounts A
large volume of business I'm the shares OF
this company was, for the greater part OF
| the day, confined within the limits of :.
| per cent. Short contracts were covered
during the dullness. but the process seems
| to have been voluntary. The books of the
company will close one week from today
and IL covering is to be forced the last
days of the present week should witness
the effort.
The trading of the final hour was dull
and of the same general character as that
of the morning. The probable introduction
of joint Cuban resolution late today or
early tomorrow was used during this period
to discourage buying.