New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-12-19
CLOSING PRICES OF BOSTON STOCKS.
Friday. December tsp. m.

Friday December 1S-p. m.
Wall Street was wrong in assuming yesterday
that it was to have rest from disturbing news
from Washington. 1t was wrong In supposing
that fire eating resolutions on Cuban matters
would be dropped, despite the fact that an adj
journment taken by the Senate until Mon
day. The financial community was encouraged
yesterday to believe that sense and reason were
about to prevail among Senator's; but to-day
that belief was proved to be hasty and chimer-
zeal by the news from the capital 1t is too
early TO judge of the possible effect OF the reso-
luton adopted by the Senate Committee on For
eign Relations this afternoon, bur the majority
of people do not believe that 1t will lead to an
open rupture between this country and Spain
1t would be interesting to find out why some
Stock Exchange traders base their theory Of
war on such resolutions. War is not declared
on so hlmsy basis. and although the Spaniards
are as hotheaded some Of our Senators. 1t
does not seem possible that they will let pas
sion run away with common sense. 1t was
painful to sec the liquidation on the Stock Ex-
change this afternoon following the receipt OF
the announcing the action Of the Senate
Committee on Foreign Relations. II was inter-
esting TO observe that many orders for selling
short came from houses with Washington con-
nections. There was sharp break in prices
throughout the list, followed by heavy liquida-
ton In the leading speculative favorltes and re-
sulting in severe losses to weakly margined
holders and inconsequential traders. There
selling for both accounts but operations did not
indicate extensive liquidation among outside
holders. although the rapid decline led con-
siderable number Of outsiders to throw
their securities. and the bear element encour-
aged such selling with all the vigor possessed.
This week year ago the Venezuelan Message
Of President Cleveland caused a serious panic
in stocks: but relations between this country
and England are so far different from those be-
tween Spain and the United States that any
comparison between the present situation and
that prevailing last year should not be consid-
cred by holders Of investment securities The
intimate financial relations between England
and this country are such that war between the
two countries would necessarily be followed by
serious panic In financial circles; but with i'm
pOverished Spain, q war should provoke no UNI
usual disturbance In local financial conditions
Such considerations as noted above. unfortu-
nately, do not receive calm attention in the
Stock Exchange community. Professional
operators who trade on the short account seize
an opportunity to depress prices on Spanish
war scares with almost fendish pleasure. while
small traders and small investors are frightened
out Of their senses and rush precipitately into
sacrificing holdings OF great intrinsic value
The net losses in the active stocks ran from
to On per cent the heaviest sufferers being
Consolidated Gas. the Granger shares. Sugar
Refining, Manhattan. Kansas and Texas pre-
ferred Reading, Tennessee Coal and Iron. Atch-
son. American Tobacco, Louisville and Nash
Vile. American Spirits. Jersey Central. General
Electric. Missouri Pacific, Wabash preferred,
United States Leather preferred and Chicago
Gas. An adequate idea OF the changes in value
Of all stocks will be obtained by reference to
the regular stock tables London was not a
factor in the market. as the London market had
closed before the decline began here. Total
were 393 1S2 shares. Of which
Sugar Refining. Chicago Gas. Burlington, ST. |
Paul, General Electric Rock Island. Louisville |
and Nashville. Manhattan. Reading and West |
ern Union furnished 259.537 shares
There was no material change In the foreign |