Evening star., 1896-12-31
FINANCE AND TRADE
Net Changes We're Small and Without
Significance.
YEAR ENDS WITH ENCOURAGEMENT
Manhattan, Sugar and Leather
Most Active.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, December 31-The courss
of prices In today's stock market reflected
the customary prejudice against carrying
stocks over a holiday. as well as the pres
sure of private business affairs incident
to the close OF the year. Net changes for
the day were consequently insignificant and
were not the result OF any special regard
for merit.
The year ends with some announcement
for the future. but IL is unreasonable to
expect much of the immediate situation
retrospective view Of the market shows
the average price of ten of the most active
stocks to be DIX per cent higher than the
highest price recorded for the same group
on the closing day of last year. The same
stocks were selling at noon today at an
average advance of Is per cent over the
midsummer panic level. This low level will
be remembered as the period preceding
the invasion OF the east by the free silver
agi,ators and ended with the Madison
Sqrare fasco.
The prices for this day one year ago re-
fleet the sharp rally following the Nenez-
uelan scare, SO that two panic periods have
been passed and stocks are now a trifie
better after a year Of repeated setbacks
The comparison with today's figures does
by any means. but reflects the post election
liquidation, the timidity of capital the ag-
gresSivenesS of the bears and an extremely
lean period of earnirgs-a series of cir
oumstances contributing wholly to depres-
sion.
Considering the recent tendency of the
foreign exchange market, the better prices
for cereals. the increased exports of farm
products and the certainty of large inter-
est disbursements, any radical change i'm
fundamental conditions should be in the
direction of Improvement.
The best results of the improvement per-
ened complication of the Cuban question,
owing to a possible extension of the discus
sion beyond the limits of the two nations
directly concerned. and the probability of
a marked increase In our imports This
latter result will follow a more general
knowledge of the certainty of higher tariff
schedules next summer.
The Increase In government revenues
during this period of increased imports will
have tendency to attract temporary in
dcisement to a revenue measure which
see ms destined to accomplish its mission
after the certainty of its repeal Is estab-
ltsf ed. All things considered the record
for the New Year should reflect a greater
percentage of Improvement than the one
now erdiDg.
Manhattan Sugar. and Leather were the
three active issues I'm todays narrow mar
ket. because of special reasons not appIi-
cable to the general list The refusal to
allow the Injunction against the payment
OF the Manhattan dividend advanced the
price under covering to ~. the highest re-
cent level The reselling of Sugar by the
interests which covered yesterday resulted
in l per cent decline from first prices
Inc death of the president of the Leather
company encouraged sales by the room on
the theory that a large block of stock
would come on the market The railroad
and miscellaneous list outside of the secu
rites named was entirely void of feature.