The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-12-16

TUESDAY. Dec. is.
1t would be exceedingly interesting, possibly
instructive, II some of the recent sellers of
securities on the Stock Exchange who profess
to base their operations upon fears Of . rupture
of diplomatic relations between the United
States and Spain. Incidental to the Cuban insur-
~rection. would enlighten the public as to what,
In their opinion. would take place affecting the
value of securities in such an event. Certainly
the most sanguinary bear does not in his gloom
lest moments indulge in expectations OF An
international conflict. The sober Judgment of
the people of this country and the impoverished
resources Of Spain are factors that must not be
underestimated in calculating tho possibilities
of an event that would have q bearing upon the
actual value Of American railway and indus
trial securities. Az n matter of fact, the Cuban
question. so far a. its effect upon the prices Of
securities 10 concerned. has been and still 10
purely sentimental. 1t is quito likely that
stocks would have declined at the present time
II there were no agitation at Washington In
favor of Cuba or local expressions OF sympathy.
Now that the discussion at Washington has
apparently begun to lose force as q bearish
influence, the steps taken here toward q formal
expression of sympathy with the Cubans was
made much Of to-day by the advocates Of lower
prices.
The trading in stocks was upon about the
Same scale as yesterday, but tho fluctuations,
both maximum and net. were, except in o few
cases, much narrower. The efforts to depress
prices were moro pronounced. presumably be-
cause those who made them wore encouraged
by the extent of yesterdays decline. Only two
of tho stocks that Wero actively dealt in closed
materially lower than yesterday. They were
Sugar Refining. which supplied fully o5 Q cent.
Of tho total transactions. and Manhattan Rail-
way. There was not a particle of news regard
ing either Of them. Reading was conspicuous
ly Arm throughout and closed fractionally
higher. A hearing upon tho question raised by
the Attorney-General of Pennsylvania as to the
validity of the charter Of the new Reading
o mpany will be held tomorrow evening. and
the probabilities seem to be that counsel to the
company and to the reorganization managers
will have no dindculty in demonstrating that
the charter is legal in every respect st. Paul
was also exceptionally firm. and q number ofthe
less active stocks closed slightly higher or un-
changed as compared with the final prices Of
Yesterday. Western Union and Missouri Pa
cinc, though not extensively dealt in. appeared
10 move In sympathy with Manhattan Railway.
but more probably were moved in unison with
that stock. A sharp drive against American
Spirits preferred left that stock o& y cent.
lower than yesterday, and was seemingly re-
sponsible for q sympathetic net decline OF nearly
a point in the common stock. At the close the
market presented the same oversold condition
that 1t did last night; but in the absence Of sub.
~stantinl buying that circumstance is not likely
to prevent operators for short account. who are
rapidly becoming overconndent from endeavor-
ing to press the advantage they have already
gained.
Final sales compare with those of yesterday
Is follows:
~ ~ y