Evening star., 1896-12-16
FINANCE AND TRADE
Bears Renew Their Attacks on Prices
With Partial Success.
PROJECTED GOLD EXPORT RUMORED
Quiet Buying Of St. Paul and
Reading.
GENERAL MARKET REPORTS
pecial Dispatch to The Evening Star.

Special Dispatch TO The Evening Star
NEW YORK, December l6.-Opening
prices this morning compared favorably
with those recorded at the close of yestcr-
days market. but subsequently became ir-
regular under a fair volume of business
Traders renewed their familiar tactics
against prices. but were not as uniformly
successful heretofore. In few in
stances. however, the vulnerabiity of
prices, due to dsinterestedness on the part
Of influential holders, was clearly demon
strated. Burlington was sold down = per
cent under offerings credited by the room
to the Monetary Trust, and Manhattan
yielded to the usual liquidation incident to
the closing of the books for a dividend.
The covering of short contracts in the lat
ter property resulted in fractional rally
from the low level of the first hour. but the
sentiment responsible for the decline has
not materially improved.
American Spirits yielded to traders at
tack. the temporary withdrawing of sup
port being the only favorable development
to such a movement.
Rumors of a possible outward movement
OF gold to Germany were given some Gre
dence by the room. largely because of the
lack of other adverse news. The outcome
of the meeting of the foreign relations
CoIlIlilttee was awaited with some concern,
but upon the announcement that no signifi-
cant action had been taken, prices recoV-
cred slightly. more substantial recovery
was prevented by the announcement of a
special meeting later in the week ind pre-
dlctionS of favorable action on certain Gu
ban resolutions now before the committee.
The quiet buying of ST. Paul and Reading
by interests not heretofore conspicuous in
the market WAS the most encouraging of
the days developments. The suit of tie
latter company testing the validity of the
new reorganization plan is said to he a
friendly one undertaken at this time in
order to prevent complications later on as
the plan progresses toward success This
new interest in the market if not dis
couraged by unfavorablc developments at
washington should shortly force a cover
ing Of the present short interest No at
tempt to change the direction of the gen.
eral market has been male for several
weeks. the decline being stayed from time
to time by covering purchases only
III the long account Is to be represented
on the floor of the stock exchange from now
on the success of the pessimistic element
will not be uninterrupted. The adjourn
nent OF Congress for the holiday recess
Will in all probability invite a demonstra-
tion OF approval, and the short interest
may be assessed for the expenses of the
movement The two weeks period in which
no legislation Is possible will at least de-
stroy one of the favorite arguments of the
room.
The trading of the last hour was mod
erately active at a slightly better level than
tnat prevailing at the opening of the ses-
sion The market is still too narrow to ex-
pect much improvement. but surface con-
ditions are a trif1e more favorable to a mod
crate recovery than to a continuation Of
the depression unless liquidation becomes
more general.