Evening star., 1896-12-01
FINANCE AND TRADE
Moderate Demand for Securities in
the First Hour.
FLUCTUATIONS WITHIN NARROW LIMITS
Fears Regarding the Cuban Situa-
ton Alone Responsible for Selling.
GENERAL MARKET REPORTS
Special D!spitch TO The Evening Star.

Special D!spitch TO The Evening Star
NEW YORK, December 1.-The manip-
Clative interest was confronted with
moderate demand for securities dur.as ,he
opening hour this morning and WAS dis
posed to reduce rather than increase :he
liabilities in the short account. From an
opening level about on parity with yes
terdays final figures. advances VARYING
from II TO . per cent were recorded Lon
don's early prices were fraction ally lower.
but foreign representatives were credited
with small purchases in the local market.
ST. Paul being particularly favored
Manhattan was sold down sharply during
the first half hour, but subsequently rallied
sharply under covering purchases
Sugar hesitated under conflicting opinions
but finally yielded to superior buying for a
substantial fractional gain.
American Spirits was given good support
during the morning, as the result of en-
couraeing Chicago aiyices predicting the
consummation of the much-discussed trade
agreement Later in the day assurances of
a successful termination of pending naco-
tiations were less confident. although the
price OF the securities involved I'D not re-
hect the changed conditions. IL Is believed
that the bulk OF the opposition Will come
from Independent distill -.,es. which hope to
attract superior Inducements 10y a reluctant
acceptance of the propos ID plan.
The general news q, developments o. the
Gay were not of a character inspiring in
creased activity. Fluctuations within mar
row limits have been too generally cat
lined peing the logical course OF pro-
ceedure for the balance OF the week to in
wife activity by entirely new interests. Sc
curi;ies are not pressing for sale ia any
quarter warranting special concern. Dis
appointed holders of weakly margined
shares have Withdrawn from the field in
many instances, but the securities sold
have invariably founi prompt purchasers.
AT the present level all probable routine
developments could undoubtedly he en-
ployed to greater advantage in the long
than in the shcrt account. For mark
as narrow as the present one the short in
terest outstanding is fully AS large is
consistent with profitable handling.
The conviction Of serious trouble growing
out OF the Cuban war is alone responsible
for the bulk of the persistent selling in
the general list. There are. of course. spe-
clal cases in which the logical tendency,
governed strictly by intrinsic valu. is not
in sympathy with the optimistic forecasts
applicable to the main situation.
These Specialties will be disclosed TO the
shrewd observer who compares January
dividends with reported earnings for In.
period represented by the disbursement
The trading during The last half of The Jay
contributed TO The support of the improve
n ent recorded during the room hour
The announcement Of a proba,Di, Reopen
ing of the sugar retineries tomorrow was
utilized TO deter renewed selling of that
"aNsfN' II - oil EOOh authority thds
the surplus product of the COMPANY has
been materially reduced during the closed
Icriod, and that orders III necessitate
an immediate resumption of activity.
These repol IS inspired sCElc covering o.
yesterdays short sales. but No: being az
phcahe tc the fear of Congress failed TO
attract purchases Of lcng stock. The mar
ket as a whole. judged by results mercy
ard not by its general characteristics. was
decidedly mere encouraging than its I'M
ne diate predecessors.
Its personnel is unchanged and therefore
1 Eow re ally meritCrious activity is likely for
tie present.