The morning times., 1896-12-19
STOCKS TOOK A TUMBLE
New York Market Disturbed
Over Cuban Situation.
FURTHER DECLINE EXPECTED
Receipt of the News Abroad of
the Action of the Senate Com
mittee AnxiOusly Awaited War
With This Country. 1t is Thought,
Would Bankrupt Spain.

New York. Dec tS.-There was violent
break in the stock market today when ad-
vices from Washington were received tell
ing Of the adoption by the Senate Com
mittee on Foreign Relations of the resO-
luton of Senator Cameron recognizing the
independence of Cuba.
For several weeks the matter has been
a disturbing influence in the stock market,
as, from the Wall street point OF view, a
war with any country is regarded as likely
to induce liquidation and disturb the val
ues OF securities. Hence it was assumed
today that the almost unanimous adoption
by the committee of the Cuban resolution
would result in an outbreak of hOstilities
with Spain, and owing to the absence Of
any outside support i'll the stock market
the bear traders were able to bring about
serious declines in many securities.
So far as the discussion OF the subject on
the stock exchange was concerned. 1T was
recognized that the actual fighting between
this country and Spain could have but one
result but owing to the very weak condi-
tion of Spanish finances it was feared that
the bankruptcy of that country would
result very quickly.
SPANISH SECURITIES WEAK
Spanish securities have their chief market
in Paris, and they have been very weak
for long time. Partisan operators are
heavily loaded with Spanish bonds, and
they are also heavily committed in the
Kaffir mining shares, which they purchased
on the big advance in those securities in
London last year.
Hence, should the bankruptcy Of Spain
result from hostiIities with this country,
it would very likely create a panic On the
Paris bourse, and through the liquidation
of the Kaffir shares in London bring about
severe declines in that market. 1t was
assumed that any violent break in Lon
don would naturally be reflected in This
market.
The declines in the market today were,
it was considered, due rather to n weak
speculative situation, which was taken
advantage OF by the active bear traders
to raid the market. They Were sufficient,
however. to reach many stop loss orders.
which added to the weakness fthe market
The declines average over 4 per cent from
last nights closing figures
FOREIGN INFLUENCE.
The stocks which suffered the most and
the declines W ere: Mann attain. 3 rs;
Sugar. 3 3-S; Burlington, 4 Is; Chicago
Gas, rs; St Paul, 81: Rock Island
2 81: General Electric. IS: Louisville
and Nashville, 2 5-s; Southern Railway
preferred. 2 IA; Tennessee Coal, 2 Is;
Pacific Mail, Ia; and Omaha, 2 Is.
1t was the general opinion among the
| commission houses that tOmorrow's events
! in the stock market will be controlled in 10
! small degree by the reception in London
and on the continent OF this afternoons
| important action at Washington. The
| transactions were the largest for any day
/ in weeks, and lively session is looked for
| tomorrow.
Brokers recall the feet that the big break
In stocks in II December, 1895. did not take
| place for two or three days after Presi-
dent Cleveland 5 message on the Venezuelan
question was made public, the full Fignifi-
| canoe OF the document not having been at
| once appreciated by the street.