Evening star., 1896-11-16
Speculative Circles Inclined to Dis
: count War Rumors.
PRICES LOWER IN LONDON
Meaning Of Activity in American
Sugar.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, November 16.-Opening
prices were about on a parity with last
weeks fir al figures, but We're only iniiffer-
emily supported later in the day London
cables offered little announcement 10 local
operators and reported fractional conces-
sions in the market for American railway
shares. Traders sold moderately for both
accounts. prices yielding stu5bornly not
withstanding a decreased volume of COM
mission buying. Activity in departmental
circles at Washington furnished additional
material for Cuban war rumors without
adding anything to the exact facts.
The confident forecasting of the future of
this controversy. in quarters usually over
supplied with misinformation would be
ridlculed unuer less sensitive market con-
ditions. The best opinions obtainabie are
opposed to the probability of the neces-
government. Developments which may
fnd substantial reflection in market quo
tations may be announced at any time
but 1t Is conceded that Washington is the
least likely source Of either reliable or sig
nificant information.
The streets supply of sensational incen-
tive has been reduced considerably of late
and the Cuban text will not be abandoned
until the market shows a preference for
less elastic material.
The decline in prices today reflects SELL
Ing almost exclusively by the professional
element, while the purchases were for ac-
counts little concerned with the daily range
of values. The creation of a short account
would not meet with serious opposition
perhaps, as those who hold securities al
ready. and those who wish to accumulate IL
holdings are willing that a decline of mod
crate proportions should be recorded Tardy
purchasers would be given "A new opI,or-
tInity and patient holders would be as
snfea OF the certainty OF higher prices once
an enOrt to cover was announced.
Inc tendency of the market is least pro-
nounced In the direction of lower prices
consequently trading at any further de-
cine Is likely 10 be in the interest of the
iohg acd oune unless some unlocked for
event Is recorded during the next fort
night.
American sugar was sold by traders and
brokers usually representing large inter
ests. Inc reassembling of Congress, the
special applicability of the Cuban rumors
and the usual depression in anticipation of
buying for the dividend are sufficient rea-
sons Tor the present manipulation of the
property. Continued purchases of 1000
snare iots every IA point down confirms
the dividend theory urged above in justiii-
cation Of the stocks action.
The reported declaration of e 1 per cent
dividend on Pacific Mail was followed by a
good demand for the stock of that COM
pany. resulting in d substantial advance
over first prices.
A reduction of y per cent In posted rates
VI eAcuauSt was announced during the
day as the result of a decrea sed inquiry
from remitters. The money market is un-
changed. ra>es ruling low. with funds avail
able IN liberal amounts, on terms repre-
sentins the wishes Of the borrower in
many instances.
Traders continued to depress prices dur
ing the afternoon. gaining courage from
the lack Of resistance on the part of the
larger int crests. The railroad list was de-
pressed below fractional limits at the mor.
active points. 4 fair-sized short interes;
peins created in the process. Western
Union attracted a liberal volume of the
days business, but conceded market value
for activity.
Inc grsngers were attacked with some
viRor, and yielded for lack Of srppor, even
from sources confident of future vaI:.e
The entire list was given over 10 he trad
ing element during TIE nnal hour, and Was
generally, though irregularly, depressed.
The days decline represents no signit-
cant liquidation, and will. il is thought
establish more healthy marke. Skepti-
cal holders will be forced out and confident
buying aided by disappointed shor, in
terest. should follow. Newspaper comment
on the Cuban matter must pe considered
a factor for the moment, no matter what
Its character may be.