The herald., 1896-12-19
ON CHANGE
Business Transacted and Prices Paid a
Home and Abroad.

NEW YORK, Dec. 1S.-Wall street has
recently attached only perfunctory in
terest to the Cuban probabilities, having
persuaded itself that beyond a few fierce
and impassioned rhetorical declarations
by certain senators and congressman, no
disturbing developments were likely to oc-
cur. The average trader and security
holder was not quite certain, in fact,
whether even these resolutions woulu
escape burial in committee and the leading
bull interests seemed disposed to assert
themselves after their protracted inactiv-
ity and compel the prompt covering Of
too bold and somewhat unweldly short in
sercSt. Instead, however, the financial
community at large and especially inter-
ests on the long side, were treated to an
unpleasant and almost entirely unexpected
reminder Of the Venezuelan episode of a
year ago. London prices for American
securities were reported lower, and stress
was again laid upon the monetary string
ency In London and at other financial GEN.
ters, while the continued firmness of the
exchange market caused a renewed dis
cussion of the prospect of early exports of
gold. The market opened weak and soon
developed increased heaviness on the re-
ported confidence expressed by certain SEN
ators and congressman regarding the
strength of the pro-Cuban sentiment In the
, respective bodies. Shortly before l o'clock
disconnected and incomplete dispatches
from Washington reporting the decision Of
the senate committee on foreign relations
to report favorably to that body the Cam
eron resolution recognizing the independ-
ence of Cuba by the United States caused
decentralization in the stock market Hold
ers of securities in their uncertainty as to
the legal scope or meaning of this action.
throwing them over right and left AS
usual in similar circumstances stop orders
were uncovered right and left and the flood
of long stock enabled the professional de-
preciators of other peoples property to
mark down prices rapidly. The liquidation
embraced all classes of securities and the
declines in the active list extended from 2
to 6 per cent with the grangers and inter-
nationally listed stocks, the greatest suf-
Terers. In the inactive specialties the
losses were even more severe Around de-
livery hour covering and to a lessened ex
tent supporting orders. caused rallies of
point or thereabouts in most of the active
shares. Prices again fell I'M short order,
were in the last half hour, ard in that space
the greatest activity was noted. Aside
from the general depressing influence of
the Washington news. sugar was unfavor-
ably affected by the reports Of a probable
bitter contest with the Arbuckle interests,
involving the engagement of the manage
rnent of the company in the coffee business
/ The iron and steel stocks also suffered
from the Generalization in those industries.
The market closed fever;sh at fractional
recovery from the lowest figures. The rail-
way and miscellaneous bond Ygarket was
weak in sympathy with the fell in stocks.
liquidation was~most severe in the special
ties issues. The sales were $1.670. 900.
| Government bonds were weak and frac-
tionally lower on sales of $685. 900.