The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1897-09-22

vious. A sustained upward course of
| prices is almost always unchecked I'M
| til it has exceeded the reasonable valu-
alton.
The conviction has been gathering
| strength for long period that prices
of stocks were passing beyond this limit
and that reaction was imminent Man
| ipulatlon by very powerful financial in
| terests Is one thing that has deferred
| it, Another thing has been the contin-
ued plethora and cheapness of money,
inviting continued speculation.
In the natural and orderly course of
| things, 1t was to be expected that the
| expansion of business would absorb
| idle stocks of money and make its use
more expensive. Bank statements for
two weeks past have reflected the GER
tainty that such a rise in the price of
money was approaching. The marking
up Of call loan rates late yesterday and
| their continuance at a high level to-
day crystallized into certainty the i'm
preston in many minds that prices Of
stocks were excessively high and as a
| consequence the demand to buy fell
below the offerings to sell.
| There was a spasmodic and ineffectu-
al effort shortly after the opening on
the part of the bull contingent to check
the decline, but 1t was apparently aban-
| doned and the market was left to itself
until the heavy liquidation should ex-
haust itself. This seemed to have
come to pass at about 2 o'clock when
the market became dull at decline
ranging from two points upward.
The cessation of heavy realizing Of
fers encouraged some renewed buying
and rally extending to over a point
in many shares ensued, but the market
sold off again before the close to the
! lowest point of the day. There is rea-
son to believe that the rise of the call
money rate was not entirely free from
manipulation. There were evidences
of concerted action in the marking up
| of the rates.
1t was noticeable that the sharp stiff
fleming of the money rate did not result
in as great a fall in the rate of eX-
change as might be expected and the
discount rate in London was rather
easier, which was not to be expected in
the face of any real stringency in our
|
tion to manipulate the money market
in the report which has been Given cur
rercy that enc f the heav est bull oper-
ators was under some pressure in car
rying a very heavy line Of stocks.
There was disposition also to make
much of reports of an ultimatum from
our government to that of Spain on the
Cuban question.
Many commission houses have been
advising their customers to sell and
their offerings came upon the market.
Some effect was produced on stocks of
trans-continental lines by Attorney
General McKenna's opinion on the dis
eliminating duties against foreign
goods imported through contiguous
countries. That there was heavy SELL
ing for short account also was quite
evident and standing orders to sell to
stop loss on a decline were uncovered
in large numbers. Some covering of
shorts at the decline helped the rally
Such were the factors in the day.
market for stocks
The result is that net declines were
universal and In the active stocks they
ranged all the way from about two
polEtS TO IA, the laller IN sugar. Inc
local gas stocks were conspicuous suf-
ferers, Consolidated Gas losing 51s and
Brooklyn Union 5%. The measure of
the liquidation is found in the enormous
total of the days sales, which reached
1000 shares.
Dealing in railroad bonds were very
heavy the par value of the sales reach
ing 900, prices declining in sym
pathy with the weakness of the stock
market.
United States gold As registered were
Il lower bid and the new as were n
lower
Following are the closing prices re-
ported by Prince & Whitley, bankers
and brokers, as Broadway, New York,
and Is Center street, New Haven:
|