The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-09-22
RESULT
The Reaeilonary Split Took Hold Of the
Market and Prices Declined HeaiiIy. :
THE BULLS SOUGHT TO AVERT il
Heaviest Loss I'm STOCKS That HIVE
Undergone tho Most lark cd Adj
vanccs-Spasmoaic ana intellectual
Effort on Ia Part of the BulIs 10
Check tho Decline.

New York. Sept. 21.-What has been
expected and foretold, and what the
bull operators in the stock market have
yalnly sought to avert, came to pass to-
day. The reactionary spirit took hold
ofSthe market, II 4 heavy decline re-
suited In the level of prices throughout
the whole list. The rate of the de-
cline in different stocks will seem at first
glance out of proportion, but a more
careful scrutiny will reveal thu the
heaviest losses are III those stocks that
have undergone the most marked ad-
vances. That the movement of the mar
ket to-day Is an Inevitable and a natu-
raj development of the progress toward
Improvement in business and industry
which Is going On in the country, Is
obvious. A sustained upward course of
prices Is almost always unchecked until
1t has exceeded the reasonable valua-
ton. The conviction has been gather
ing strength for IL long period that
prices OF stocks were passing beyond
this limit. and that reaction was immi-
nent. Manipulation by powerful fnan-
cial interests is one thing that has de-
ferred 1t. Another thing has been the
continued prethOria and cheapness of
in0ney, inviting to continued specula-
lion.
In the natural and orderly course Of
things, 1t is to be expected thai the eX-
pansion OF business would absorb idle
money and make its use more expensive,
Bank statements for two weeks past
have reflected the certainty thai such n
rise In the price of money was approach
ing. The marking up of call loan rates
late yesterday and their continuance at
a high level to-day ~cryslaiized into
certainty the impression in many minds
that prices of stocks were excessively
high, and as n consequence the demand
to buy fell below the offerings to sell.
There was q spasmodic and Intellectual
effort shortly after the opening on the
part of the bull contingent to check the
decline, but 1t was apparently abandon
Ell ana the market was left to itself until
the heavy liquidation should exhaust it.
self. This seemed to have come to pass
nj about 9 O'Clock, when the market be-
came dull at a decline ranging from .
points upward. The cessation of heavy
realizing offers. encouraged some re-
newcd buying, and a rally extending to
over a point in many shares ensued, but
the market sold off again before the
close to the owest point of the day.
There Is reason to believe that the rise
of the call money rate was not entirely
free from manipulation. Their are evil
dences of concerted action in the mark
ing up of rates. 1t was noticed that
the sharp %stiffening OF the money rate
did not result in as great n fall in the
rate of exchange as might be expected,
n the discount rate in London was
rather easier, which was not to be ex-
pected.
There was n disposition to make much
OF reports of an ultimatum from our
government to that of Spain on the
Cuban question. Mary commission
houses have been advising their custo-
mers to sell and their offerings came
up on the market. Some effect was
produced on stocks OF trans-Continental
lines by Attorney General McKcnna's
opinion against the validity Of discrimi.
mating duties against foreign goods i'm.
ported Through contiguous countries
That there was heavy selling for short
account ais was quite evident, and
standing orders to sell stop loss on q
decline were uncovered in large mum,
bcrs. Some covering of short at the
decline helped the rally. Such were The
factors I'm the days market for stocks
The total sales of stocks to-da,
amounted to 9l0. GOO shares.