The San Francisco call., 1897-09-22
NEW YoRK STOCK MARKET.

NEW YORK y. y, sept. 21.-What has been
expected and foretold, and what the bull opera
tors in the stock market have vainIy sought to
avert came pass to-day. The reaction airy spirit
look hold CT the market, and heavy decline re-
suited III he level OF prices throughout the whole
list The rate of the decline in different stocks
viii seem fiist glance Of proportion, bus a
more careful scrutiny Will reveal that the highest
losses are in those ocks that have undergone
the most marked advances.
That the movement of the market to-day is
a natural and inevitable development of the prog
ress toward i'm pIovement in business and indus
Try is obvious. sustained upward course of
prices has been unchecked until il has reached an
unreasonable valuation Nanipula ion by pow
erfu, financial interests is one thing that had de-
ierred ne It action Another thing has been the
continued plethora and cheapness of money, in
vitiHg the continued speculation.
In The natural and orderly course of things il
was % ne expected that the expansion OF business
would absorb idle money and make it more expen-
have reflected TO a certainty that such rising in
be price of money was approaching. The mArk-
ing up of call loan yesterday and .he contIn-
usnce al high level to-day crystallized iGto
tsinty the impression in many minds that prices
of stocks we're excessively nigh and a cOnse
quence the demand Today fell be ow the offerings
10 sell There was spasmodic and Intellectual
EFFORT shortly after the opening on the part of the
uull conJl lngens 10 cntcK the decline, but II was
apparently abandoned and the market was left
TO Itself until the heavy liquidation should exhaust
Itself.
This seemed to have come to pass a. about
O'Clock, when the market became dull at a decline
ranging from points upward. The cessation of
heavy Ieaii ing offers outraged some renewed
buying, and rally extending over point In
many shares resulted but he market sold Of
again before the close lowest point of the
day. There is reason TO believe that thu rise of
the caIl-money rate was not entirely free fr
manipulation. There were evidences of concerted
action to the marking up or the rates. IL was no.
ticeable that the sharp stfening of the money rate
ID not result Ia as great fail IN the of ex-
change as might be expected and the discount
rate in London Father easier, whicn was not
to be expected in the face of any real striugency
in our money msrkes.
There was invitation TO manipulate the
money market In the report which has been given
cur. ency tnat one of the heaviest bull operators
rs under some pressure in carrying very heavy
line o. stocks There d disposition also to
make much OF reports s OF an uItimatum from our
Government to that of spain the Cuban ques.
tiOn. Many cOmmissi on houses have been advis-
Jug their customers to sell aud their ofFer,np.
came Upon he market some effect was produced
IN s,ocks OF trausco Itinental lines by Attorney
Genera cKenna's opinion against the val
idity OF the Discriminating duties AGAINST foreign
goods i'm ported throu Oh ontiguous countries.
That there heavy selling for short account
also quite evident, and standing orders TO sell
20 stop loss on DEC Inc wer- uncovered In large
numbe some covering of shorts at the decline
ped the rally. such he factors iu the days
mar et for stocks he measure of he liquida-
ton is found the enormous total OF the days
sales. which reached 10000 shares
Dealings Ia railroad bonds heavy. the par
value OF the sales reaching 50 225. 0O0 prices de-
ciinIng Ia sympathy with the weakness oithe stock
market
bid. and the Ne fours IA lower
The total sales OF stocks to-day 10000
shares, including: Atchison 600. do prefer ed
5 .9O5 CansIa southern 390O Chesapeake ana
Ohio 1880. Ruriin<to 81, 800, {. {. C. and st.
Louis $500, Erie (new) 1910, do first preferr' d
81 90. Lake rie ana Western preferred 5000, L.
ard y. 23,o40, Manhattan $4,000, Missouri Ia
cihc $3.50, NJ. and T. preferred 1860, New
Jersey Centr-l Is, 09. New ork Central
1920 Northern Pacific p 25O. do pre-
ferred SO, 400 Ontario and Western 3U0
Re ding oO.4S0. Rock ISL nd 40 $40, I. Paul l.
j @. Paul and Omaha 500, southern Rail-
way preferred 15.s0U Texas aud Pacific $500. L.
F. D. and u $500, Wabash preferred $500
Wheeling and Lake Erie 3S0U. American Spirits