Omaha daily bee., 1897-09-22
Market Falls Down on n General Con-
NIciInn TINT II Mns Too HIph.

viction TINT II was Too High.
NEW YORK, Sept 2l.-what has been ex-
pected and foretold and what the bull operators
in the stock market have vainly sought to avert
| came to pass today. The reactionary spirit took
| hold Of the market and heavy decline resulted
In tho level OF prices throughout tae whole list
The rate Of the decline in different stocks win
seem at first glance out of proportlun hut
more careful scrutiny will reveal that the highest
losses are in thCSe stocks that have undergone
the most marked advances That tbr move
ment OF the market today is a natural and in.
evitable development OF the progress toward im-
provement in business and industry. whica Is
going on in the country is obvious. \ sustained
upward course Of prices is almost always un.
checked until it has exceeded the reasonable
valuation. The conviction has been gathering
strength for long period that prices OF stocks
were passing the normal. Manipulation by pow
ferred it, Another thing has been the continued
plethora and cheapness of money. inviting to
continued speculation. In the natural and or
DERBY course Of things 1t to be expected that
the expansion OF business would absorb idle
money and make 1t more expensive. Bank state
men's Tor two weeks past have reflected tne
certainty that such a rise in the price OF money
rates yesterday and their continuance at n
high level today crystalized into certainty the i'm
were excessively high. and consequence. the
demand to buy fell below the offerings to sell.
There was spasmodc and Intellectual effort
shortly after the opening on the part of the bun
contingent to check the decline. but II was
apparently abandoned and the market was left
to itself until the heavy liquidation should
haust Itself. This seemed to have come to pats
| at about o'clock when the market became
dull at a decline ranging from points upward.
The cessation OF heavy realizing encouraged some
! buying, and n 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 reason to believe that the
rise of the call money rate was not entirely
free from manipulation. There were evidences
! of concerted action to the marking UP of the
rates. 1t was noticeable that the sharp stnen-
ing of the money rate did not result in as great
a fall in the rate or exchange might be ex-
| pected, ana the discount rate in London was
n he o. pI in
! the face of any real stringency in money
market. There was an invitation to manipulate
| the money market in the report which given
| currency that one OF the heaviest bull operators
was under pressure in carrying very heavy
| line Of stocks. There was disposition. also to
oar government to that OF Spain on the
| Cuban question. Many commission houses have
been advising their customers to sell, and their
oHerinES came on the market Some effect
produced on stocks Of transcontinental lines by
Attorney General McKenna's opinion against the
| validity Of the discriminating duties againnt
| foreign goods imported through contiguous cOun-
| tries. That there was heavy selling for short
account was also quite evident and standing
| orders to sell st. Paul on a decline
| covered in large numbers. Some coverings of
bhorts at the decline helped the rally. Such
were the factors in the days market for stocks
| The result is that net declines are universal
| from about points to IA per cent the latter in
| Sugar. The local gas stocks conspicuoun
| and Brooklyn Union 5% per cent The measure
| of the liquidation is found in the enormous
| total or~the days sales, which reached 80 900
rhares.
Dealings in railroad bonds were heavy the par
value of the sales reaching 600. prices de-
clining in sympathy with the weakness of the
| were "A per cent lower bid, and the new A.
| were u per cent lower.
The following were the closing quotations on
the leading stocks Of the New York exchange
| today: