The age-herald., 1897-09-22
Markets by . Telegraph.
Cotton Letter.

u O-OtlAo III A4iNGip pOOl Nf15 to the bulls. But to fine astonishment of everyone, there was very Hatle for sale here at the opening, and, on the other hand, an excellent demand, as a result our market opened 4 to s points higher, the first sale of January being made at 66O. Sales of cotton have been so profitable lately that the local ele- ment immediately began selling the ex pected decBne. The south also sold free 1y after the opening and the market slowly gave. January declined to 653. The government weekly bulletin was again most bullish in tone, and was again utterly igeoreA The receipts were heavy, and the bears asked no better ar gumen't than this The market closed steady, with 6.55 bsd for January. The demand for spots is fairly good and the feeling is undoubtedly more cheerful, although those who think we shall yet have lower prices profess fhe utmost confidence. RIORDpAN & co.
 In Wall Street.
 New York, Sept. 21.-What has been expected, and what the bull operators in the stock exchange sought vainly to avert came to pass on the stock market today. A reaction took place and a heavv decline resulted in losses through out the whole list. The rate of the de- cline in different stocks will seem at first g'lance out of proportion, but a more careful scrutiny reveals that the heav- test losses are in those stocks which have undergone the most marked ad- vance. That the movement of the mar ket today is a natural and inevitable development of the progress towards improvement of business and industry which is going on in the country is ob- N.ous. A sustained course of upward prices is almost wholly unchecked until it has exceeded the reasonable valuation. The conviction has been gathering strength for a long period that the pNcas of stocks were p3ss.ng bayontl this limit and That reaction was imminent Manipulation by powerful financial in- terests is one thing that deferred it. Another thing has been the continued plethora and caneapness of money, in- viting the continued speculation. In a natural and orderly course of things it was to be expected that the expansion of business ould absorb idle money and make its use more expensive. Bank state ments for the past two weeks have re- fected the certainty that such a rise in the price of money was approaching. The marking up of coal loan rates late yesterday and their continuance at a high level today crystalized into certain fy the impression in many minds that the prices of stocks were excessively hI gh, and as a consequence the demand ito buy fell below the offerings to sell There was a spasmodic and intellectual effort shortly after the opening on the part of the bull contingent to check the decline, but it was apparently abandoned and tIhe market was left to itself until the heavy liquidation had exhausted itself. This seemed to have come to pass about o'clock, when the mar ket became dull at a decline, ranging from points upwards. The cesga sion of heavy realizing offers encouraged some renewed buying, and rally ex- tending to over paint in many shares ensued, bult The market sold off again before the close to the lowest point of hhe 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 in the marl2irg up of the rates. Ut was noticeable that the sharp stiffenng of the money rate did not result in as great h udll III thc l1le Ol SACildHSc dS IliS be expected, and the discount rate in London was rather easier, which was mot to be expected in the face of any real stringercy in our money market.
 There was disposition to make much of the report of an untimatum from our government to that of Spain on the Cu- ban question. Many commission houses have been advising their customers to sell and thatr offar.inps ca mo ou tha nm ket. Some effect was produced on stocks of transcontinental lines by Attorney General McKenna's opinion against the validity of the discriminating duties against foreign goods imported through contiguous countries. That there was heavy selling for short account also was quite evident, and standing orders to sell stop loss on a decline were un- covered in large numbers. Some cover ing oshorts at the decline helped the rally. Such were the factors in the days market for stocks. The total sales of stocks today amounted to 910,600 shares, including Atchison, 6,700; do pre- ferred, 31, ,905; Chesapeake and Ohio, 12,- $50; Burlington, 58,420; c. c. c. and St. L., $500; Louisville and Nashville, 23,- $40; Manhattan Elevated, 12,OO0: Mis- souri Pacific. 16700; Missouri, Kansas and Texas preferred, 15,600; New Jersey Central. $500; New York Central, 17.240; Northern Pacific, 12,25O; do. preferred, S9,725; Chicago Northwestern, 10920; Reading, 30,4S0; Rock Island, 4O,S20; St. Paul. S1,520; St. Paul and Omaha, 15.520; Southern Railway preferred, 15,SO0; Un- ion Pacific, 32,05O; U. P. D. and G., 92O0; Wabash preferred. $500; American To- bacco, 96,42O; Bay State Gas, 6.120; Chi cago Gas, 25,800; Consolidated Gas. G. 800; General Electric, 1S,49O; Lead, S,2oO; Pacific Mail, 9,900; Sugar, 7S,320; Ten nessee Coal and Iiron, 9,700; U. S. leather preferred 5.250; Western Union. 1S720; Chicago Great Western, 25.800.
 Dealings in railroad bonds were very heavy, the par value of the sales reach Ing $3,225, 900, prices declining in sym pathy with the weakness of the stock market.
 U S. old As registered were A lower bid, and the new As were fl lower.
 D. m.-Money no call firm at 31s@4 per cent; last loan. 31a; closed, 3A@4 per cent.
 Prime mercantile paper. 4Q4h per