The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-09-22
A Heavy Decline In Prices
Marks Whole List.
EXCESSIVE VALUATIONS.
TIE RESULT OF A FORMER PIE
THoRA OF MONEY.
Reaction Is the Forecast of Improve
ment-Riss In the Price of Money
Due to Expansion in Business
Dealings in Railroads Heavy
Slight Decline in Chicago Wheat

New York. Sept. 21.-Whajt has been
expected and fou'etold, and what the
buM operators in the stock market have
vainly sought to avert, came TO pass
today. The reanercnhry spirit took hold
of TIE market and a heavy decline re
suited in the level OF prices throughout
the whole list. That the movement of
the market 'sCday is q raicurlal and in
evtta:ble DEVELOPMENT of the progress
toward tgnccuvetne-t in business and
industry, is Obvious A sustained up
ward co-rga of prices ll&S been I'M
checked until it has reached am unrea-
srrilable valuai.d-1- Manipulation by
powerful Financial interests is one thing
thai. fad dlaerursd THE reaction An
ClllnsT timing has sbesan the continued pie
LhoIa and cheapness of money, inviting
the cent tnued speculation. In the nat
uTal emil orderly course of things it
was to be expected tf,att the expansion
Of business would absorb idle money
and make IL more expensive. the bank
statements foa' two Weeks part have re-
fiectsd the certainty THAT such q rise in
the 9Inaa of nlrc9cv was approaching.
The marking up oe- sail lean rates yes
tercl1y ar-i- the continuance at a high
level iarltav. clrv6,taEfzed ilI.o certainty
prices of Stocks were excessively high,
St-i1 as a -cOnf.taQ ueAl1ia the demand to
day feel below the offerings to self.
There was a Spasrn5dic and Intellectual
effort shortly a0ser the opening on the
part of LIE huM contingent to check the
decline, but 1T was apparently adam
doned and the market Was heft to itself
u1l't1l the heavy lqufd3Ielon should eX-
kauSt iHsalf. This seemed to have come
to DacIs ait about 2 O'clock, when che
nlarthsh became dull e.. a decline rang
h-g frECn q IctrtIS- inward.
The oefssattI2l CT heavy realizing Of
fe1t5 encouraged crtIta renewed buying
ami "a Iall-T, e2Cel-lrng to over a point
in many shares ensued but the market
sold off again before the close TO the
lowest Point o,a ftne day. There is reason
to believe ;thi1lt tlse rise of the cad
nlarey le,se was frot entirely free from
manipulation. There were evidences Of
cc'-'oeECl.d ac'tGcg to the marking up of
the rates. 1t was noticeable that the
st-aeap sClffening Of the money rate did
not result IN as great a fan in the rate
Of exchange as might be expected. and
the 6isCcf1;-fe rate in LculElon WAS rather
eas.e'c, which was not ITO be expected in
the 1aca CT amy real sfRingency i'm our
money market. There was an iHlNiItaNlen
to manipulate to the money market in
the report which has been given cur
rer'cy tIzlit ollIe Of the heaviest bufl
oneg a.rC6 WIS under some pressure in
CARRYING a very heavy Nhlie of stocks.
There wat5 a. dtt1ositfcl also to make
much of replGts of aJn u.a.gnaiturn from
Our government to tid,3t of Spain On the
Cuban question:. Many commission
h3Esssl5 have been advising their GUS
toIneCS ITO sell, 9E-1 G1lsfr offerings came
urcgl the market. Scare effect was pro-
duced in checks Of transc- III fllt-qltal tines
by Attorney General McKer1n,a's opir-
fcn agaii-ie the Vllidtty Of the dfscTdm-
mating duties eGaGrEt foreign go3dS
ifnpo1la1 through clultf grolis countries.
That thege- T2s heavy selling Tor short
account ALSO Wac quite evident, and
s.9g,ltng cCdlrg TO SSH stop loss ON a,
decltfae were uncovered in large num-
bars. Some covering of shorts at the
decline helped the rally. Such are the
factors in the days market for CLOCKS.
4i1e neagures CT fine liqrideItion is
found in the enormous toeal Of the
days sgiss, which reached 10000
elaarsgs.
Dealings in railroad b. nds wgra hsavY
and the pr value eff the siales reached
SO, 225 600, prices declining in sympathy
lSish the weakness of the stock mar
ket.
q. S. CID Is, registered, were q lower.
ard t1a raw 80 were u lower.
MC1l5y en- call nm. alt 312U4 peT cent,
lar fcan 33s; closed 1904 per cent.
Prime mercantile paper, 4@41z per
ceTll..
sf.arIngs exchange weak, with actual
huslncrs IN Eartters' bsigs at 4.S41a@4.S5
fcr d,smnIld. a.ld at 4.S2@4.33s4 for SO
days. Pceted 1nteE. 4.SS5a@4.S4 and
5ls@4S61a.
CealFnercieI bills. 4S119.
Silver Certificates, $1,000
Ear e'Avsr. 59a&& u.
Mexican dp-flars, dull, "a.
Government bonds elafsieq-: state bonds
duh; railroad bends weak.
Sole. Of silver certificates. LOCO ounces
at zoe.
The tegal safes of stocks today were
$4,000 slhlares, Including: Atclafeon, e.
700; Go. preferred, 3l,9O5: Canada South
erfl, 1890; Chesapeake &c Ohfh, 1850;
G. B. & O., 81 800; G. C. c. & st. L.. g.
500; Erie (nlsw}. 1900; d1. first preferred,
300; Lake Erie & Western, preferred
5000: L. & N. 1880; Manhattan. $1,000,
Missouri Pacific, 26,370; NJ. K & t.,
preferred, 1900; New Jersey Central.
$1,000; New York Central, II ,240; North
eayl Pacific, II, ESQ., do. preferred. SO. 400;
0nfa76ff e. West fsr-r7 q 2nf- r az r1,iup 20 :