New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-09-27
MONEY ANU 81 SINENS.

After many so-called reactions" that did no.
la,t. which has put back prices Of stocks lower
thcn they have been since September - at that
time the highest point touched this year. II re-
qures not much study to bring out the nature
Of this movement. 1t began in shrewd percep-
ton by leaders wise suggestion TO them
by bankers. that the upward movement had
gone 50 far and had been swollen by so many
shaky accounts. that expurgation was neces-
sary. which the radical change in the money
market would I'm any case soon make inevitable
1t is quite remarkable with what unanlmlty all
the strong leaders in the market accepted this
view. Other genuine reactions have usually
been resisted. with more or less success and
glory, by one or another element Rarely are all
prepared 10 move in unity; this or that element
almost always has some stock which must he
held up. and which can be "pegged" without
loss risk The characteristic OF this down
ward movement is that all elements concurred.
The Granger stocks. In spite OF splendid pros
poets. decned-St. Paul "a. Burlington 81.
Northwestern "a, and Omaha Ga. The Wander
bt stocks dccl!n"d-NewYor Central IA. Lake
Shore ~. Michigan Central "A. and Canada
Southern 3's. The Gould stocks declined
Wabash preferred 20, Kansas and Texas pre-
fcrred 3is Missouri Pacific Az. Manhattan "a
and Western Union IA. The coal stocks de-
c!ined-Lac kawanna 2ls, Reading 2Ss. Delaware
ara Hudson 81 and Jersey Central 81. The
Southern stocks acknowledgements and Nash
Willie ~, Chesapeake and Ohio 81. and Norfolk
preferred So. Pacific stocks DECENTRALIZATION
preferred 29i. Oregon Navigation 3. Northern Pa
cihc preferred 81. and other Western stocks
Illinois Central 3. and Cleveland Cincinnati
Chicago and ST. Louis 3H But the Indus
trial stocks fell even more-Consolidatod Gas
1G, Sugar 81. Pullman 81, Cotton Oil a.
Tobacco 3@s. General Electric 81 and Chicago
Gas and Lead 2ik. The fall OF sixty Old
stocks averaged SO 90 per share for the
wcel., and for tho trusts So IS per share. Sales
were jas shares. the three largest trusts
4'I,J2o; the nine largest railways 1859 90 and
lG; other stocks l4S1G13 shares
T::.s was undeniably downward turn which
81 strong elements in the street united in ner
hitting and not resisting most Of thcm actually
aiding. The Improvement in business has at no
time this year bH"n more distinct or healthy
The stories OF anxiety about Cuba were NJ no
time believed by tho men who distributed them
The freedom Of business from important fail
ures. except among that sort of "brokors'' who
benefit the Street by failing. was remarkable
n
OF the South, but only In the sense OF deferrine
purchases and deliveries. The money market
became higher. as was inevitable when demands
for crop moving took $50O0OOO from the city
in week. following 100000 in two previous
weeks but the certain result was seen in gold
shipments from Europe amounting to 50 500 600
and receipts from Australia OF 81 900 900 These
things pointed 10 gains in the future FOR those
able to hold stocks safely. but to risk and loss
for those trading heavily on paper credits or
narrow margins Whether the reaction is over
or not. 1t will leave stocks In stronger hands
than for some months and the banks more free
TO meet interior and manufacturing needs
The gold shipped was to banks which had large
grain and cotton accounts unsettled and called
for money which they could use more htaby
here than at interest in London. Since mer-
chandise and specie accounts show Indebtedness
Of about S42O00OoO to this country for August