National Republican., 1881-07-04
THE EFFECT IN WALL STREET.
stocks Down several Poinis-OpinIons {
the Result In the FIXTURE.


The news of the assault on the Presi-
dent reached Wall street few moments AFTER the
opening Of the Stock Exchange. II created pro.
found sensation, and influenced the days specu-
latlon Each bulletin was eagerly watched for
on the tape In the hundreds Of brokers offices,
and the centres from which news emanates were
throngcd with anxious inquirers all day The
first news Of the shooting Is said to have come over
private wire Of tde Mutual Union Telegraph
Company at GAG a. M TO the banking house of
George William Ballou & Co., the senior partner OF
which is personal friend Of the President The
news was received by Kicrnan's Financial News
Agency few moments before ten o'clock. Mr.
Kicrnan delayed Issuing II until nc had verified
II, aud then sent II over his wires at 1914 His
dispatch read " President Garfield was shot and
dangerously wounded this morning"
Wall street, generally ver.creduous, was skep-
teal of the nows. Immediately Kiernans agency
and tho Offices Of Prince & whitoloy George W.
Ballou & Co., and Groesbeck g. schley, who have
private direct wires TO Washington, were be-
sieged By anxious inquirers. Aiier brief period
OF doubling the brokers and spectators began to
become convinced Of the fact that the President
had been shot The average specuators. always
tmid ordered the sale OF their stocks and the bear
operators, every ready TO seize upon the resem.
bance Of disaster to depress prices, seized the
opportunity to break the market. Prices ran down
with appalling rapidity. The brokers have had a
dull time lately and n good many had started
on their Fourth Of July vacation. The result
~yas that nearly every office worked at n disad-
vantage, and business was transmitted with
difficulty. There was difficulty in executing
orders, owing to the wide and sudden fluctuations
In prices. Within half an hour, as more de finite
and encouraging news relative to tho President
was distributed, prices became more steady. 1t
was also reported that Mr. Gould had Just arrived
at his office and was active in buying and thus
supporting stocks. This was found TO be untrue,
as Mr. Gould was at his country scat at Irvington
all day At llI5 o'clock President Mackay as
cended the rostrum OF the Exchange and formally
announced the shooting and the condition of the
President rs indicated by the dispatches up to
that hour. Again at 245 o'clock he announcedt the
nature oflater dispatches.
The market declined from two 10 six per cent.
during the day but at the close recovered from
one-half TO one and half per cent from the low
est prices Of the day. The volume of business
done was about six hundred thousand shares, or
nearly three times as great as has been the daily
average for the last two or three weeks At the
close OF business the brokers were as far as could
be learned very much divided as to the future eff.
feet on the stock market The opinion of several
brokers worth quotingwas that, as far as the stock
market was concerned the worst was over. As.
suming that the President should not survive,
they SAID, tho commercial and financial Interests
will have two days time in which TO consider the
relation OF his death to those interests, and they
will come to the conclusion that neither can be
materially affected by the event. Others argued
that the death Of the President wond be Sc
rious event to railroad interests, as It was cited
that he was fnvorably disposed toward the mo.
nopolists, and that the administration of Gen.
eral Arthur would be practically that OF Mr.. Conk-
ling and opposed to the great corporate interests
Another influential broker called attention to
the fact that the event had transpired at time
when the stock market was in q favorable con-
dtion TO receive II. Prices have been declining
for several weeks, and to point where II was
pretty generally conceded stocks were purchase.
In addition to this support he added, It should be
borne in mind that all of the pools are on the bull
side Mr.. Gould is large holder of stocks, and
bound to support them, The only bear operator Of
note Is Mr.. Keene.
The senior partner Of the largest houses in the
street said that one Of the only thing to fear is
the action Of the foreign speculators In and own
ers of American securities. "As far as we in the
United States arc concerned he said, 1--WE know
that this misfortune, however 1t may terminate
with President Garfield, cannot materially affect
the commercial prosperity of the country. But
the foreigner may be inclined to place us, on ac-
count of this event, in the same category with
Mexico, and thus injuro our national and corpor-
ate credit, and show their opinions by getting rid