The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-09-15
NO BUSINESS DONE
STOCK EXCHANGE ADJOURNED
OUT OF RESPECT TO PRESIDENT
M'KINLEY'S MEMORY
REVIEW OF WEEKS TRADE
Close Friday Was Generally at a
Lower Level of Prices Than
the Closing Figures of
Saturday Last.

NEW YORK, Sept. 14.-Followlng the
precedent set at the time OF the death
of Presidents Lincoln and Garfield, the
STOCK exchange adjourned Immediately
upon assembling TO-DAY out of respect to
the memory OF P1eSldenC Mckinney. As
consequence the money market and ex-
change Were 10th merely nominal and
T" threw no Light upon the question OF how
the presidents death would AFFECT the
market. The only incident worthy of at
tent.on was the weekly bank statement.
he Qecrea-e n ca5h reserves of $5,SI0,h0
was rather larger than expected, even
with the payments yesterday for govern
ment bank redemption not Included. But
on the other hand the stock marAet liQui-
dalton during the week has contracted
leans of ST.. o79 700. thus materially re-
ducing the legal reserve requirement to
the benefit OF the surplus, which is only
lightly encroached upon.
Marked success had been achieved in
the ~task set tor organized capital of re-
cupel atmg the stock market from the
heavy blow of the assassination of PreSi
dent Mckinley. Seemingly not sufficient
account was taken of the quick improve
nent and supposed approach to recovery
of the distinguished pat emf, for yeSter-
day, when the alarming news was re-
ceived of his relapse TO near deaths door,
the stock market slumped. and within
fifteen minutes of trading after the OPEN
ing, the labor4ouS results achieved by a
weeks careful nursing of stocks were
wiped out. Prices yesterday evening were
generally lower than en- last Saturday.
time pretty. fully restored to the level pre-
vailing before the attack upon the presi-
dent. The first measures concerted for the
protection of the market were by the
clearing house committee. Acting as the
representatives of all the clearing house
banks. and of the foremost financiers and
capitalists of the country, they were able
to secure the cooperation of all those
great forces as one for guarding the
money market against undue strngency.
Abundant credits were forthcoming on
al
their actual needs. Skillful operators in
stocks were On the floor of the stock
exchange to protect values, thereby keep
ing UP bids for stocks taking offerings
at moderate declines, and so preventing
the reckless sacrifice of homes and the
wiping out of collateral margins for loans
These objects were not achieved without
a lavish outlay of resources. as the nqui-
dation was heavy and urgent and per-
SiStent, but success was manifest before
tradng had proceeded long on Monday
But the financial wisdom which presided
over the movement viewed with a lea Gus
eye the heavy inroadS making on money
resources by the Withdrawals from the
circulation of the surplus revenues of the
government at a time when the need
was so urgent. The appeal which was
formulated to the secretary of the treas
ury met with quick response invita-
ton for tenders of bonds for redemption
to the amount of $c0,0G0C00 and the diver
sion of S5,C6O,0c0 of internal revenue COL
lectionS INTO national bank d p 1sitories
the subtrs asury was making day after
DAY upon the New York money market.
The bond tenders were disappointing in
amount. but the payment for the 81. 090.-
600 accepted. made in cash on Friday
was an effective to checking the
decentralization caused by the bad news
from Buffalo. During the middle of the
week there was so much success shown
in the efforts to protect and recuperate
the market that some disposition devel-
oped to set on foot active speculation
for a rise. Heavy realiz ng was accom-
plished under cover of this movement by
those who had bought heavily to sust ain
the market on Saturday and early this
week. This not only relieved the situa-
ton by strengthe ming the resources of
this element in the market but also
checked the iniudic.ous specuia ton for a
rise. The acute effect produced upon
stocks and the heavy cell ng of stocks
yesterday was ample warning that the
money market resources must be still
carefully conserved if the stock market
is to be protected from calamity in
the growing demands for money in the
channels of trade, and the strain caused
to all business and credits by the mis-
fortune to the head of the government
Liquidation of railroad bonds has been
much lighter than of stocks and at less
cost of values
United States IS advanced Il and the
IS "a and the new As l per cnt. while
the IS declined g per cent on call during
he