The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-09-15
NO BUSINESS ON
STOCK EXCHANGE
AdjournS Out of Prospect to Pres
ident Mckinley.
WEEKLY BANK STATEMENT
DECREASE IN CASH RESERVES
WAS QUITE LARGE.
WEEKLY BANK STATEMENT

New York, Sept. 14.-Following the pre-
cedent set at the time of the deaths of
Presidents Lincoln and Garfield, the stock
exchange adjourned Immediately on as
Sembling today, out of respect to the
memory of President Mckinley. As 4
consequence the money market and the
exchanges were both merely nominal,
and threw no light upon the question Of
how the presidents death would affect
the markets.
TIE only incident worthy of attention
was the weekly bank statement The de
crease in cash reserves of $3.50. 100 was
rather larger than expected even with
the payments yesterday for government
| bond redemption not included. But on
the other hand. the stock market liqui-
dation during the week has contracted
loans of some Sl2S79.7O0 thus materially
reducing the legal reserve requirement,
to the benefit of the surplus, which is
only lightly encroacned upon.
Marked success had been achieved in
cuperating the stock market from the
heavy blow of last Saturday, when it had
to face the effect of the attempted assas-
sinatiOn of President Mckinley Seem
1ngly on account OF the quick improve
ment and supposed approach to recovery
\ of the distinguished patient, yesterday,
when the alarming news was received OF
| his relapse to near deaths door, Lhe
stock market slumped, and within fifteen
] minutes of trading after the opening the
I labOrious results achieved by week s
careful nursing of stocks were wiped out.
Prices yesterday evening were generally
lower than on last Saturday. During the
week they had at one time been fully
/ restored to the level prevailing before the
| attack upon the president.
! The first measures concerted Tor the
protection of the market were by the
/ clearing house committee Acting as tho
/ 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 an those
| great forces as one for guarding lhe
money market against undue strInSency-
Abundant credits were forthcoming on
/ Monday for all solvent borrowers TO meet
| their actual needs Skillful operators In
/ stocks were the floor of the exchange
| to protect values there by keeping up bids
| for stocks, taking offerings at moderate
| declines and preventing the reckless
| sacrifice of holdings and the wiping out
| of collateral margins for loans.
| These objects were not achieved with
| out a lavish outlay of resources, as the
liquidation was heavy ana urgent ana
! persistent, but success was manifest pc
/ fore trading had proceeded long on Mon
| dav. But the financial wisdom which pre-
/ sided over the movement viewed with a
! Jealous eve the heavy inroads making
| upon money resources by the withdraw
ais from the circulation of the surplus
| revenues of the government at a time
when the need was so urgent.
J The appeal which was formulated TO
a quick response, invitations for tenders
| of bonds for redemption to the amOunt
| of $4,000 nd the diversion of S5.OoOOOO
| of internal revenue collections into IA
| tionaI bank repositories This relieved
! somewhat the drain which the sub-t treas
ury was making, day after day, upon
tenders were disappointing in amount
but the payment for the SIOOr0 as
cepted. which was made in cash on FRI
day, was an effective aid TO checking the
Decentralization caused by the bad news
( from Buffalo. -
| During the middle of the week there
vas so much success shown in the ef-
forts to protect ami recuper8te the mar
ket that some disposition developed to set
! on foot an active speculation for a rise
| Heavy realizing was accomplished under
cover of this movement by those VINO
had bought heavily to sustain the mar
ket on Saturday and early this week
This not only relieved the situation By
| strengthening the sources of this element
in the market, but also checked the IN
tudiciOus speculation for rise.
! The acute effect produced upon stocks
| and the heavy selling of stocks ycster-
day was ample warning that the money
market resources must still be carelUlly
conserved if the stock market Is TO De
| protected from a calamity in the Sro"in;;
| demands for money IN the channels OF
trade and in the strain caused 10 all
| business and credits by the misfortune
| to the head of the government
| Liquidation of railroad bonds has oeeH
much lighter than of stocks and at less
cost of values. United States IS advanced
"a, the Is q and the new Is Der cent
while the IS declined IS per cent on call
| during the week