The Washington times., 1901-09-10
STOCK PRICES RECOVERING
The Effects of the Clearing Houses
Action Evident.
Although Liquidation Continues,
BlyiuG Orders Contribute tn Make
the Market More Evenly balanced
London n Heavy Purchaser Here.

Although Liquidation Continues,
Buying Orders Contribute to Make
the Market More Evenly balanced
London a Heavy Purchaser Here,
NEW YORK Sept. 9.-Practically the
sole influence in today's stock market was
the condition of the President as set forth
in the advices constantly received from
Buffalo together. of course, with the
various moves in financial affairs in rela-
ton to the attempt upon the life of the
countrys Chief Magistrate. Inasmuch as
virtually all of the Intelligence coming
from Buffalo over Sunday and through
out the day was of an encouraging and
almost cheerful tenor, ii was not remark
able that the market should have opened
at substantial advances in comparis On
with Saturdays final prices. The tenden-
cy of the trading was fJrthered by a
number of important and certainly infiu-
ential factors.
The London market for American stocks
was stimulated by the same circu1n-
stances influencing the local dealings and
showed advances above parity with New
York's final prices of Saturday extending
TO three points and foreign houses bought
literally during the morning session, their
ward Of $1,000 shares.
\ most important influence in the re-
ccvery in prices it is needless to say, in
view of Saturdays discouraging bank
statement. was the very prompt action
of the associated banks in placing at the
disposal of the stock market all the capi-
tai required at fair rates. The assur-
ance that 10 undue stringency in money
would be allowed to develop. either as Ike
result of general conditions or of Frid ~ s
depiorable event. naturally infused fresh
courage into Wall Street, which finds it
self once more indebted to the cool juds-
ment and high courage of Frederick D.
Tappen and his colleagues upon the clear
ing house committee.
1t is now manifest that within compare
lively recent years most decided change
has developed in the relations between
the New York market for securities and
the joint capital of the community as
repre- sented, in the final instance, by the
Executive Committee of the Clearing
House Association. 1t is within the men,
ory of even the younger generation of
Wall Street, that upon numerous occa-
sions within the past decade the stock
market situation has been saved from
virtual disaster by the quick and courag-
eous action of the Clearing House Com
mittee and it is no more than giving credit
where it is due TO say that in nearly ev-
cry instance the initiative has been taken
by Mr.. Tappen.
The fact that on the present occasion
here are acting with him virtually every
one of the large private bankers of the
city only warrants an increase in conf
deree that the present crisis will be tided
over safely, no matter what may befzll.
With these general circumstances in
view, it only remains TO be said that the
days market might otherwise be best un-
derstood through technical considerations.
In the earlier dealings there was renewed
heavy and general liquidation. 1t was
plain from the outset, however. that sup
porting orders were present in practically
every quarter of the market. 1t would
be altogether incorrect, though, to as
sumo that it was owing entirely TO con-
certed support that prices recovered so
rapidly, because, as a matter Of fact.
: many of the stronger commission houses
reported large buying orders from custo-
meTs anxious to take advantage of the
extreme declines shown in prices since
the middle of last week.
AT all events. the combined effect of the
buying orders that appeared in the mar
ket was reflected in a number of exceed
iDgly sharp advances, as will be seen
from scrutiny of the appended table Of
comparative fluctuations 1t was obvious
also that Fridays deplorabIe event had
been utilized by the professional specu-
iative element as alfording safe oppor-
tunity for putting out short contracts,
and while it is Idle to comment upon the
ethical aspects of such procedure il is not
without certain amount of satisfaction
that the fact may be stated that today s
market divested these ventures of the
greater part of the paper profits they
showed on Saturday.
In a market governed by the general
circumstances cited, the particUlarization
OF special movements is. of course, un-
necessary, and would add little or moth
ing to better understanding of the deal
ings at large. There was a virtual abb
sence Of any news or gossip bearing on
particular stocks, apart from the more or
less keen interest taken in the rate of
dividend to be declared on st. Paul stock
on Thursday, but even the varying views
in that regard were overShadowed by the
gratifying intelligence from Buffalo and
the various other related matters cited.
In consequence of the free offerings Of
money by the interests represented at the
bankers meeting on Saturday and to-day,
rates receded with the course Of the aft
ernoon. as many brokerage houses found
the Inselves in possession of large balances
as d result of Saturdays liquidation of
accounts.
Sterling exchange continued heavy, but
no engagements Of gold for import were
announced.