Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-09-09

NEW YORK. September THE
shooting down of the President at Buff
falo yesterday upset the stock market
completely to-day. Had il not been for
several mitigating circumstances it was
easy to see that there might have re-
suited a disaster TO values of securi-
ties. As it was. severe losses were in
fieted by the decline in prices, and the
feverish and ftful closing of the two
hours market left opinion unsettled
and anxious for the future. This limi-
tation to two hours of trading as a
consequence of the Saturday half heli-
day was one of the mitigating cireum-
stances in the situation. The maxi
mum period allowed for preparation by
the occurrence of the tragedy only
shortly after the close of yesterdays
market, and the added interval due TO
the closing of the London stock eX-
change. to-day. were hailed with some
degree of relief by the financial world.
The great powers in b financial world
got to work shortly after the news was
read yesterday, and ave been in con-
sultation and active efforts at inter-
walls ever since. The committee of the
New York Clearing House Association
assembled this morning before the
opening of the stock exchange, and had
with them in consultation the great
bankers and capitalists of the metrop-
oils. Assurances were given that the
banks were as one in their readiness to
meet the situation and protect each
other. 1t was predicted with conf
dencef that no solvent and responsible
borrowers should lack credits to meet
his needs. This attitude and the fact
that the committee almost Immediately
adjourned had a marked effect in Great
ing confidence. The first heavy selling
of stocks was therefore absorbed and
the severe opening declines running
from 3 to over 6 points were quickly
diminished. There seemed to be a feel
ing that 1t was safe to withdraw some
support from the market and not to
attempt to combat a moderate down.
ward tendency, which was fully war
ranted by the actual situation, The
Withdrawal of this support found the
market vulnerable again when the Sc
we're inroads upon the surplus reserves
disclosed by the bank statement caus-
ed a renewal of acute uneasiness over
the money situation. 1t was felt to be
beyond question that the banks were
e%ncroaching upon their legal reserve,
the reserve being designed in fact to
-.-x4 s.-x -..,l 4. .-s.4 Lx.4 fn4r.A 49,
taiment of credits in r~ecuperation of
the reserve is thereby made necessary.
AS a measure OF the sentiment caused
by the attempted assassination OF the
President the days movement of prices
was to some extent modified also by
the news of the encouraging condition
of the distinguished sufferer this morn
ing. With the crisis still to be faced
of the secondary effects of his injury,
the disposition to anticipate further
declines in prices grew toward the close
of the market.
The days losses were too general to
need specification but the grangers,
p~aciies, southwesterns. coalers Cloth
hard and soft ~Amalgamated Copper
and the like stocks, which have been
the subjects Of recent speculation were
naturally the severest sufferers, st.
Paul leading the active list with an
extreme decline of 9h and a net loss
OF S1a.
The outlook in the money market
has grown more dubious this week and
this factor has dominated the specu-
lation in the stock market up to to-
day. There has been no severe string
- - A. o~nav poorkat lint rafpG
have advanced appreciably. The de-
clining tendency of prices has been
more the result of bear speculation
in an effort to discount the u%nfavora-
BILE effects of Tighter money rates IN
the future. The movement OF curren-
cy to the interior during the week has
proceeded freely. In financial and
banking circles. it is generally m
ted in spite of speculation = guments,
that the relief requisite to avoid string
ency in the money market this falI
must be looked for to foreign markets
by gold exports. The course OF foreign
exchange has given promise all week
of an early movement Of god to New
York. But the problem how far such
a movement will be allowed to extend
is still uncertain. Notwithstanding
large stocks of gold in European banks.
The government of Austria-Hungary
has been a persistent buyer Of gold and
this demand seems to have come as a
surprise to the money markets.
Railroad bonds have been dull In
sympathy with stocks but prices fuc-
tuate more narrowly.
U. S. bonds were unchanged in bid
quotations.
ppnnIJCE