The age-herald., 1901-09-15
Effect of Presidents Death
 Cannot Yet be Told
THE WEEK HAS BEEN GLOOMY
First Measures for Protection After Buffalo Shooting Was By Clear ina House Committee, and
 Abundant Credit Existed.

New York, September 4.-Following the precedents set at the time of the deaths of President Lincoln and President Gar field, the Stock Exchange adjourned im- mediately upon assembling today out of respect to the memory of President Mo- Kinley. As a consequence the money markets and the exchanges were both merely nominal and threw no light upon the question of how the Presidents death would affect the markets. The only fnci- dent worthy of attention was the weekly bank statement. The decrease in cash re- serves of s3,S7O, 100 was rather larger than expected, even with the payments yester- day for government bond redemption not included. But. on the other hand, the stock market liquidation during the week has contracted loans to some 700. thus materially reducing the legal reserve requirement., to the benefit of the surplus, which is only slightly encroached upon.
 Marked. success had been achieved in the task set for organized capital of re- cuperating the stock market from the heavy blow of last Saturday, when 1t had to face the effect of the attempted assas- sination of the President. Seemingly not sufficient prime account was taken of the quick movement and supposed approach to recovery of the distinguished patient, for yesterday when the alarming news was received of his relapse to near deaths door the stock market slumped, and with in fifteen minutes of trading after the opening the laborious accounts achieved by weeks careful nursing in stocks were wiped out. Prices yesterday evening were generally lower than on last Satur- day During the week they had been at one time pretty fully restored to the level prevailing before the attack upon the President.
 First Measures.
 The first measures concerned for the protection of the market were by the clearing house committee. Acting as the representative of all the clearing house banks and of the former financiers and capitalists of the country they were able to secure the cooperation of all those great forces, one for guarding the money market against undue stringency. Album dant credit was forthcoming on Monday for al solvent borrowers to meet their actual needs. Skillful operators in stocks were on the floor of the stock exchange to protect values there by keeping up bids for stocks, taking offerings at moder- ate declines and so preventing the reck-
 
 out of collateral margins for loans. These objects were not achieved without 8 lavish outlay of resources, as the liqui- dation was heavy and urgent and per sistent, but success was manifest before trading had proceeded long on Monday But the financial wisdom which presided over the movement viewed with a jealous eye the heavy inroads making upon 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 quick response to the ap- peal which was formulated to the Sec retary of the Treasury relieved somewhat the drain which the sub-treasury was making day after day upon the New York money market.
 Bond Offerings Disappointing.
 The bond offering were disappointing in amount, but payment of the $7,000, 900 accepted which was made in cash on Friday, was an effective aid to checking the demoralization 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 re- cuperate the market that some disposi- ton developed to set on foot an active speculation for a rise. Heavy realizing was accomplished under cover of this movement by those who has bought heavily to sustain the market on Satur- day and early this week. This not only relieved the situation by strengthening the resources of this element in the mar ket, but also checked the injudicious speculation for rise. The acute effect produced upon stocks and the heavy sell ing of stocks yesterday was ample warn ing that money market resources must be still carefully conserved if the stock market is to be protected from a calamity in the growing demand 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 5s advanced A, the 2s % and the new 4s l per cent, while the 3s declined B per cent on call