The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-09-14
STREET IS HARD HIT
NEWS OF PRESIDENT M.KINLEY'S
IMPENDING DEATH STAGGERED
THE MARKET
PRICES ON THE DOWN GRADE
FURRY in Call Money, The Rate
Going as High as 10 Per Cent,
Was Also a Bear
Factor.
Closing.


~. aru ~ W.. Friday. Thursday.
ca an Money money New New YORK .Ss S g
NEW YORK. Sept. 1.-THE shock Of
the presidents relapse fell upon the
stock market with almost greater force
.nan tnat OF the attack upon him. The
measure of this effect is seen in the fact
that prices as rule fell TODAY below
the low level of last Saturday The la
POROUS course of restoration of prices
curing the week had carried the avtarag a..
level we'll back to that ruling at tie close
of last Friday but the news of the shoot
ms was known in Wall street. A falsA
report of the presidents death had circu-
iated In London today, and the panicky
selling from that center was thrown upon
the opening market here. The condition
OF the money market and some OF the de-
|develormt nts of ye,taIday left the market
Vulnerable to even normal course of
events. Disappointment over yesterdays
dividend action on st. Paul was Reen
and heavy selling of that stock was ifieyi-
table in any event. Amalgamated Cop-
PEI also continued under special pressure,
owing to assertions that enormous stocks
OF copper were being accumulated and
that the maintenance of the price Of the
product was becoming difficult Republtc
Steel was acutely affected by the COM
mentS on its poor showing of earnings for
the year. The amount of offerings of
government bonds brought out by Secre-
tary Cages proposals was disappointing
the total reaching only about 81 500. 05D
compared with the $40, 900, 900 invited. but
as the payments made for these In cash
upon presentation at the subtreasury to-
day, most of the offered bonds being sold
In New York. this becomes very i'm
portant incident of the day, pouring an
abundant stream of cash into the market
at the very moment of greatest need
The appreciation of this situation was
seen In the prompt offerings Of the bonds
at the subtreasury, the payments on this
account for the day reaching about S9,0e0,-
na4t<1 -
yolved in the settlement of the purchase
There can be no doubt that this was an
important factor in saving the day, for
the pressure of liquidation was at times
very severe, and the enormous supporting
orders executed by friends of various
stocks were only partly successful. The
critical condition of the money market
during the past week has apparently
brought some relief to the drain on New
York reserves, and the cash losses are
estimated to be no greater than $4,000 009.
This does not include todays large gain
from the subtreasary. The loan Is a
matter of mere guess work, but the free
lending of money early, in the week to
Keep down the money rate must be reck-
oned with. as well as the liquidation
which has been effected Call loans went
to 10 per cent today, but relaxed to per
cent. Extraordinary measures were
deemed necessary by the clearing house
committee, and in fact that body was not
in session during the day. The measures
adopted early in the week continue in
force, however There can be no doubt
that the sentiment in Wall street today
as to the presidents recovery was prac-
tically hopeless, and the price movement
is to be measured from this standpoint
The more important extreme declines
were as follows: st. Paul. 6M; Amalga-
mated Copper, North Western. Rock ISL
and, Great Northern preferred, Colorado
Fuel and American Car preferred, 6@6as;
Chicago, indianapolis & Louisville, Cleve-
Ian, c. c. & ST. Louis, Delaware & Hud-
son, Union Pacific, American Tobacco,
Republic Steel preferred Consolidated
Gas and Brooklyn Transit, 605%; General
Electric, Sha; American Linseed preferred.
10, and the majority of active stocks all
through the list from 2 to 4 points.
Railroad bonds were weak, but not SO
acutely so as stocks. Total sales, par
value So, $4,000. a79N
United States old As and the SIS declined
u, the IS q and the new as ~ per cent
on the last call.
- ETflCrIEl