New-York tribune., 1901-09-16

THE WEEK IN WALL STREET.
With the whole country and with the whole
world Wall Street grieves the death of
President Mckinley. Sentiment was rudely
shocked when il became known that the Presi
dent had been shot, and while his death not
unexpected the sad news depressed Wall Street
lsentiment to a degree from which 1T may take a
llong time to recover. William Mckinley ac-
.complished results that placed this country
upon a sound financial and Industrial basis. He
was closely identified with the prosperity of the
country and it would not be unnatural If for
ftime his death should be followed by an unset
tied feeling in Wall Street circles. But there is
no reason for panic. The country must con-
tinue to live. The wheels OF industry cannot be
stopped when there is weakness in their
structure, and in the present case the intrinsic
lstrength of these industrial wheels is stronger
than ever before on record. VIII President Nc
EK.nley's death cause the development of a new
set of conditions? Will the great and good work
done by William Mckinley die with him? Will
lthe energy strength and determination Of a
rich and growing country permit the birth of
,factors that might upset the conditions that
have made the United States the greatest power
on earth? The greatest minds in the country
enswer, No.
, Wall Street has at its back the financial re-
sources of the richest capitalists and corpora
tiOnS in the country. 1T is tne iHlentlon ol cap
ktal TO support the market against spectators
Ipanic but even this support will doubtless fall
ITO prevent gradually declining level Of values.
no matter what may be said done to relieve
the fears of investors there will doubtless be a
certain number of people who will prefer to sell
their securities, while there will, of course. be
"a powerful band of professional spectators
campaigning for lower prices How long such
conditions. if they develop. may last can only
be conjectured but ii seems safe to say that
with the return of normal money market condi-
sions stocks may enjoy period of bull activity.
Under the present substantial strength of the
actual value of securities it hardly appears
probable that declines WIFI be extensive and
6bere certainly seems no reason for the sacri-
Jice of good securities.
The closing of the Stock Exchange on Satur-
day has afforded Wall Street time to consider
she situation in calm and dispassionate man
,ler 1t is therefore thought improbable that
serious losses will take place on the reopening
OF the market, but a certain amount of hquida-
tion, however, appears according 10 some minds
snevitable for time On any decline good buy
ers will appear, and the chances that the
people who expect enormous losses in sound
dividend paying securities will be grievously
disappointed. In the week the Presidents Ill
ness was of course the leading factor Of par
1icuar influence upon prices. The bulletins early
in the week were so encouraging that 1T was
confidently believed the President would recover.
and as a consequence there was more cheer
fuI feeling in the Street and a better demand
for securities. The government crop report or
TUESDAY the failure of the St. Paul directors TO
advance the dividend rate Thursday, and
money market developments were reflected In
stock values but not TO an extent that might
have been reported if President McKinley's i'll
,ll COtxr3n ing
According TO the government crop report the
WELD of corn will be extremely small while the
.yheat harvest will be under earlier predictions
In wheat however, the falling off In yield as in
fsicated by the September report will not reduce
the total production to figures anywhere near
the record of 1900. A year ago there was a big
shortage In the spring wheat crop, ana as a
consequence various pessimistic tales were put
forth regarding the future of railroad earnings
and stock values. Despite the shortage IN
wheat earnings of the roads in the spring wheat
territory were heavy throughout the year. ST.
Paul for instance, making the largest total In
gross and net income in its history. OF course,
q reduction of S00O0OO00 bushels in the corn
CROP as compared with year ago, must neces-
sarily have some effect upon the railroads IN
the corn belt, but the increase In general mer-
chandise traffic has been SO heavy in the last
year with promise Of better record this
year, that the falling off in grain traffic should
not exert disastrous influence upon earnings
or cause any depreciation in the value Of rail-
road shares.
The money market is still in an uncertain
position but the purchase of government bonds
by the Treasury removes all fear of stringency.
Capital stands ready to prevent monetary dis
4urbance IN Wall Street. The monetary situa-
tin is moving along in satisfactory manner.
and there is nothing in current conditions that
should occasion alarm. Many stock commission
houses are in such good shape that they are
able to lend large amounts of money the ex-
change, while the banks not at all pressed
for means to meet the demands that are being
made upon them From government bond pur-
chases there will be received in this city least
<lo,vD,ODO, and II money rates remain at their
present level exchange rates viii doubtless drop
10 a point that VIII attract gold from Europe
There may be fiurries in the money market but
* is not beltved that permanent or serious dis
turbance VIII result. the resources OF the
bankers Of this city strong enough to pre-
vent panic.
GnVERNAfENT