New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-09-15

The Financial World.


sion, there was no opportunity TO test the tr,,s
of the impression generally prevalent - W,
street that the market has practically discor..
es the effects of President McKinlev,z g.
III would seem that early on Thursday So,
ieadine interests were fully aware that the ros,
accounts OF his condition which had caused ,ba
RAINY from the declines of the preceding satur.
Gay and Monday We're not to be relied a, :,
the Improvement the bulk of the stocks Whit,
were bought TO prevent any serious break had
peeh SOLD out again The syndicates and bupa
financial houses We're accordingly in position Ia
renew their support. When the market beg.,
10 sag again and the buying from such Quarter,
| evidently became restricted and timid ii serves
notice that the dreaded change for the vorsa
In the news about the wounded President NO.
at hand BY Friday morning the whole world
recognized now desperate the conditions vera
ana prices, without absolutely crumbling onenAd
OFF and declined sufficiently to show tina, ,,a
worst was 70 be expected The support was
somewhat better. but the fact that the declines
were not more severe seemed due to the absence
OF material for liquidation huge scale Few
brokerage houses had been willing to encourars
purchases by people unable to fully urotsc,
their accounts and the slump which followed
the first news of the crime had already cleansd
up the comparatively small amount Of weak
marginal holdings pretty effectually. The mar
/ ket thus not only had full warning but was on
the whole better prepared than II In all proba-
! bity ever has been for such an unsettIiny
event, not even when President Garfield fingered
/ between life and death. Before the close on
! Friday the current expression was that IL death
claimed Mr. Mckinley the action of the market
had been such TO deprive the result of much
of its disturbing influence so far stock values
were concerned.
of tba
! Some of them. notably Mr. Keene. We're how
| ever, disposed to modify this view of the case
| and TO merely express hope that no acute
| arrangement Of the market is TO be encountered
! The financial public while participating in the
! general sorrow Of the country 70 the fullest ex-
! tent feels Mr.. McKinley's loss in a special de-
i gree 1t has come TO regard him as representing
/ G. policy which has brought about stability in
/ the national finances and prosperity in business
His death seems to many to involve possible un-
! certainties about various matters which NAV
! affect general business corporate interests
| 1t is true that comfort is found in the highly
| correct attitude Of Col. Roosevelt under the
| trying circumstances created by the events at
| Buffalo The new President has been in COM
I plete personal and official sympathy with his
predecessor. His assumption Of the first office
/ in the world involves necessarily no violent
change in the aims methods OF the admin
stration. 1t is perhaps too much to expect that
no change will occur in the composition of the
Cabinet Yet In Wall Street yesterday. where
discussion ran 10 large extent this subject
there seemed TO be a general agreement that
II Mr.. Gage can be induced TO remain in charge
OF the finances and IL advisers like Secretaries
Hay. Root and Long retain their portfolios Pres
ident Roosevelt will have taken long step
toward reassuring the business world and re-
storing feelings of normal confidence in the
stock market. the most sensitive barometer in
our economic organization This is what the
Street almost universally hopes for. 1t certainly
takes hopeful view of the President and
Is not disposed 70 conclude that he will be lack
ing in conservatism.
When the market reopens Monday IT will
have had time to reflect. The effects of the
shock will have been modified and the reassur-
ing elements in the situation will have had time
to assert their influence. Still there is room for
uncertainty. and the best judges hesitate to pro-
nounce a decided opinion about the probable
course of prices next week. Further heavy de-
| clines, however. are not generally looked for.
but there is a feeling that developments as re-
| CARDS the new administration may be slow and
| that may into period OF inacticn and
disinclination on the part of the public to DO
| anything Under such circumstances active
support by the big people would naturally fail
TO galvanize the market and prices might con-
seauentIy sell off more or less There is how
| ever one element not to be disregarded. Buy
| ing orders at concessions coming from people
who have money in hand and want to put it into
good stocks if they get them cheaply are
| phenomenaIly abundant. Before the opening on
| Saturday many houses were crowded with such
orders from all parts of the country. They
could not be executed on Saturday. but most OF
| them will be renewed for Monday
| Money takes a secondary place just now.
! Secretary Gage did what he could, but RELIEF
TO the money market from bond purchases is
| temporary and is becoming more and more dir-
fcult. without severe stringency it is doubtful
| if the IS, 100000 Of bonds sold 10 the Treasury
| on Thursday will be materially increased.
though the offer has been kept open AS nearly
! S1O0O00OO was paid out at the Suo-Treasufs
| on Friday and Saturday on account OF oonu
| purchases the banks were better on than yes
| terday's bank statement would indicate sun
with lenders naturally rendered addit1onaS
| conservative it seems impossible 70 AVOID
\ continuance OF firm money. This may OTinS
| about the already delayed gold imports. but the
| bank presidents who have taken matters III
! charge will probably have TO bestir themselves
| II the present situation should result IN th0
beginning OF a movement for the modincatloh
| NJ the Sub-Treasury law which locks up money
when the country needs 1t IN circuAaton
| would be no surprise.
| Under existing circumstances the kind OF ID
| cidents which ordinarily influence the s'osA
| market have little weight The failure Oh '0
| ST Paul directors To increase the company
| dividend rate on its common stock Is airesos
| forgotten Nor does the suspicious weaAneS'
OF Amalgamated Copper stock count for inue''
| in the general situation of the market Even
| settlement of the steel strike cannot DC GU
| -. g 1t1.alu % stimulate interest though