The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-09-09
Adequate Support Being FOrthcOm-
ing, the Decline Is Checked Be-
fore a Panic shows Itself.
THIS HELP LATER WITHDRAWN
BANK STATEMENT
CAUSES HEAVY DECLINES.
Close Weak and Nervous, with Money
Market Conditions the Dom
inant Influence.

NEW YORK. Sept. THE shooting down
of the President at Buffalo yesterday upset
the stock market completely to-day Had
it not been for several mitigating circum-
stances it was easy to see that there might
have resulted a disaster to values OF Sc
curities AS Il was severe losses were in
fiicted by the decline in prices and the
feverish and fitful closing Of the two hours
market left opinion unsettled and anxious
for the future. This Limitation to two hours
of trading as q consequence OF the Satur-
day half-holday. was one OF the mitigating
circumstances 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 Exchange to-day were hailed
with some degree of relief by the financial
world. The great powers in the financial
| world got to work shortly after the news
was received yesterday, and have been In
consultation and active efforts at Intervals
| ever since. The committee OF the New
| York Clearing House Association assembled
| this morning before the opening OF the
Stock Exchange and had with II in
consultation the great bankers and capital
| lists Of the metropolis. 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
dence that no solvent and responsible bor-
rover should lack credits TO meet his needs.
This attitude and the fact that the COM
mittee almost Immediately adjourned. had
/ a marked effect in creating confidence The
/ first heavy selling OF stocks was therefore
| absorbed and the severe opening declines,
| running from three to six points. were
| quickly diminished. There seemed to be a
| feeling that it was safe to withdraw some
| support from the market and not to at
| tempt to combat moderate downward
| tendency, which was fully warranted by the
/ n
| support found the market vulnerable when
| the severe inroads on the surplus reserve,
| disclosed by the bank statement caused a
| renewal of acute uneasiness over the money
| situation. 1t was felt to be beyond QueS-
| ton that the banks were encroaching upon
| their legal reserve the reserve being de-
/ signed in fact to meet such crisis. But
F., future curtailment Of credits In recupera-
| ton OF the reserve is thereby made neces-
| caused by the attempted assassination
! of the President, the days movement
of prices was modified also by the news
| OF the encouraging condition of the dis
| tinguished sufferer this morning With the
| crisis still to be faced of the secondary
| effects of his injury the disposition to an
/ ticipate further declines in prices grew
| toward the close Of the market. The days
| losses were too general 10 need specifica-
| ton, but the grangers, Pacifics South
| westerns, coalers (both hard and soft.
| Amalgamated Copper and the like stocks,
| which alike have been the subjects OF
| cent speculation, were naturally the Sc
1 verest sufferers, St. Paul leading the ac-
| tive list with an extreme decline OF 91a,
| and net loss of So.
The outlook. in the money market has
| grown more dubious this week. and this
| factor has dominated the speculation in
| the stock market up to to-day. There has
been no severe stringency in the money
| market, but rates have advanced appre-
| ciably The declining tendency Of prices
| has been more the result of bear specula
| ton in effort to discount the unfavor-
| able effects of lighter money rates in the
| future. The movement of currency to the
| interior during the week has proceeded
| freely. In financial and banking circles it
| Is generally admitted, in spite OF speculat-
| ing arguments, that the relief requisite to
| avoid stringency in the money market this
| fall must be looked for TO foreign markets
| by gold imports. The course of foreign
| exchange has given promise all week of
| an early movement of gold to New York.
| But the problem how far such a movement
| will be allowed TO extend is still uncertain,
| Notwithstanding the 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 &c the money mar
| kets
Railroad bonds have been dull in SYM
| pathy with stocks. but prices fuctuate
| more narrowly. United States bonds were
| unchanged in bid quotations.
| Following are Saturdays share sales and
| the recorded price changes: