The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-09-22
HAVEN AND STOUT'S LETTER.
THE FINANCIAL OUTLOOK.
Especial to News and Observer


New York, Sept. 81 Wall street shar-
cd to the fullest extent in the grief of the
Nation over Mr.. McKinley's death In
spite of the warnings which had been
given that the late President would not
survive, and of the discounting of its eff
fects by decline in the values during
the last business days of the preceding
week. the sad news which came from
Buffalo was a shock to the financial COM
munity. AS the Stock Exchange was, of
course, closed on last Saturday, there was
no opportunity to Judge whether the i'm
mediate effects would have been unfavor-
able, whether the declines which had oc-
CURED were sufficiently large or whether
the large interests of the street would
have again checked decentralization. By
the time business was resumed on Mon
day morning, a change in sentiment had
taken place. The most important factor
in re-establishing confidence was the
prompt announcement by the new Presi-
dent. Mr.. Roosevelt, that he would adj
here to his predecessors policy, and that
the Cabinet which had surrounded Mr..
Mckinley would remain in office. Such
action was expected of Mr. Roosevelt, and
its wisdom was justified by the imme-
date results in connection with the fnan-
cial situation. Fear of political changes
or alterations in the aims and methods
OF the Government, as respects foreign
or domestic affairs, constituted the criti-
cal element at such junctude. The
surance given by President Roosevelt
that the country would be free from such
dangers enables the American people,
even in an hour of National trial, to REG
ogIize that their material prosperity is
unaltered by the events of the past fort
night, and that the conduct of their Ma
tional Government will continue upon
the lines which have been productive OF
such favorable results.
Quiet has prevailed in the investment
market. but as was noted heretofore,
apart from a diminution in the demand
for securities, there was little change in
the position of prime bonds, prices being
very we'll maintained The bonds in which
speculative operations are an element OF
course have recovered with the stock
market and the renewal of better feelings
with regard TO the monetary outlook is
producing an increased buying demand
for the favorite classes of bonds of re-
cent creation bearing Per cent. inter-
est
In the actual movements the market
has witnessed this week, the early lead
ers were Union Pacific and st. Paul. In
the latter case reports that some new
issue of stock or other advantage will
accrue to the stockholders have been in
dustriously circulated while Union Pa
cifcs advance, together with that of
Southern Pacific, seemed largely de-
pendent upon renewed inside support. In
what are termed the Morgan stocks. nota-
bly, Erie and Southern Railway issues,
there was also evidence OF activity by
the friends Of those properties. The
most important market development of
the week was, however, in the Vanderbilt
stocks. In the case of New York Cen
trail, a new stock issue is talked about,
but the junior members of the group
have also responded and reports are heard
of dividend and other developments in
that connection.