The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-09-08
SETBACK IN STOCKS
POSSIBILITY OF MKINLEY's DEATH
CAUSED SHARP DECLINES IN
WALL STREET
BANK STATEMENT rs BAD
Depletion of Reserve Funds Caused
the Market to Generally toCIOse
Near the Lowest Figure
j OF the Day.
Clos ng.

SlOS nS.
Saturday. FRIDAY
Call money, New York ...... S-4a
NEW YORK, Sept THE shooting
down of the president at Buffalo upset
the stock market completely today Had
it net en- for several mitigating circum-
stances, 1T was easy to see that there
might nave resulted a disaster to values
OF securities. AS it was, severe losses
We're inflicted by the deel ne In prices,
and the feverish and fitfuI closing of
the two hours. market left opinion unset
tied and anxious for the future. This
limit alton to two hours of trading as a
consequence Of the half holiday was ono
OF TIE mitigating influences in the situa-
ton The maximum period allowed for
pre- paration by the occurrence of the
tragedy only shortly after the close of
ye-te.days market and the added inter-
val due to the closing. of the London
Stock exchange today. 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 In
tervals ever since. The committee of the
New York Clearing House association
assembled this morning before the open
ng Oh the stock exchange and had with
thom in consultation the great bankers
and capitalists of the metropolis. As
su ances Were given that the banks were
as one In the readiness to meet the sit
Z
predicted with confidence that. no solvent
and responsible borrower should lack
CT edits to meet his needs. This attitude
and the fact that the committee almost
Immediately adjourned had an effect I'm
creating confde noe. The first heavy sell
ing Of stocks was therefore absorbed and
the severe opening declines running from
2 to over points were quickly diminish
ed. There seemed. to be a feeling that
1T was safe to withdraw some support
from the market and not to attempt to
combat moderate downward tendency,
which was fully warranted by the actual
situation. The withdrawal of the sup
port found the market vulnerable again,
and with the severe inroads upon the
surplus reserves disclosed by the bank
statement came a renewal of actual I'M
easiness over the money situation. 1t was
felt to be beyond question that the banks
We're encrtaching upon their legal re-
serve. the reserve being designed in fact
to meet first such a crisis But future
curtailment of credits in recuperation of
the reserve Is thereby made necessary.
AS q measure Of the sentiment caused by
the attempted assassination of the pres
ident, the movement in prices was to
some extent modified also by the news
of the encouraging condition Of the dis
tingudshed sufferer this morning. With
ondary effects of his injury, the dispo-
sition to anticipate further declines in
prices grew toward the close Of the mar
ket. The days losses Were too general
Pacific, SouthwesternS, coalers (both
hard and soft, Amalgamated Copper and
the IKE stocks which have been the sub
jects of recent speculation, were natur-
ally, the seyerest sufferers, st. Paul lead
ing the active list, with an extreme de-
cline of 91a and a net loss Of 81a
REVIEW OF THE WEEK.
The outlook In the money market has
grown more dubious this week, and this
factor has dominated the speculation in
the stock market today. There has been
no severe stringency in the money mar
ket but rates have advanced apprecia-
IDLY. The declining tendency of prices has
been more the result of bear speculation
in an effort to discount the unfayorable
effects. of lighter money rates in the fu-
ture. The movement Of currency to the
interior during the week has proceeded
it is generally admitted, in spite of spec
ulative arguments. that the relief requls-
lite to avoid stringency in the money
money market this fall must be looked
for to foreign markets by gold exports
The course of foreign exchange has
given promise all week of an early move
ment Of gold to New York. but the psob-
lem how such movement will be allow
ed to extend is still uncertain, llotwith-
standing the large stocks of gold in Eu-
ropean banks The government Of Aus
tria- Hungary has been persistent buyer
of gold and this demand seems to have
come as a surprise to the markets.
Railroad bonds have been, dull in SYM
palthy with stocks, but prices luctuate
more narrowly.
United States bonds were unchanged In
bid quotations.