Evening star., 1901-09-07
FINANCE AND TRADE
Stocks Were Sold Freely on Account
Of the President,
4 SLIGHT REACTION At CLOSE
Big Banking Interests Combined
to Prevent Panic.
MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, September J.-As was to
have been expected. the shock Of yester-
days tragedy at Buffalo was keenly felt
in financial circles today. The belief that
the good already accomplished and the
policies already promulgated would outlive
the executive who inspired them prevented
the usual frenzy incident to a national
calamity.
Declines varying from to 5 per cent
prevailed IN all the active issues, and the
total volume Of the two hours trading ex-
ceeded 975,O00 shares Selling orders were
more easily executed than those to buy,
and whatever there was for sale found a
good market
concerted action, agreed upon over night
oy the leading banking interests, prevented
a stampede. and Wall street has probably
never seen more deliberation under such
tense conditions as those which prevailed
today. The attendance on the floor OF tho
exchange and in brokers' offices was notice
ably increased, but commission houses man.
aged to control the more emotional Of their
clients, and the selling while feverish and
somewhat persistent, avoided by comfort
able margin the much-dreaded panic symp-
toms.
There was no London market, but arbi-
trage houses were we'll filled with selling
orders by cable.
The clearing house committee met early
ana determined upon an issue Of clearing
house certificates in case the need should
arise. This action was reassuring and was
sanctioned not only by the critical condi-
ton OF MI: Mckinley. but also by the
steadily diminishing reserve and the loss
or cash to Interior points. The action was
timely and helped materially the more me-
chantcal means employed to hold prices
vRn tha nof3 Dfx h..
novel. under such circumstances, the fact
that the guardianship extended over two
hours merely instead Of five was the SUBJ
5ect of frequent Thanksgiving.
The volume of business was too large to
warrant confidence in the outcome Of an
increased strain. The feeble rally toward
the close came from the covering Of short
contracts and sentiment was uuquestiona-
bly, nervous at the end Of the day. While
the life Of the President is in danger there
will be nothing upon which to buy stocks.
The international aspect of the tragedy Is
not to be lost sight Of A known record Of
five years, enthusiastically indorsed by con-
servative interests throughout the finan-
cfal world, Is not to be terminated lightly.
Many undertakings will be delayed pending
more comforting news.
And meanwhile the local banking condi-
ton makes small progress towards the
handling OF big transactions. The life Of
the man with whom the recent unparalleled
prosperity, Of the country will forever be
associated cannot remain long in the val
ance IL confidence is to be maintained In
other directions.
The bank reserves will take care OF them
selves in due season and gold will come in
abundantly from Europe If the welfare of
the country does not pass to the doubtful
stage.
All things considered an extraordinary
amount Of caution in the matter of invest
ments cannot go far amiss during the next
fortnight.
The bank statement reflects a loss of
more than s1O,OOO,OOO in lawful money, two
thirds OF 1t in specie. The loans have
fallen Off $1O,O4O.S SOO and the deposits are
less by $50 429,S00. The net result Of all
changes reduces the reserve. by s., OO4, ,O5O,
a practical cutting In half of the total
holdings --,-s
: AS to the price movement details are
unnecessary. The largest crowd and the
most effective selling was probably In
Union Pacific, but the Industrial list was
distinctly heavy as the result Of fears that
the decreasing cash supply might result in
discrimination In loans.