New-York tribune., 1901-09-08
financial.
The Financial World.

consciousness of the dangers which surround
him. typifes the position of the Stock Marker
at the moment. The uncertainties arising from
the money situation We're of the kind of which
both financial people and the general public as
well have full comprehension. The attempted
assassination of President Mckinley. comes
however. like bolt out OF the clear sky and
raises an entirely different set of facts for the
consideration of the market There are So
many men still active in business pursuits and
in the Street itself who vividIy recall the July
morning twenty years ago. when President Gar
field was stricken down by a lunatic Of diff
ferent breed, that the natural disposition is IN
draw parallels between these two depIorable
events and to frame opinions as to the probable
course Of the market at this juncture based
upon the results which followed Guiteau's crazy
deed
In July. 1881. the speculative boom was at It's
height. 1t was in fact ready to cuIninate.
In some cases. although not as regards a ma
jority Of the active stocks, the highest prices
were made after the opening on Saturday. July
2nd, during the fifteen twenty minutes which
were permitted to elapse before the market
was allowed to know that the President had
been shot. In that case as at present. the
earlier reports were reassurng. The bulletins
given out by the physicians who attended Presi-
dent Garfield. expressed the opinion that he
would probably recover. Prices declined OF
course just about as much as they did yester-
day At the time the situation differed
widely from that which exists at present
Speculation at that time rampant and both
the leadership and the facilities which the mar
ket possessed were as far below those Of the
present day. as bows and arrows are from
modern weapons Of precision. The big men Of
that time. Mr.. Gould Mr. Woerishofer Mr.
Osborn, Mr.. Cammack and Mr.. Keane (the sole
survivor of that group had no common pur-
pose, no concert Of action and no ground 10
meet on Each of the great interests in Wall
I Street at that time were playing its own game
The bank Clearing House existed. but it was
rot as vet an organization which united the
/ banks as if they were one corporation but
merely filed a mechanical purpose At the
present moment, the leaders of the Street and
] the institutions which control as far as human
/ skill and foresight can do. the monetary des-
/ TIMES Of the country. are in effect. united in
purpose and in action This is fully appreciated
/ by the public, and although when Garfield was
/ shot the market after recovery in the week
| following the event passed through a prolonged
and severe liquidation, IT is held that IN the
/ present circumstances, not only is there de-
! creased liability to have prices decline ma
/ terially. but that whatever the market must
suffer from the unfavorable influence Of the
/ Presidents condition or a possible change in
/ the executive department of the government
| they will be provided for far skill and
| experiecne can modify the effects
| The market at the same time faces exceedingly
uncertain and unsettling conditions. Wall Street
J recognizes that Mr.. Mckinley is a safe man.
| His instincts and habits of mind are conserv-
ative. Without the slightest wish 10 rank Col
Roosevelt below his chief. there is nevertheless
| a general impression among people of means
and substance. that the Vice President does not
| possess the pose which is conspicuous in Mr.
| McKinIeys make up Uncertainty is the worst
J thing that Wall Street can encounter 1t has
! to face the possibility that the Presidents
wounds if not necessarily fatal viii cause
| prolonged convaIescence, accompanied by un-
/ favorable incidents. affording opportunity for
/ the growth of bearish sentiment. Investors may
/ hold of, Europe may sell what American securi-
| ties it now holds. and the public may refuse to
| follow buIlish leadership. This is the feeling
which makes itself apparent in current discus
! sion wherever people connected with the Stock
| Market meet together, modified, however. by the
belief that the present leaders Of the Street are
/ capable of encOuntering and supporting such
an emergency by united action
/ It must be said that when the Stock Market
| closed and brokers and customers went home
on Saturday afternoon. they regarded tomorrow
with some trepidaton. Mr.. Hanna is very
] sane and accurate man and his statement as
| the Presidents intimate personal and political
| friend. that the crisis would be reached about
| forty-eight hours after the shooting. and that
| the real danger is that peritonitis may super
vene, barring which Mr.. McKinleys chances for
I good. was generally accepted as summing up
/ the situation. In yesterdays market. which
/ though a half holiday, involved transactions Of
| about million shares. it was evident that the
big interests OF the Street supported stocks and
/ bought large amount of securities. not because
/ they wanted them. but because they had 10 do
/ 50. II everything goes we'll with the PTesi-
dent. they can market these holdings 10 ad-
! vantage. If. on the other hand. the patients
! condition takes an unfavorable turn. a part OF
the stocks they bought yesterday. are likely TO
come on the market. The latter process VIII
be carried out with skill and except in a desul-
tory way, bearish operations Will not receive en-
| couragement. To great many people includ-
ing the bulk of the moneyed public. conditions.
! however. apparently create desire to wait and
| take action.
Yesterdays Bank Statement fully as bad
as could have been expected and brings the
surplus reserve down to the neighborhood Of
! So 800 600. Gold imports. however are likely 70
set in next week and the anxiety which the
| Street felt about money has undergone more or
! less modification. The Steel strike is collapsing
and next week will doubtless bring a stampede
Of the wor1men to regain their jobs. if Mr..
! Shaffer does not see fit 70 come of his high
horse. Plans for combinations in the railroad
| world will. however. have 10 wait until the news
| from Buffalo is definitely reassuring.
HENRY F. WALLACE
thing more When we received the news at Quar-
xxrae 1D all