The Montgomery advertiser., 1901-09-08
WALL STREET REVIEW
BANKERS PROMISE TO PROTECT
 EACH OTHER.
Several Circumstances Went Toward Preventing Violent Panic on the Stock Exchange-Some
 Declines Apparent.

New York, Sept. I.-Ine Shooting uoWn of the President at Buffalo yesterday up- set the stock market completely today. Had it not been for several mitigating circumstances 1t would have resulted very dlsastrousy. As it was, on Wall street severe losses were inflicted 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 a consequence of the Satur- day half holiday was one of the mitigat- ing circumstances in the situation. The maximum period allowed TOT preparation by the occurrence of the tragedy only shortly after the close of yesterdays mar ket and the added interval due to the closing of the London Stock exchange to- day were hailed with some degree Of re- lief by the financial world. The great powers in the financial world got to work shortly after the news was received yes- terday and have been in consultation ana ana active efforts at intervals ever since The clearing house association assembled be- fore the opening of the Stock exchange and had in consultation the great bank surances were given that the banks were as one in their readings to meet the situation and protect each other It was predicted with confidence that no solvent credits to meet his needs. This attitude and the fact that the committee almost immediately adjourned, had marked eff feet in creating. confidence. The first absorbed and the severe opening declines running from to over points were quickly diminished. There seemed to be a feeling that it 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 or this support found the market vulnerable again when the inroads upon the surplus reserve disclosed by the bank statement caused a renewal of acute uneasiness the situation
 It was felt to be beyond question that the banks were encroaching upon their legal reserve, the reserve being designed in fact to meet such crisis But future curtailment of credits in recuperation of the reserve is thereby made necessary. As a measure of the sentiment caused by the attempted assassination Of the Presi- dent. the days movement of prices was to some extent 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 secon- diary effects of his injury, the disposition grew toward the close of the market. The days losses were too general to need specification, but the Grangers, Pacifics: Southwesterns, Coalers (both hard and stocks, which have been the subjects of recent speculation, were naturally the se- VereSt sufferers. St. Paul leading the active list with an extreme decline Of l-2 and a net loss of 1-2 The outlook in the money market has grown more du- bious this week and this factor has domi- mated the speculation in the stock market up to today. There has been no severe stringency in the money market, but rates have advanced appreciably.
 The movement of currency to the inter for during the week has proceeded freely. Railroad bonds have been dull in sym pathy with stocks, but prices fiuctuate more narrowly. United States bonds were unchanged in bid quotations.