The daily morning journal and courier., 1901-09-17
Etmamcta1
THE STOCK MARKET
A Rampant Bull Movement.

New York; Sept. 16.-A rampant bull stock market on the first day of trad- ing following the death by assassina- ton of the president of the United States is an anomaly. Baldly stated that Is what occurred to-day. There are grounds for explanation of the
 paradox, but the fact remains that no one, even the most sanguine was pre- pared for the action of the market to- day. Much was heard on Saturday and has been published since, of the length to which the lamentable outcome of the presidents hurt had already been discounted in the operations of last week, and especially those of Friday. Those who made the assertions sin cerely probably supposed merely that demoralization would be checked and the market be able to resist violent losses. Confidence was felt in fact that the purely speculative pressure on the market would be successfully overcome, owing to the concerted measures adopted by the clearing house banks and great capitalists to protect the money market and resist declines in the stock market. But what effect would be produced upon business sen timent in general throughout the coun- try and among the substantial invest
 ment holders of securities was the problem. A movement to liquidate on the part of the latter element actuated by the conviction that prolonged pe- riod of doubt and apprehension was to be faced, would, 1t was felt, inevitably | overcome the market, in spite of the most strenuous efforts at manipuation.
 The days events, however, seemed to demonstrate a strong underlying con- fidence in the future of business and the continuance of the country's pros- perity. Powerful manipulation avow- edly had its part in the days rise in prices, especially at the opening which was designed to intimidate the specu- latiye bear element. It not only had that effect but caused a scramble to cover on the part of uncovered shorts who looked for further decline. There was a considerable element as well which looked for an opening break in prices and hoped to secure bargains by placing orders to buy at the market. As the event proved the opening market was from 3 to 6 points higher than on Friday afternoon. There was lack of confidence in the early strength of the market and many realizing move ments developed during the day, but the absorptive power of the buying proved equal to all of these and with a steady uplift the trading closed active and firm at about the top level of the day. The assurance given by the new president of his purpose to maintain the continuity of the governmental pol icies was a relief to capitals conserva- tive dread of change.
 The bank statement of Saturday en- couraged the hope that the treasury's measures of relief for the money mar ket would prove effective against money stringency.
 Large dividend payments to-day, in- cluding a distribution of sS,000,000 to Standard oil stockholders made them selves felt in the money market. But the days movement was based broadly on the assumption that the death of the president and other unfavorable factors in the business outlook have been sufficiently discounted in the movement of the prices of securities, with a promise of betterment in fu- ture.
 Except in speculative issues which were active and buoyant, the price movement in railroad bonds and the amount of business done were not large, Total sales par value $3,T72,000.
 United States new As advanced per cent. on the last call.
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