The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-09-17
STOCKS ARE STRONG
EFFECT OF THE. DEATH OF PRESI-
DENT MKINLEY HAD BEEN
DISCOUNTED
SHORTS HUSTLE no COVER
Powerful Influences Extended SUP
port to the Market at the
Opening-BOOm COntin-
ued All Day.
Closing.

Bar silver, New York 49,. .5SA 5sss
Call money, New York 49,. 2-6 $40
NEW YORK, Sept. ia rampant bull
stock market on the first day of trading
following the death by assassination OF
anomaly. Boldly stated, that is what oc-
Cured today. No one, even the most
sanguine, was prepared for the action
of the days stock market. Much was
lished 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 In part these assertions
were made with view to influencing
speculative sentiment and keeping up the
courage of those who feared a collapse
in the market. Those who made the as
sertion sincerely probably had no idea
OF the extent to which the recuperative
forces in the market would be affected,
ket be able to resist violent
losses. Confidence, was felt, in
fact, that the purely speculative pres
sure on the market would be successfully
overcome, owing to the extent 10 which
speculative feeling had already gone, and
to the ample preparations and concerted
measures adopted by the clearing house
banks and great CAPT lists to protect
the money market a,4ei resist declines
IN the stock market The portion of the
=
effect which would he produced upon
business sentiment in general through
out the country and al -ong the substan-
tlal investment hOlde-S of securities. A
movement to liquidate on the part of this
element. actuated by lie conviction that
a prolonged period of doubt and appre-
hension was to be faced, would inevitably
overcome the market In spite of the most
strenuous efforts of manipulation. The
days events seemed to demonstrate a
strong underlying confidence in the fu-
IF hJ1St 110c md fI1A
the countrys prosperity. Powerful ma
nlpulauon avowedly had its part in the
days rise in prices, especially the open
ing, which was designed to intimidate
the speculative bear element It not onlv
had that effect, but caHsed a scramble
TO cover on the part of uncovered shorts
who looked for a further decline There
also was an abutment of orders to buy
at prices below the market on the part
OF investors and bargain hunters which
served as a protection against bear ag-
erosion. There was a considerable ele-
ment as well which looked for an opening
break in prices and hoped to secure bar
gains by placing orders to buy at the
market AS the event proved, the open
ing market was to ,6ypoints higher than
on FRIDAY afternoons@.There was a lack
or confidence in the early strength of the
market, and there were many realizing
movements during the day but the abort
i've power of the buying proved equal to
all Of these, and with a steady 1plift the
traulng closed active and firm at about
Tie Top IeFel OF the day. The solemn
assurances given by the new president
OF his purpose to maintain the continuity
OF the governmental policies was a relief
70 capltaPS conservative dread of change
me bank statement encourage the hope
that the treasury's relief of the money
market would prove effective against
money strlngencies. Large dividend pay
ments today, including a distribution of
49, 1000 to Standard Oil stockholders,
made themselves felt in the money mar
ket. The days movement, however, was
based broadly on the assumption that the
death Of the president and other unfavor-
aDle FACTORS in the business outlook have
peen suf1ciently discounted in the move
ment of prices of securities, with a prom
ise of betterment in future. - -.
Except in speculative issues. which
were active and buoyant the price move
ment in railroad bonds and the amount
OF business done were not large Total
sales, par value, S3,772.0O0. United States
new As advanced l per. cent on the last