The Washington times., 1901-09-09
STOCK MARKET COMMENT.
G eneral Relief at the Improved
Condition Of the President.

Expectation That the Important In
tcrests VIII Give Strong supper
to stocks This Norni8g-finnuc Ia
Men Feel Hopeful OF the Future
NEW YORK, Sept. S-Interest tn
most intense will converge on the open
Ing of the stock market tomorrow morn
ing. The latest bulletins today. telling o
the improving condition of the President
are most reassuring not only as to hi,
health but as to the outcome in the stocl
market At the same time financial mer
are not deluding themselves with the idea
that all danger is over to stocks. even il
Pr sident Mckinley is to recover.
The market shock yesterday was great,
and as frequently happens in such cases
the secondary effect may be even worse.
Thiniy margined accounts may be dis
lodged. The tin,id may refuse to be re-
assured. The bears. too. will he averse to
allowing the present opportunity to go
by without profit The bank statement
yesterday was UNEXPECTEDLY bad and will
be utilized by them to the utmost if there
is any opportunity.
Notwithstanding these adverse condi-
tions however, there are many promi-
nent financial men that say today that
the market is more likely to advance to-
morrow than TO decline The important
interests will support it strongly if nee
essary. it is said. And also there will be
many that sold stocks yesterday that will
wish TO buy them back now.
The outlook for n later period, for the
week and for subsequent weeks also is
being considered carefully. Aside from
the worst result of the crime at Buffalo,
which today was not predicted, there are
two possibilities each of which ought to
be calmly considered in advance: the
Preside nt's quick recovery, for which the
later news gives some reason to hope,
or an uncertain prolongation of the ill
ness. such as occurred with President
Garfield.
If the early recovery for which every
one is hoping and which Mr.. Mckinley's
rugged constitution fGvors is the outcome
then little will remain evil infiu
ence on the markets except the fact of
the shock itself, which at times, of course,
develops weak spots which had not pre-
viously been suspected. The Anarchist is
an enemy of civilization, a pest of the
human race, the direction of whose mis-
chievous work is as impossible 20 count
upon as that of epidemic fever. and
even less easy to guard against. Neces-
sarily, the success of one of these crea-
lures in his attempt causes for the mo-
1nent feeling of insecurity
But the possibilities of such an act are
no different from what they had been be-
fore. The real question which arises in
the mind of every fnancier is whether the
general situation is such as to endure
shock with equanimity.
TO this question it may today be an
swered that. in spite of the many ex-
cesses of the last six months, the finan-
cial situation OF this country is intrinsic
ally strong and sound. 1t is real wealth
which has gone on pilinG up since halt
was called on the reckless speculation of
last May; it is real earning power which
the railways and industrial corporations
have shown, and il is real power over the
resources of the outside world which is
shown by the present movement of our
international exchange. The very fact
that the fabric OF speculation built up iR
the first five months of 1891 was shat
tered, as it ought to have been, by the
return of the markets to normal posi-
tion. is the most reassuring fact of all.
Whatever may prove to have been true
as regards valuations for some stocks
which have been taken in hand again by
Wall Street pools. these facts should
be kept in mind. If we are threatened
remembered that this part of the outlook
comes when Europe's bank vaults are
once more full of gold; when they are
able TO spare and we to command the
precious metal. If the corn crop's short
age has cut down the country's outlook
or three months ago in one direction. it
a.
ordinary out-turn OF our wheat, with the
still more sudden and unusual demand
fer 1t by Europe. has in almost equal
measure surpassed the last seasons ex-
pectations.
Publication. next Tuesday afternoon of
the Agricultural Departments monthly
condition estimate on the corn crop will
doubtless serve to revive animated con-
troversy. In so far as interest centres on
the Government ''percentagea'' alone
guesses as to the showing on the 10th will
n N ret gar
ly capricious in its treatment OF growing
corn Starting out with ten DAYS con-
tinuanee of heat ard drought in the Mis-
fouri Valley, rain began falling on the |
very day when the Govcinment's low |
monthly estimate appeared Hardly was |
this good news at hand. when the Wealth |
Show serious havoc in the Ohio district |
a week later. this drought in its turn |
disappeared, but only after doing consid-
eiapie mischief: Since then, weather has
been in the main propitious and prospects
have certainly improved
Now the question is, What should have 1
been the tangible net result of so check |
cred series Of influences? The grain |
markets themselves have been pretty /
much at sea Corn, starting out on Au- |
gust at spot price of 50 cents per bush |
u, dropped back to 5gi. by August 26, was |
up again to 81 at the close Of the month
blIt has not yet 'overtaken the high rec
ord of the season.
Al that would seem TO be shown by
the change in average level thus reflected |
Is that the trade regards the corn crop
OUTLOOK as probably better than II was in |
the mlddIe of August, but worse than
Mhen last month began. AS IT happens.
inns is also the view of a very conserYa-
tive organ of the trade. The Price Cur
rent OF Cincinnati. which estimated on
August j a crop Of 500. 900 900 bushels
ana which hinted at I3O0 90 600 in the
middle Of the month, has now fixed def
nitely on Loo. 10000
II. then, the Governments Condition
estimate as Of August l was trg1st-
worthy, somewhat reduced percentage
In the September estimate might be eY
pected. But the trouble Is that even the
excited Chicago market took the depart /
ment s August percentagc-5l against
- Is month before-with eood-sizod
grain of salt. That at least one-fourth Of (
the crop which promised 80 well ON Tuly
! was ruined by July 81 is agreed by All |
competen: experts. But that this meant |
reduction in the harvest's average promise |
TO a figure lower by per cent than the |
lowest Of 1891. reached after two months |
unbrokcn drought, was not easy 10 be- |
lieve- The promptn2ss with which the .s- |
Inmates Of q ! 100 900. .0pl-hushel crop which
followed the Agricultural Department. es-
innate. were discarded alike by trade and !
speculator. told its own story. Therefore
although the crops condition is probably
not as high today il was even on Au-
gust !, it is quite possible that the Wash |
iBgton estimate Will be higher.
New York stock Exchange, Sept. ..
Hfgh- A.+