The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-09-08
Adequate support Being Forthcom-
ing, the Decline Is Checked He
fore Panic Shows Itself.
THIS HELP LATER WITHDRAWN
UNFAVORABLE BANK STATEMENT
CAUSES HEAVY DECLINES.
Close Weak and Nervous, with Money
Market Conditions the Dom
inant Influence.

NEW YORK, Sept THE shooting down
of the President at Buffalo yesterday upset
the stock market completely to-day. Had
it not been for several mitigating circum-
stances it was easy to see that there might
have resulted a disaster to values of Sc
curities. As 1t was severe losses were in
fiicted 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 mitigating
circumstances in the situation. The maxi
mum period allowed for preparation by the
occurrence of the tragedy only shortly after
the close of yesterdays market and the
added interval due to the closing OF the
London Stock Exchange to-day were hailed
with some degree of relief by the financial
world. The great powers in the financial
world got to work shortly after the news
was received yesterday, and have been in
consultation and active efforts at intervals
ever since. The committee of the New
York Clearing House Association assembled
this morning before the opening of the
Stock Exchange and had with Ii in
consultation the great bankers and capital
lists of the metropolis. Assurances were
given that the banks were as one in their
readiness to meet the situation and protect
each other. 1t was predicted with conf
dence that no solvent and responsible bOr-
rover should lack credits to meet his needs.
This attitude and the fact that the COM
mittee almost Immediately adjourned, had
a marked effect in creating confidence. The
first heavy selling of stocks was therefore
absorbed and the severe opening declines,
running from three to six points, were
quickly diminished There seemed 20 be a
FEELING that ii was safe to withdraw some
support from the market and not to at
tempt 10 combat moderate downward
tendency, which was fully warranted by the
actual situation. The withdrawal of this
support found the market vulnerable when
the severe inroadS on the surplus reserve,
disclosed by the bank statement, caused a
renewal OF acute uneasineSs over the money
situation. 1t was felt to be beyond Ques-
ton that the banks were encroaching upon
their legal reserve, the reserve being de-
signed in fact to meet such a crisis. But
future curtailment of credits in recupera-
sary As a measure of the sentiment
caused by the attempted assassination
of the President, the days movement
Of prices was 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 secondary
effects of his injury the disposition to an
ticipate further declines in prices grew
toward the close Of the market. The day s
losses were too general to need speeifca-
ton, but the grangers, Paci6cs, South
westerns cOalers (both hard and soft),
Amalgamated Copper and the like stocks,
which alike have been the subjects of re-
cent speculation, were naturally the Sc
verest sufferers st. Paul leading the ac-
tive list with an extreme decline Of 913,
and net loss of S12.
The outlook in the money market has
grown more dubious this week. and this
factor has dominated the speculation in
the stock market up TO to-day. There has
been severe stTingency in the money
market, but rates have advanced appre-
Gladly. The declining tendency OF prices
has been more the result of bear specula-
ton in an effort to discount the unfavor-
able effects Of lighter money rates in the
future. The movement of currency to the
interior during the week has proceeded
freely. In financial and banking circles it
is generally admitted in spite of specuIat-
ing arguments, that the relief requisite to
avoid stringency in the money market this
fall must be looked for to foreign markets
by gold imports. The course of foreign
exchange has given promise all week OF
an early movement of gold to New York
But the problem how far such a movement
will be allowed to extend is still uncertain,
Notwithstanding the large stocks of gold
in European banks. The government of
Austria Hungary has been a persistent
buyer of gold, and this demand seems to
have come as a surprise to the money mar
kets.
Railroad bonds have been dull in sym
pathy with stocks, but prices fluctuate
more narrowly. United States bonds were
unchanged in bid quotations.
Following are Saturdays share sales and
the recorded price changes: