The Washington times., 1901-09-23
STOCK MARKET COMMENT.
The Death of the President Elm.
mated as Factor.
Confidence Restored by the strength
of the Past Week, and by the An
nouuccmcut of Mr.. Roosevelt
Good Outlook for Easier Money

NEW YORK. Sept. 22.-The complete re-
turn of confidence to the financial world
ane the restoration of the commercial
equilibrium so soon after the great shock
which the business world sustained in the
assassination of the late President are
striking evidences Of the sound conditions
underlying finance and trade at this time
The assurances that the policy of Presi-
dent Mckinney will be closely followed by
the new Administration. and particularly
that there will be no change in the attl-
tude of the Treasury Department toward
the banking interests were all that was
required to restore the stock market TO
normal conditions. The death OF the
President has been practically eliminated
as a material factor in market move
ments though it has cast general gloom
over the business community which will
be felt for some time to come.
The protective measures which. the
banks took the day after the President
was shot continued in effect after his
death and exercised moral influence
on the group of operators who are ever
ready to seize upon such a calamity as
pretext for manipulating the money mar
ket. There is no doubt that had the bank
ing syndicate not been prepared to lend
large sums of money at the normal rate
there would have been a furry in call
money on Monday which would have had
a disturbing influence on the market. 1t
was a noticeable fact. however. that the
National city Bank was for the first
time in several years associated with the
syndicate in its plans to protect values
According to the gossip of Wall Street
this attitude of the bank was due in
great degree to the personal influence of
John d. Rockefeller. 1t is said that Mr.
Rockefeller held the same views as to the
duty of moneyed men in the crisis as did
j. Pierpont Morgan, but that his opinions
and convictions were not shared by all of
the so-called Standard Oil crowd In
deed the attitude of some of the lesser
lights in this group of financiers was di-
rectly in opposition, much to the dis
pleasure of Mr.. Rockefeller himself.
Some color is lent TO this report by the
course of Amalgamated Copper during
the week. The intention of the board
of directors of the Amalgamated Copper
Company to pas the extra dividend
which the company has been paying since
1t was fioated by the National City Bank
was undoubtedly traded upon by this
group of insiders for ten days in advance
of the meeting. The break in the stock
selling by those who had knowledge of
the plan to pass the dividend. Boston
houses who usually represent Standard
Oil interests threw large blocks of stock
upon the market, and by active manipula-
ton aided in the heavy decline.
Among the coming developments of i'm
Pcrtance in the financial world is the plan
of the New York Central Railroad to
form new company to take over the
controlling. securities of all the roads of
the Central system. 1t is said that VIII
liam X. Vanderbilt's trusted advisors
have been at work on this plan for sew
eral months, and expect to have it com
p.eted for submission to him upon his !
within the next week. The details of the |
plan have not been made public, but it is |
said thai a new company will be formed |
somewhat after the character of the
PennsyiFania Company. which bears so
close relation to the Pennsylvania Rail |
road system. The idea is to solidify the |
majority stock in the subsidiary cempan-
4es of the New York Central Railroad and |
to eliminate them as investment securities
Hs far as possible from the speculative |
influences of Wall Street. The strength |
of New York Central stock recently has |
been attributed to this plan.
The money market has been somewhat |
easier this week as a result of the aid |
EXTENDED by the Government in the shape !
OF bond purchases and payments of the |
October interest of Government bonds in |
The increase of the reserve, /
shown BY the bank statement, however. !
was not as large as had been expected. !
The more sangu.ne bankers expected an |
increase of at least S9.g00, ,en. The ship |
me1its out OF town were much larger than |
those of the preceding week, and at least !
81, ,,oO.oo of the bond purchases did not |
snow IN the statement of Yesterday
!. The outlook of the market for the com |
ing week is a matter of much difference |
Conservative people generally do not look |
for any important break in prices, but |
some decline would not be a surprise after
tho advances Of the past week.