The age-herald., 1901-09-08
NOT 4 TREMOR
 IN STOCK MARKET FlnancierS and Wall Street
 Work to One End NO PANIC IS EXPECTED The Market Was Feverlsh and FretfuI, But Securities Suffered No Great
 Losses In Prices-A Re-
 markabIe Period.
NO PANIC IS EXPECTED

New York September 1.-The shooting down of the President at Buffalo yester- day upset the stock market completely today. Had 1t not been for several miti- gating circumstances 1t was easy to see there might have resulted a disaster to values of securities. As 1t was, severe losses were inflicted by the decline in prices and the feverish and fretful closes of the two hours of the market left opinion unsettled and anxious for the future. This limitation of two hours of trading as a consequence of the early half holiday was one of the mitigating circumstances. The maxim period allow ed for preparation by the occurrence of trading only shortly after yesterday S market and the added interval of the closing of the London stock exchange today 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 con- sultation and active efforts at intervals ever since. The committee of the New York Clearing House Association assem- bled this morning before the opening of the stock exchange and had with them in consultation the great bankers and fnanciers of the metropolis Assurances were given that the banks were as one in their readiness to meet the situation and protect each other It was predicted with confidence that no solvent and re- sponsible borrower should lack credits to meet his needs This attitude and the fact that the committee almost imme- diately book action, marked effect in- creasing confidence. The first heavy sell- ing of stocks was therefore absorbed and the severe opening declines running from over three to six points were quickly di- unfinished.
 There seemed to be a feeling that it was safe to withdraw some support from the market, and not to attempt to combat a moderate downward tendency. which was fully warranted by the actual sltua- ton The withdrawal of his support found the market vulnerable again, when tho severe inroads upon the surplus reserves disclosed by the bank statement caused renewal of acute uneasiness over the money situation.
 It was felt to be beyond question that the banks were encroaching upon their legal reserve, the reserve being designed In fact to meet such a crisis. But future curtailments of credits In recuperation of the reserve Is thereby made necessary. As a measure of the sentiment caused by the attempted assassination of the Pres ident, the days movement of prices was to some extent modified also by the news of the encoura ging condition of the dis- tinguished sufferer this morning. With the crisis still to be faced of the second ary effects of his injury the disposition to anticipate further declines In prices grew toward the close of the market.
 The days losses were too general to need specification, but the grangers, Pa , cifios, Seathwesterns,a ooalers (both' hard and soft, Amaigamated Copper. and the like stocks which have been the sub jects of recent speculation, were natur- ally the severest sufferers, St. Paul lead ing the active list with an extreme de- cline of 9iS and a net loss of S1R. The out look in the money market has grown more dubious this week. and this factor has dominated the speculation In the money market up to today. There has been no severe strngency In the money market. but rates have advanced appre- ciably. The declining tendency of prices has been more the result of bear specu- lation in an effort to discount the unfav- orable effects of tighter money rates in thu future.
 The course of foreign exchange has given promise all week of an early move ment of gold to New York, BuA the prop- lem how far such a movement will be al- lowed to extend Is still uncertain, not withstanding large stocks of gold Tn Flu lropean banks. The government or Aus tria- Hungary has been a persistent puy- a. of gold and this demand seems to have come as a surprise to the money mar kets. -
 Railroad bonds have been dull In sym nathv with stocks. but prices huctuate more narrowly United States bonds were unchanged in bid quotations.