The Washington times., 1901-09-14

the market To-Day VIII re awaited WIN the
keenest interest not unmiNed with grave
apprt hension. Even such good grounds
for hope cannot prevent fears when the
market stake is so overwhelmingly great,
so much greater than it ever was before.
In any consideration of the market pros
poets. concerning more than its Immedi-
ate fluctuations. the present situation
is necessarily compared in Wall Street
TO the events of twenty years ago.
when President Garfield died at the
hand of an assassin and was succeeded
by President Arthur. 1t is remembered
that the stock market at that time broke
badly. and that although President Ar
thur proved to be an excellent President
from the standpoint of the financial world,
the market did not recover, but continued
lower range of prices. AS a matter of
fact the greatest boom in the history OF
the stock market up to that time ended
with the death of President Garfield. The
boom that has been witnessed in the past
five or six years has eclipsed that of
twenty years ago in every way. Now, it
is questioned, will another decline begin?
Conservative interests point out the un-
questioned fact that the present pros
perity of the country is much more solid
than was that of two decades ago They
say that every condition is more favorable
10 continuance of prosperity, the Won
derful foreign commerce of the country
the wealth OF the farmers. from a sue
cession of fine crops, the financial condi-
ticn of the railways. and this espe cially
for vast Improvement has taken place
In this regard in the past five years.
Another matter of great Importance is
the fact that tie public does not at the
present time own any very large proper
tion of the total stocks in the market
The successive breaks in the market this
year. beginning with that in May have
compelled the great financial interests TO
take all the floating supply of securities.
AS an element of strength in the situation
this cannot be over-C stimated. These in
terests had yesterday and last night to
prepare for the worst. and 1t is not to be
thoroughly for the worst ending to the
vigil at Buffalo. 1t is thought probable
that at the opening the level of prices may
be allowed to break somewhat. but as has
been said many are hopeful that after the
first few minutes of the session adequate
support can be given. AS to the more
distant future there is general spirit
of hopefulness based on what seems 10
be an excellent foundation
The immediate monetary situation adds
an important complication to the chief
news of the moment. The banks and the
into consideration yesterday and assur-
anees we're given the street that all would
be done that could TO prevent stringeLcy.
Secretary Gage also took action toward
the purchase of more bonds. His 'irst
offer. made last Tuesday, expired on
Thursday. but he renewed IL yesterday.
he DOnGS 1IredUN purchased, amounting
to moro than $4,000. with premium and
interest should help the bank statement
today. So also should the payments of
gold to the New York banks by the Sub
Treasury on account If the receipts from
Australia and the Klondike On the
whole. therefore the chances seem to ia
vor better bank statemo nj than that of
last week. Cali money rates were sitter
yesterday, nevertheless. at one time get
ting as high as 10 per cent and holding
above the legal rate all day.
The heartlcss pessimism that is pro-
fessional Wall Streets s is shown in nLrner-
Gus ways in such "A crisis Yesterday on
two occasions the entire street was food
cd with very positive statements that the
President was dead. The people who start
ed the story undoubtedly knew that it
was false and told IL to break the mar
ket. The people that passed IL on without
confirmation We're only less reprehensible.
AIlusion has been made TO the short sales
made during the day in the belief that
If the shooting of the President should
end in a tragedy a profit could be wrung
out of the r,arket by forcing break in
stocks. Another species of pessimism was
shown in the story whispered in certain
quarters that the bulletins of the past
week regarding the Presidents condition
have been Intentionally falsiied to buoy
up the market and allow the inside clique
10 unload stocks. 1t was said by the peo-
pie who told this story that the financial
magnates have known from the beginning
that Mr.. Mckinley could hardly recover,
but have arranged with the physicians TO
send out reassuriRg bulletins until stocks
could be 'unloaded on the public Peo-
pie who have watched the market during
the week, to say nothing of the people
that have been constantly near the Mil
burn residence at Buffalo and watched
the confident faces of the physicians,
nurses. and most intimate friends of the
President made the most prompt and en-
phatic denials of this story, characterizing
il as absurd. The fact does not need
demonstrating to market people that the
inside interests have bought stocks heav-
fly instead Of selling them They were
forced to buy an immense amount oil Sc
curitics on Saturday a week ago. and al
though they have sold out some Of these
purchases AS occasion offered since that
time. they were forced yesterday to take
them all back again and more. 1t is prob
ably safe to assert that except for the
support of the insiders there would have
been "a fearful panic in stocks. worse even
than that of last May. The inside inter
ests were working for their own in
terests of course II is not to be sup
posed that they bought stocks by the
hundreds of thousands Of shares for
wholly or even largely unselfish motive
They were already the owners of vast
blocks of stocils, more than they have
ever held before, it is said. and panic
would have hurt them much more than 1t
would the general public. which owns
conparatively few securities at TINS time
The Warrington stock Market.
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