The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-04
SHOOTING A SHOCK
TO WALL STREET
News Causes Sharp but Com
paratively insignificant
Decline i'm Stocks.
MARKET SOON RECEIVERS

WalI street was shocked ny the shoot
ing of Mr.. Morgan as It has seldom been
shocked before. The first relief. which
came with the statement that the
wounds were probably not serious. was
followed by a feeling Of greater concern
as the later reports came in. but despite
any temporary alarm those who know
Mr.. Morgan best expressed confidence
that his great physical and mental vi
tally would insure his recovery.
The news OF the shooting caused lit
tile unsettlement in the stock market.
Word had been received at the Morgan
offices before the New York Stock Ex-
change opened and some bankers and
others in the financial district heard of
II soon after. II was not until 10 :45,
however, that the news got around Wall
Street generally.
h result was a sharp but compare
lively insignificant decline of y to 1
point in the general list OF standard
stocks. with n loss Of about 2 points
In some Of the war toe and other
s~pecialties. The market had opened ir-
regularly and a shade lower than the
day before. with prices sagging of
slowly and only f~ractionally in the first
half hour before the news was pub
lished.
There was a light attendance on the
floor Of the exchange and in the banking
houses and business ~-s dull, prices
apparently softening because Of the
inertia Of the market. When the first
report Of the shooting was published
stocks were Immediately offered.
steel Remains steady.
Steel. the stock most intimately asso-
ciated in the mind of Wall Street with
the Morgan Arm and Mr.. Morgan per-
sonally. was the centre Of the largest
its level OF about co before the shoot
ing was generally known. Little stock
was brought out by the selling.
There was an absence OF fear in the
commission houses and the market al
most Immediately recovered. closing
with only slight fractional losses in the
general list from the previous closing.
Mr.. Morgan's popularity in the bank
ing community OF Wall Street is we'll
known. He Is everywhere regarded as
a big figure and a strong head for the
great banking house. He has shown
splendid qualities Of leadership. espe-
cially since the war brought out new
and trying problems of great scope in
finance. He has figured as one Of the
three men In the community who have
had most to do with shaping American
financial policy during the troubled
period.
Wall Street men. particularly those
interested In the securities markets, rea-
soned that the day has passed when the
course OF finance and prices depended
upon any one man or group Of men.
The extreme anxiety and near panic
which resulted In former periods when
some great leader was assailed or other
wise incapacitated are over, according
to the confident belief OF Wall Street.
which has been demonstrated In recent
years.
The personal affairs OF the big fnan-
ciers are nov always In such shape that
the markets can expect to be undis-
turbed and the responsibilities OF the
financial and industrial worlds are so
broadly distributed hat their future Is
almost independent of any one man.
Penalty Of Greatness.
The Morgan attack seems to be the
act Of a crank. which was inspired by
the loose criticism Of men OF wealth
and men OF affairs. which passes for
liberty" said A.. Barton Hepburn, chair
man of the board OF directors OF the
Chase National Bank. 1T m nearer
being license. Mr.. Morgan IL paying the
penalty OF greatness In the banking and
business world. Cranks always select
a shining mark. Mr.. Morgan will have
the heartfelt sympathy OF the whole
community"
Jacob ii. Schiff was not at his Office
yesterday and had left hiS summer home
on the Rumson road in Vew Jersey for
Philadelphia before he could be reached.
w are greatly shocked" said Jerome
J. Hanauer of Kuhn, Loeb & Co, W.
sincerely hope there will be no serious
result"
James s. Alexander. president OF the
National Bank OF Commerce, said
II am shocked beyond measure by
this dastardly crime"