Financial View of Occurrence
Shooting of President Comes When Markets Are Quiet.
fact that the leading financial interests in New York at once called
a conference to protect the fiscal and industrial affairs of the
country is regarded as an assurance that nothing of a demoralizing
nature will ensue upon the impending tragedy at Buffalo. The syndicate
of magnates—which includes the Vanderbilts, the Rockefellers, Morgan,
the Belmonts and such houses as Kuhn, Loeb & Co. and Speyer
& Co.—is of surpassing strength, whose power is practically
in control of the monetary situation of the United States. The financiers
have worked in harmony for about six years—since prosperity began—and
whenever danger threatened the finances of the nation they worked
as one man. During the crisis which was brought on by the inadvertent
corner of the stock of the Northern Pacific railway the firms in
question joined forces instantly and effectively averted what had
been the greatest panic in the world’s history. Finances on the
stock exchange were in a booming state. Everybody at all interested
in the security lists was charged with stocks and bonds, and it
is an open secret that if the prices that ruled at 10:30 a. m. on
May 9 had prevailed at the closing of the session on that fatal
day half of the brokerage firms and many banks of the country had
gone into bankruptcy.
Power of the Syndicate.
But the power of the Morgan syndicate
was immediately exerted and by 2 o’clock in the afternoon the markets
were lifted to absolute safety. Not a failure among the members
of the bourses was recorded. The experience of the association again
intervened when it was certain that the corn crop had caused tremendous
damage. The final intervention occurred the day following the strike
of the steel workers. In all these instances commercial slump was
Markets Now Quiet.
It happens that the attempted assassination
of the president comes at a time when the markets are quiet. For
five weeks there has been a lull in ’change. Business is quiet.
There is comparatively little doing. The public has but few securities,
and the very large majority of all important issues are in the possession
of wealthy pools and syndicates that are in a position to take care
of their holdings.
There is no similarity between the
period in which Garfield was assassinated and the present. The country
was then in the midst of a financial boom; yet notwithstanding this,
the depression that followed was slight and fleeting. To-day the
country is on a basis far more solid; it is commercially supreme
and has become so naturally without a suspicion of artifice.
To go back not later than September,
1893, the resources of the national banks have increased from $3,109,563,287
to $5,048,138,499, or over 62 per cent, while the deposits of the
savings banks have augmented over $700,000,000, making new capital
of about $4,000,000,000.
Predict No Change of Policy.
Should the worst befall, in a personal
sense, it is the opinion of financiers that the administration will
experience no change of policy, hence it is confidently believed
that the obtaining prosperity will continue uninterrupted.