The Montgomery advertiser., 1901-09-08
MARKET STANDS SHOCK FINANCIERS PREPARED TO
 STOP A PANIC.
Prices Dropped at. the, Opening, But Supporting Orders Caused Quick
 Rallies-Money Ready for . Any Emergency.

O9W 1OTk, OepI. W Ah sNhNNN astir early this morning with prepara. tionS 10 meet the exigency preclpltated upon the financial world by the shooting down of the President at Buffalo yes tefday. ......
 The situation was recognized as seri- ous on all hands, but the fact that the news had not come on a market In ac. tive operation, and that the maximum or time had, possibly elapsed from the oc- ourrence of the disaster to the resump- tioa Of trading was considered fortunate. So also Was the fact that the Londofi . day, thus barring the chance of manipu- iation against values ffl that market, which might have aggravated the effect
 Ali efforts were, therefore, concentrat- ed to meet the effects which would con- verge upon the New York Stock @ @ex-
 hang rom 3pis aspne e considered favorable as mitigating the first imminent probability of the Presi- dents death. ...
 house authorities before the market open ed that associated banks had the situa- tion well in hand was the next reassur- ing factor. What extraordinary measures had been decided upon were not announce ed, but it Is accepted that no responsible and solvent borrower need be in need of credits to tide over the crisis. In the eX- banks, this was regarded as of 1nfmens importance, and afforded great relief to the tension of feeling.
 Consultations were many and long be- tween capitalists. bankers and stock brokers for large interest, holding over from last night in numerous instances. In consequence. when the market opened there was Il genera, feeling that every possible prepal ation had been made to provide for the sudden emergency in avoiding disaster to stocks
 Manager Scherrer of the Clearing Mouse Association was at the clearing house at an early hour this morning and Presi- dent Happen of the Gallatin Bank. che1r- man of uhc association. President Still man of the National City Bank ,aYld George Williams of the Chemical Ma tionaf Bark, President J. Edward Sim mons of the Fourth National Bank sr- rived soon afterwsrG No formal .,1al,. an. taken to assure an available supply of credits, but both Chairman Tappen and Manager Scherrer expressed. confidence that the associated banks had me :ttu- ation we'll fin hand.
 A number of presidents of the prin- Cipal bankers in Wall Street Were seen this morning and while none wished to be quoted on the situation all asserted they would abide strictly by the action of the Clearing House Association and would not attempt independent measures.
 There were many excited brokers gath cred at the different posts of ths Stock Exchange as the hour of 10 o'clock ap- preached. and there were many anxious watchers scanning the ticker all over
 
 on the tape was Canada Southern with a drop of 2 l-2 Then came Southern k;.il- road 1-2 lower than last night. Missouri Pacific followed with a slump of five points and Erie first preferred after opening off 1-4 dropped an extreme 41-2 afd so 1t went with other stocKs all through the list.
 The leading railroad stocks were the heaviese sufferers, the Grangers, Pacitics and Southwesterns showing declines of over points. United States Steel stocks n..~kk I- Al--. mon being of 1GOO0 shares at fl to R1-2 compared with Is last night and 4.0Ua shares of the preferred sold at 92 a1i 9l -1-2 compared with 94 3-4 last ign.. AInalgamated copper fell points Win in the first few minutes on the first sales of 540 shares. Ten thousand shares each of Southern Pacific and Erie were the first sales recorded on the tape Intiu- ence of supporting orders in the maPkek made itself quickly felt and there were immediate rallies from l to Z points. Very heavy blocks Kept cvming ou,. however, and the market maintained it's feverish and excited tone.
 After the first blow, the effect of sup porting orders made itself plainly felt and rallies of from 1 to 7 1-2 points in the principal stocks which had lost most heavily.
 The market continued feverish. and there were continued recesSes again. But as the fact became evident that buyers were ready to take stocks, the selling became less urgent and of smaller Vol- tune.
 The session of the Clearing House Com mittee lasted only short time, and about lo;4O o'clock the committee ad- journed without action, as no eXtraordi- nary measures were considered necessary in view Of the action of the stock mar ket A resolution was pa 5sed, however, that the Clearing House Association would sustain the monetary situation every respect.
 President Tappan of the Gallatiu Ma. tional Bank stated that it was the opIns ion of the members nt the committee It the meeting. particularly In V.dW of the character of the market at the opsmng, that there would be no serious result in financial circles from the attempt Ul the Presidents life.
 Although the meeting adjourned, mem bers oi the committee will remain a. the clearing house.