The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-09-08
G. E. lURWELL.

powers in the financial world got to work
shortly after the news was received yes
terday and have been in consultation and
active efforts at intervals ever since,
The committee of the New York Clearing
House Association assembled this morn
ing before the opening of the stock ex-
change and had with them in consulta-
tion the great bankers and capitalists of
the metropolis. Assurances were given
that the banks We're as one in their readi-
ness to meet the situation and protect
each other. 1t was predicted with con-
hdence that no solvent and responsible
borrower should lack credit to meet his
needs. This attitude and the fact that
the committee almost Immediately ad-
journed had marked effect in creating
confidence. The first heavy selling of
stocks was therefore absorbed and the
severe opening declines running from
three to over six points were quickly
diminished. There seemed to be a feeling
that it was safe to withdraw some sup
port from the market and not to attempt
to combat moderate downward ten
dency, which was fully warranted by the
actual situation. The withdrawal of this
Support found the market vulnerable
again, when the severe inroads upon the
surplus reserve disclosed by the bank
statement caused a renewal OF acute I'M
easiness over the money situation. 1t
was felt to be beyond question that the
banks were encroaching upon their legal
reserve, the reserve being designed in
fact to meet just such q crisis. But fu-
ture curtailment of credits in recupera-
tiOn of the reserve Is thereby made
necessary. AS a measure Of the senti-
ment caused by the attempted assassina-
tion of the President, the days movement
of prices was to some extent modified
also, by the news Of the encouraging con-
dition of the distinguished sufferer this
morning. With the crisis still to be
faced of the secondary effects of his in
Jury, the disposition to anticipate further
declines in prices grew toward the close
of the market.
Railroad bonds have been dull in sym
pathy with stocks, but prices iuctuate
more narrowly.
United States bonds were unchanged in
bid quotations.
The total sale OF stocks today were
oil 200 shares, including the following:
Atkinson, 45,100; Atchison preferred IS
dian Pacific, $500: Chesapeake and Ohio,
5000; Chicago and Great Western 1900
Erie, 61900; Erie first preferred. 1860
Louisille and Nashville, Il, 800; Manhattan
Elevated, 1900; Mexican National, $500
Missouri Pacific. IL, 700 Norfolk and
Western. 1900; New York, Ontario and
Western, 1920; Pennsylvania Railroad,
37,700; Philadelphia and Reading, 1920;
Philada1Dhia and Reading first urof srrnd
I, 100; Chicago, Milwaukee and st. P:ui,
40, 300: Southern Pacific, ~, 100; Southern
Railway, 80, 700; Texas and Pacific, 1900
Union Pacific, $500: Wabash preferred,
Z 500; Amalgamated Copper, $4,000; AM
erican Smelling and Refining, 1890
Brooklyn Rapid Transit, 1860; CONSOLE
dated Gas, 1,400: Peoples Gas. Light and
Coke Company, 800; American Sugar
Refining, 1O,TO0 Tennessee Coal and Iron,
8, lG0; United States Leather, 1890; Unit
ed States Steel Corporation. 10000;
United States Steel Corporation pre-
ferred 80 500.