The Savannah morning news., 1901-09-08
STOCKS AND BONDS.
Powers in Financial World Resist
Attack ON Securities.

Attack ON Securities.
New York, Sept. The shooting
down of the President at Buffalo yes
terday upset the stock market COM
pletely to-day. Had 1t not been for
several mitigating circumstances, it
was easy to see that it might have
resulted in disaster to values of securi-
ties. As it was, severe losses were
inflicted and the feyerish and fitful
closing of the two hours market left
opinion unsettled and anxious for the
future. f5',
This Limitation of two hours of trad
ing as consequence of the Saturday
hatf-hol1day was one of the mitigating
circumstances in the situation The
maximum period allowed for prepara-
ton by the occurrence of the tragedy
only shortly after the close of yester-
days market, and the interval due to
the closing of the London Stock Elk
change to-day were hailed with some
degree of relief by the financial world.
The great powers in the financial world
got to work shortly after the news was
received Yesterday and have been in
cons ultation and active efforts at in
terYals ever since.
The committee of the New York
Clearing House Association assembled
this morning before the opening of the
Stock Exchange and had with them
in consultation the great BANKERS and
capitalists of the metropolis. Assur-
ances were given that the banks were
as one in their readiness to meet the
situation and protect each other. 1t
was predicted with confidence that no
solvent and responsible borrower
should lack credits to meet his needs.
This. attitude and the fact that the
committee almost Immediately adjourn
ed had marked effect in creating con-
f1dence The first heavy selling of
stocks was, therefore, absorbed and
the severe opening declines running
from to over points were quickly
diminished. There seemed TO be a
feeling that it was safe to withdraw
some support from the market, and
not to attempt to combat a moderate
downward tendency 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
reserves shown by the bank statement
caused a renewal Of acute uneasiness
over the money situation. 1t was felt
to be beyond question that the banks
we're encroaching upon their legal re-
ScINS, IllC tcScINS OclHS utSlSH lieu, III
fact, to meet just such crisis. But
future eurtailment of credits in re-
cuperation of the reserve is thereby
made necessary. AS a measure Of the
sentiment caused by the attempted as
sassination of the President, to-day's
movement of prices was to some sx-
tent modified also by the news of the
encouraging condition of the distin-
guished sufferer this morning. With
the crisis still to be faced of the sec
ondary effects of his injury the dispo-
sition to anticipate further declines in
prices grew toward the close of the
market.
Railroad bonds have been dull in
sympathy with stocks, but prices fuct-
uate more narrowly. United States
bonds were unchanged in bid quota
lions.
The total sales of stocks to-day were
Gil, 200 shares, including: Atchison, 49,
100; Atchison preferred, 1920; Balti-
more and Ohio, 1000; Canadian Pa
cific, 500; Chesapeake and Ohio, $500;
Chicago and Great Western, 1000;
Erie, 81 800; Erie first preferred. 1900;
Louisville and Nashville. 1880; Man
haitian, 1880; Mexican National $500;
Missouri Pacific, 1900; Norfolk and
Western, 1900; Ontario and Western,
II, 200; Pennsylvania, 81, 700- Reading,
1920; Reading first preferred; 7.10o;
st. Paul, 40,300: Southern Pacific. TO-
100: Southern Railway. $4,000; Texas
Pacific. 1900; Union Pacific. $500; Wa
bash preferred. 1890; Amalgamated
Copper, 36,2O0I Smelling, 16.5O0, Brook
lyn Transit, 1860; Consolidated Gas,
7,4oo; Peoples Gas. 500; Sugar, TO-
700; Tennessee Coal, 500; United
States Leather, 1900; United States
Steel, 70,s0o United States Steel pre-
ferred, SO, 800.
Ne.r York stock and bond Lat