The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-09-08
BANKS TO THE RESCUE
TAKE STEPS TO PREVENT ANY
FINANCIAL, PANIC.


ing as a consequence Of the SATURDAY.
.iajf holiday was one of the mitigating
circumstances in the situation. The
maximum period allowed for prepare
ton by the occurrence of the tragedy
only shortly ate. the close of yester-
days market and the added interval
due TO the closing of the London stock
exchange today 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 consultation and active efforts
at intervals ever since The commit
tee Of the New York Clearing House
association assembled this morning be-
fore the opening of the stock exchange
and had with them in CONSULTATION the
great bankers and capitalists of the
metropolis. Assurances were given that
the banks were as one in their readi-
ness to meet the situation and protect
each other. 1t was predicted that no
solvent and responsible borrower
should lack credit to meet his needs.
This attitude and the fact that the
committee almost Immediately ad-
1ourned had a marked effect in creating
confidence. The first heavy selling of
stocks was, therefore, absorbed and the
severe opening declines running from
to over 8 points were quickly dimin-
isIed. There seemed to be a feeling
that IL was safe to withdraw some sup
TT from the market and not to at
tempt to combat n moderate downward
tendency. which was fully warranted
ty the actual situation.
The withdrawal of this support found
the market vulnerable again. when the
severe inroads upon the surplus re-
serves disclosed by the bank statement
caused renewal of acute uneasiness
over the money situation. 1t was felt
20 be beyond question that the banks
were enCrOaching upon their legal re-
serve the reserve being designed in fact
to meet just such a crisis. But future
curtailment Of credits in regeneration
OF the reserve is thereby made neces-
sary.
As a measure OF the sentiment caused
by the attempted assassination of the
president the days movement of prices
vas to some extent modified also by
the news of the encouraging condition
OF the distinguished sufferer this morn
ing With The crisis of the second day
effects Of bis injury still to be faced.
lae cisScsitiOn to anticipate further
declines in prices grew towards the
close OF TIE market.
The days losses were too general to
need specification, but the grangers
Pacihcs. southwesterns, coaIers, = nal
gamated Copper and the like stocks
we're naturally tho severest sufferers
st Pau leading the active st-with an
extreme decline of 91z and a ret loss
OF So points.
Railroad bonds hsee been dull in
sympathy with stocks. but prices fiuc-
tuated more narrowly. United States
nonds were unchanged in bid quota
lions.
Bond Quotations.
L. s. ref. 2s reg.10lIl Hook Val. AS .iO6
Do. coupon ....1Qs& L. & n. u. 4s...10fit
~. 5. 3 reg ..-..10Sas Mex. Cent. As. Sc
i. 5. =. 8 Tee.iS7 n. & St. l. Is. .16s
y. ?. n Is coup.137 NJ. X q T. As as
u s. Q. IS reg.l12 NJ. X. & T. Is. S5ss
!. $. $ reg.-.-.lyISt General a1ks iOaiS
q s IS cOup--.1O7S. y. J. c gen 81 13O
Atch. gen. Is. 1852 Nor PaC Is IO4s,
Adjustment As s6ls Nor Pac. 3s..... 7i$s
= q - 4s.-.-..-l0s y. & W. con. Is. 1O2ss
B.. * O. S}zs.....-s 5 Read. gen. Is. $50
st. L. & Iron NJ.
Cent Of C. 5s...i95la St L. & San F. .i''
! 8 81. s s! f v Y i: s3s.
G. e B. & O. =, n Is 80 San A K Aran.
ssnsIai q ..1lo So. Pac is s.::.. $f.s
Z. q y w con 50. Nv. .115l5
sol IS ........ 1855 Tex. a. Pac. Isis
G. r. L, & p. As 1858 T.. St. l. d
sen As, les Union : Pac. is...1 IS
Colo. So. IS. ..... s. Wabash Is ......Il9
y. & r. G. As. .1o211 Wabash IS lilo
Erie p. lien IS. 9S& Wab deb r.. 81
Fort W & Den W. & /. z Is. 9i&
lily Is -.---.--le5 Wis. Cent Is. IS
Stock Quotations.
Ate5ison .;..--... IA So. Railway 49,. So9.
Preferred 49,. siss Preferred -. ST.
r, & O----.-t--.- a1iz Tex. & Pac..-. 4ojs
Preierred $3.50 y T., st. L. 81 w. 20
Lan. Pacliic..--lttis Preferred 800. 32iA
Can Southern S. Union Pacific. a5k
Ches. & Ohio. 49, Preferred - sea-
Chic & Atom % Wabash -. 2Oib
Preferred ib1z Preferred ..... 81
Preferred -. n ID preferred d :. Is
= q r -a----.---iss3 WIS. Central 20l5
Z. & G w. IA Preferred 800. Al
preferred A etlz p C. g. < St. L. 40
Preferred b e.. iss.Adams Express $50
9. n. VII ANN. Express. 100
c. R l. & P. .l2S1zU. S. Express. %
c. T. & T. ......- 20 Fargo leo
Preferred -. ssl4 ANAL Copper III
9. c G q St. l. SSSt ANN g q F.. Is
Colo southern. 1314 Preferred -. S34,
Ist preferred 70 ANN. Lin. OIL. %
I'd preferred Eii5 Prefcrred ..... 81
Del. q HGd.... leo A. s. & R....... slat
D. l. & WI Preferred . s6ss
p 4 r. c.. - Anu. Tobacco---13
Erie 49,. 4o't Brook Rap. T.. e5iS
~ preferred - Colo. r x L.. 94st
I'd preferred o.. "A Con Gas -..- 2l7s.
81. Nor. pfd. ...iSo Cont Tobacco =. 65ls
Hooking valley. y Preferred Ills
Preferred ....- 7fi5 Gen Electric . 25sis
Ills. Central -...1f'nz Glucose Soar. So
Ia Central ..... q Hooking Coal =. Il
FI2-stiel 80. ~ inter. Paper 22at
PreteEFed ...--lz5 Inter. Power 80 g5s<
louis 4 Nash -leots Laclede Gas -. 50
Manhattan L---ll4ie Nzt Biscuit 80 42a
Net - ~, ----les Vat Lead ------ 1919
Mex S,eIstral - = Nat. Salt .......- ~
Me- National o.. l25. Preferred ~
MINI. & St l. -l0iiz North Ann - 81
Mo Pacific .-..-1f9st Pacific Coast ~ Sc
referred .--- 591s Pacific Mai! .... 3SIt
y. J. Central. Ito Peoples Gas ... -
y I. Centred t9'11 Pressed s. Car 20
Noe & Vest 5llt Preferred - S.)1.
Preferred 49,. So Pull Pal. Car 2o5
iScr. Fac. pfd... - Rep. Steel 900. IL
Ont & Vest. 227s Preferred - ~
Pennsylvania ..lflh Sugar ............12 Sl.
Reading ..-.-..-- 4oia Tenn. &. e. L.. 6g5s
1st preferred - - L. s. Leather. 12is
I'd preferred D.. g5es Preferred ... 7gfb
St =. & san r. 42ts L. s. Rubber. u
LIST preferred. 90. 81 Preferred ..... IS
"a preferred 90 66 L. s. Steel -..... ass
St. l.. :. W.. % Preferred ..... silS
Preferred -..-. 59Iz Western Union. 9i1t
ST. Paul .1567t
Preferred .....1S3iz Total sales. 81 zoo
so. Pacific ...., ssS7s
Weekly Bank Statement.
New York. Sept. THE statement of
the associated banks for the week cad
i'm. today SHOWS:
Loans. sss5.14ssOo; decreased. $l0.440.-
Deposits. S94z.S92. 100; decreased. s2O.-
400 800