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PaineWebber, Goldman Reassure Investors

UBS PaineWebber spokesman, Paul Marrone, spokesman said the firm's advisors were in their offices in the days after the attack, working with their clients. "We have not seen any extraordinary inbound phone calls," he said.

The company issued a market commentary from its chief investment strategist, Edward Kerschner, the afternoon after the attack, recommending that the firm's clients "sit tight' until more is known" about the direction of the economy.

Kerschner remained positive on the long-term outlook for stocks. He expects them to outperform other investment vehicles, "thanks to the combination of sustainabily low inflation--which supports P/Es--and steady corporate profit growth in the context of a muted business cycle. That is what our financial advisors are telling clients who ask," said Marrone.

Two days after the attack, UBS PaineWebber's Web site stated that the firm would not solicit, accept or process any equity orders until the U.S. stock markets are open.

Goldman Sachs posted a message for mutual fund shareholders on its Web site the day after the attack, assuring them that the firm's emergency recovery plans had been implemented and critical functions moved to alternate locations. Shareholders were advised that no purchases, exchanges or redemptions would be permitted as long as equity trading was halted.

A Goldman Sachs spokeswoman said that call volume from mutual fund shareholders is down from normal levels. "We came out of this, relatively speaking, unscathed and we're quite grateful and thankful for that. We didn't have any facilities in the World Trade Center. We were, obviously, far more fortunate than some of our colleagues and competitors," she added.