The Washington times., 1901-09-08
HONEY KINGS STAND FIRM
PROMPT Measures Taken to Pre-.
vent a Financial Panic.
Leading New York Bankers Confer
Before the Opening of the stock
Market - Plans to Afford Reicf-
Views of Morgan and Tnppnn.


NEW YORK. Sept. Leading bankers
met in conference at the clearing house
in this city this morning before the stock
market opened, and arranged measures
for preventing a panic They let it be
known that they would aim to have hold
ors of stocks suffer no harm because of
the attempt on President McKinley's life.
This announcement undoubtedly lessened
what would otherwise have been a severe
decline, for the stock market opened very
weak and declined still further when the
bank statement, showing a position fur
ther impaired by decrease in reserves. was
made public.
Before the grated doors protecting the
entrance to the clearing house We're
opened a small crowd collected to inter
cept members of the clearing house COM
mittee who had been called in hurried
conference.
Frederick d. Tappen, Chairman of the
committee. who has been in command of
the clearing house forces during every
panic of recent years, was the first to ar
rive. He got to the city on an early train
from Lenox, Mass. where he went yes
terday afternoon for short holiday. A
telegram from j. Edward Simmons had
Hotel conference last night and he took
a return train 10 New York within forty
five minutes after reaching Lenox. He
arrived at the buckingham at an early
hour this morning.
J. Pierpont Morgan and J. Edward Sim
mons and other members of the commit
tee soon Joined Mr.. Tappen in private
conference.
The clearing house committee held only
a short meeting and adjourned at 1O:l5.
The chairman, Mr. Tappen, authorized the
statement that the committee had passed
no resolutions. but had only discussed the
situation informally and was determined
to sustain the money market in every re-
spect.
The opening quotations, he said, showed
so small decline that the committee did
not see the need of present action. Mr..
Tappen said he would remain at the clear
ing house till business was over for the
day.
Before calling the meeting together Mr..
Tappen had made this statement:
1.-The banks have the situation well in
hand. Everything possible will be done
to prevent disturbance. and there is no oc-
casion for alarm. If people will keep
cool they will get through all right.
Can the clearing house committee Is
sue certificates without calling the asso-
citation together
NO The association would have to
consent to such action, but that matter
could very easily be arranged. We do
not know yet what steps are necessary,
but the clearing house committee will
act as the situation develops.
1.-The banks stand together in this mat
ter. OF course, there are people mean
enough to take advantage of a situation
like this. but we arc not going TO see Sc
curities sacrificed for selfish ends"
1t was learned that Mr.. Morgan visited
the clearing house at the personal salici-
.ation of Mr.. Tappen, who was anxious
to get his views on the seriousness of the
situation. Only on special occasions, how
ever, when some important development
was pending, does the clearing house
committee call in outside advisers. From
the highest authority it was learned that
Mr.. Morgan sided with Mr.. Tappen from
the first and supported every suggestion
that he made with reference to what was
best to do. A person who attended the
conference said that Mr. Morgan ex-
pressed his views freely. and thought that
action by the banks had been taken in
good time.
At the clearing house everyone sur
rounded the ticker Quotations were
taken into the committee. yard by yard
as the tape was reeled off the machine
and it soon became evident that action
was held up pending the influence of sup
porting orders upon stocks that were ex-
pected to show the greatest declines.
Seldom has the clearing house present.
ed a scene of greater activity or more
suppressed excitement. Members of the
committee in their shirt sleeves were
wrestling with the ticker and gest;culat-
ing mildly talking with one another in
low tones OF earnest tion. Every
one seemed anxious. though confident,
that the situation could be handled with
out difficulty If sensational developments
did not precipitate complications.