New-York tribune., 1901-09-08
BANKS READY TO HELP.
CLEARING HOUSE COMMITTEE
TAKES ACTION
FINANCIERs AGREE THAT THERE Is
LITTLE LIKELIHOOD OF TROUBLE.
But ARE TAKING ALL
PRECAUTIONS

,,o,,ee l,,, the declines although they would
have been heavy for ordinary day. Mere
relatively small ia view Of the gravity OF 1he
news which Friday night brought forth' OhoeI-
lying conditions agricultural. Industrial anu
nnancial-are stin sound making for con-
sinuance Of prosperity: but the sudden STRIKING
down Of a President under whose administration
the very food Of national prosperity has been
touched could not but unsettle business ana
,nounentarilv shake the public confidence.
AS in similar crises in the past. the associated
banks and the great bankers and capitalists
took immediate action looking to steadylng ana
safeezIarding the market and averting possible
panic on Friday evening there was CONFER
enee rptown Of such members OF the Clearing
House committee as were in the city, and this
conference was resumed as early as o'clock
Yesterday morning al the Clearing House
Frederick D. Tappen, president Of the Gala
Tin National Bank was among the first to reach
the Clearing House He had gone 10 Lenox'
Mass on Friday afternoon. and heard OF the
shooting of the President when he reached there
AT s O'Clock He remained only hree-quarters
OF an hour at Lenox, returning by way OF Fl''s-
field and Albany and arriving in the city at
5:3O o'clock yesterday morning. j. Eo"a1u
Simmons. president Of the Fourth National
Bank. entered the conference room Few
minutes after Mr. Tappen. william A Nash'
immediately after Mr. Simmons. making quo
rum and the committee then went into session.
Mr. MORGAN WITH THE COMMITTEE.
J. Pierpont Morgan reached his office in cap
a. o.15 o'clock. A few minutes later he emerged
and walked rapidly up 10 the Clearing house'
accon,nanied by Robert Bacon, one Of his part
,,ers He waved of the reporters who sought
80 address him and entering the elevator, was
saxon uDstairs and entered into consultation
NTH The Clearing House committee. George r
T2aker. president Of the Clearing House Assocl-
alton and president Of the First Nauohal anu
Astor National banks. and George G. Williams
,resisent Of the Chemical National Bank, both
arrived soon after Mr.. Morgan
A little later came James Sullmah' presIueiIl
% the National CITY Bank. and James T. Wood
ward, president Of the Hanover NauoHal Dam
The committee and their associates were IN
conference until a few minutes before the open
ing Of the Stock Exchange Then MI. laPpe"
came our Of the meeting room and SAID
..1-be banks have the situation well In haho'
and viii do everything possible TO prevent d
panic. The Clearing House committee Is mere
20 decide what il is best to dc. The banks stand
.oeatber and the committee will take such ac-
ton as is necessary"
When the ticker began 10 record the nrsI quo
tations the conference was resumed ana 'he
sims from the ticker were cdIileu Aii0o III -
and closely scanned. Ten minutes later MT
Tappen emerged from the room and SAID:
gentlemen. the market is strong. We are not
doing ANYTHING here. We simply holding
she fort. and we mean TO hold IL. The Clearing
House committee passed no resolutions, but AT an
informal meeting we resolved 10 sustain the
monetary situation"
Was the general opinion that there "ouiu
be no furry"
Decidedly" answered Mr. Tappen, especially
as the market developed this morning, faiilhg
only three or four points on Important STOCKS
and rallying afterward-
'sYfu the committee remain in session?
Yes. but We don't expect 20 have anything
20 do"
REMAINED FOR AN EMERGENCY
Soon after 10 O'Clock all the bankers left the
Clearing House except Mr.. Tappen and william
Sherer, the manager Of the Clearing House
who remained ready to act if any emergency
should arise.
Manager Sherer said after the conference:
The meeting Of the Clearing House Commit
tee was an informal one. Il determined 10
keep things on an even keel. not TO give way 70
excitement. and 10 take care OF solvent people
as far as they might need II. The committee
saw no reason for panic conditions"
When Mr.. Tappen noticed that the market was
selling on, after the appearance OF me bahk b
statement he announced that the banks were
prepared TO lend money in any quantity TINS
TO any extent that may be necessary" said
what banks are in the pooi?"
'Ali OF themY
The National City Bank?"
Yes, the National City Bank is in il, too"
The Clearing House Committee Will meet
again tomorrow morning, 10 take such action as
may seem advisable, in view OF the possible
change Of conditions over Sunday. As far as is
known, formal conferences have been ar
qsa6 bllG understood
the big men OF the Street viii stay in or near
the city SO that a call 10 a possible conference
can readily reach them William Rockefeller
will return home from the Adiro1dacks to-mor
row, as he planned several weeks ago. and IL is
expected that other weA known inanciers who
are out Of town viii as soon as possible come
back 20 the city While there may be no actual
necessity for their presence II is considered that
il VIII lend strength 10 the situation IL they are
here.
There was conference between Mr.. Tappen
and Mr Morgan about noon at the Office of the
latter Mr.. Morgan left his Office at 1:3O o'clock
and went TO the Gallatin National Bank, but
found that Mr.. Tappen was at the Clearing
House. and he telephoned 10 him there Mr..
Morgan remained in the Gallatin Bank for
about five minutes, and then returned 10 his
Office. Mr.. Tappen reached the Office Of Mr..
Morgan a few minutes later, and the two Went
into conference
NOBODY NEED WORRY" SAYS MORGAN.
After the conference Mr Morgan was asked
20 give his opinion Of the outlook at the close
OF the market He said:
THE financial situation is absolutely good
There Is nothing TO derange il. The banks viii
take care OF the situation. Nobody need worry
about that"
Some one told Mr.. Morgan that the latest ad-
vices from Buffalo were that the President was
improving. He seemed greatly pleased and