The sun., 1901-09-08
BANKERS READY FOR CRISIS.
THFy EXPECT NONE. BIT TAkE
PRLtlt TIONARY STEPS.


Wall Stre"t saw a heavy break In Stock
market pri~-s yesterday. There was how
ever. no panic tn" united banking in
forests threw the weight Of their ipliusnce
tuwapl the restoration of confidence 50
far A. 1t was p,-,.ulo 20 do ~. Il VAS
evident that hravy supporting orders had
been placed. which served to check the
downward course of prices The fact
hat "a" new, from Buffalo was 81 n hopeful
character wa- "A reaS-uring factor.
II wa a short session on the Stock E1-
change only two hours of busincss-and
the London stock market was closed. he
cause of a holiday These two facts con
tributcd io break the force of the imm.di
ate shock - far a. the stock market was
concerned Mondays market however
l. awaited with great deal Of interest
bccau~e of the quest ion a. To whether hold
"r~ 81 - 'ck- upon margin will answer mar
g'u calls promptly and protect their de-
plrtcd accounts
The steps taken hy the banking INTEREST,".
~ guard against emergencies focused at
the Gearing HOUSE. where the members
of tie Clearing House Committee gathered
an hour before the market opened vii
liam Sheror. manager Of the Clearing House.
was on hand a. early a. s9o o'clock and
Frederick u Tappen. President of tho
Gallatin National Bank and chairman Of
the Clearing House Committee. arrived
minui" or two after q.
Summoned 10y Telegraph from I~noS,
Mass where he had gone on Friday, h"
had started, after only furty-fvr minutes
STAY IN b"noN, to return h"r' ~ ono and
he reached the Hotel Buckingham In this
city at an early hour Yesterday morning
II was ~ this hotel that a I,rc lIn,inarv
meeting of bankers. a. stated ia ye-tcr-
days SUS. was held on Friday night to
take si-I~ against possible emergencies.
That mcetng was called by !. Edward
simmons. President Of the Fourth National
Rank and acting chairman of the Clearing
House Committee M the absence ~ Mr.
1apIen.
MIR simmons arrived at the Clearing
Houre immediately following Mr.. Tapr-n
Other mcmt..rs of th" comnlitt.-. Present
were " iilism 4 Nash. President Of the Corn
kNchangc Rank. who came 60 this CITY on FRI
d,v night from hi- summer home at lake
Mahoya'. where the news resrh.d him If
the shooting ~ the President. George q
MiilainH. President of the Chemical Na-
'ipnal Bank. Who has born staying at the
Oriental Hotel, Manhattan B-sch. and
Gcorg, = Baker. President Of the First
Na'loual Bank. who hHs hi- summer home
On the jersey shore. Mr Iappen said
bsforo the committee met
-TlIr hanks have the situation well in
hand and will do everything possibk. 10
prevent TSric. Tie Cicaring Mouse
tomnit'e" haS not vet na,lc up it's mind
~ to what Il l. i---t to do hur IA. tanks
stand together and will tnke such action a.
" ncC,>ssrv
Mr. Nash salt that he did no, expect
any panic that the committee sould meet
for Rn in,crchap =, of views only and would
mako no declaration rNceptinR that ~.
haul~ could barrow. " nc,se~srv, ,rl-
l-'ing n reference to tho usl~sil,,, is-,,. of
CLEARING Houl-r loan crr,ihuatcn
it"riVut Morgan, who arrived ~ d..
off,s "a frv minutes after O'Clock kfi "
elmust Immediately tn walk arpund "a ~.
tl"aring House Committee meeting room.
The committee was als1 joined later Nv
James T Woodward. pr~,iden, q tho
iianov.r National Rank. and James sill
man. pD--idctt 10 IN. National Cty Rauk
Mr. Stillman b'ing the last to arrive lie
came about 10 o'clock
While Nj. Morgan, Mr. Woodward and
Nr. S,illnan Rre not neml-'r~ of the Cl.ar.
irg llDu-.' CummU's-'. h ~ not unusual
10 'im''- ui financial crisis fOr the com.
mites 20 ihVit" Other hankrrr ~ imrnr-
'ano, % n'-s With u Nj Morr.n, " VA.
-~ior'"d, cam- 'o 10. GEARING Hou-a at
ih" T-r~onsl solicitation Of Chairman Tap
ls'n' who d's'rsi o. gri his views upon
tic ~nr1ousu"~s uf the situation
The nis~-,iug lasted until fN- minutes
niief 10 O'Clock, Nv which time tho stock
MARKET had oI-n.-! and the e,t.n, of the
iriiisl break in prt,..- ~e- known char
inah Iaris'n cain' cat inio th' kphlsv aud.
'"afirr ~ the ticker tar. sitoxins IN"
ufs'ulfr guoiati"ns. took th~m hack into
80" u'-'iinE ruorn