New-York tribune., 1901-09-07
MARKET TO BE SUPPORTED
Continued from first page.

to-day. The most diligent inquiry last night
however al clubs, hotels and private houses
failed 10 disclose the fact OF such a gathering
although ii is known that conferences of indi-
vidual groups of large capitalists were held
The Clearing House banks will meet the emer-
syency as they have met so many emergencies In
the PAST J. Edward simmons president of the
Fourth National Bank. and acting chairman of
the Clearing House committee, said last night
at the Hotel Buckingham:
The cowardly shooting down of the President
of the United States is a calamity too dreadful
10 be thoroughly comprehended in the excite
ment Of the moment. Every good citizen. how
ever, must feel comforted by the thought that
there Is a prospect that the assassin's bullets
may not prove fatal After a somewhat pro-
longed period Of liquidation the financial situa-
ton is that should excite no alarm The
banks are strong and are in a position TO meet
the emergency that has arisen. A majority of
the Clearing House committee is in town. and
consultation has taken place. The business of
the country is substantial basis. and the
Clearing House banks are amply able to core
with the situation. and they will stand together
in this emergency, they have done in the
past"
The Waldorf-Astoria was as was 10 have
been expected. the centre of attraction last
market operators and the air was filled with
Tumor and speculation as to the course Of prices
to-day and the measures TO be taken 10 safe
guard the market against d panic. Some had il
that the Stock Exchange was to be closed to-
day. but there is the best of authority for the
statement that that rumOr had no foundation
Some Of the brokers were gloomy expecting a
crash, but the ma aiority we're strongly of opinion
that the decline would not be serious That
the market will decline to some extent il is
impossible to doubt. for il is the experience of
the Street that weakly margined accounts and
the holdings Of timid operators are thrown over
board news far less grave than the an
noCncement Of the tragedy at Buffalo, and the
bear element VIII probably DO what is possible
10 force prices down But there seems TO be en-
tire warrant for the belief that there will he
nothing approaching a cataclysm in the Street.
The market has Cor weeks been listless and
the public Is not IN II TO any important extent.
Stocks are therefore. speaking broadly in
strong hands, and the powerful interests Of the
Street may oe depended upon TO lend effectual
support their several securities Moreover
the session of to-day's market is only two hours
;Crg. Another reason, and of vital impor-
>ance, Is that all loans made yesterday hold
good until Monday.
The conservative opinion in regard to the
market that the break this morning would
not be more than from TO : points at the
opening unless the Presidents condition should
srow much over night.
When. on July ,. 1881. the news OF the attack
upon President Garfield reached Wall Street in
tense excitement prevailed. Twenty minutes
after the opening Of the Stock Exchange the
news was known generally on the floor There
was a moment OF hesitation and then prices
began TO drop heavily. All day the fall con-
tlnued with occasional partial rallies, and the
lowest prices were reached in the last hour of
the day. when il became known that the Presi-
dents wounds were likely TO prove fatal
Great disaster TO the business interests OF
the country was not feared however, because
as Mr. FahnestOck vice-president of the First
National Bank said, the succession is fixed
~ iC
capable"
Inc feelng that the country would not be in
Jufeo financially was general Perhaps fortu-
nately' however, Sunday and the Fourth OF
july monday intervened between the day Of the
shooting and the next opening Of the Stock Fx-
Chahse' ior by this time such operators as were
Itariul had recovered their equilibrium and the
l-atAet opened al an advance OF about / per
.en5 above the preceding Saturdays close The
.aulns was dull and inactive but the close
vas Hregularly strong at somewhat higher
prices man prevailed at the renine