New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-09-14
WALL STREET PREPARED.
DESPITE SHARP DECLINE, FINANCIERS
ARE READY TO PREVENT A PANIC
MEASURES TAKEN.

The gravely unfavorabe news from Buffalo
yesterday TO business and speculation well
TO the sympathetic hopes of the people. Conf
dence that the President was on the high road
TO recovery had become generally established
that the stock market had. up to Thursday af-
| ternoon. recovered almost all the loss which 1t
had sustained last Saturday. immedia tey
| following the shooting of the President. The
sudden shattering of that confidence yesterday
| caused naturally and inevitably another sharp
decline in the market. but panic conditions at
no time prevailed and the great financial In
ferests were unanimous in declaring that every
necessary measure of precaution had been taken
ana that the situation was well in hand.
POWERFUL INTERESTS AT WORK.
Powerful interests supported their several lines
of stocks, the government disbursed several
million dollars in payment for bonds turned over
in response TO Secretary Cages offer to buy
S20,0Oo000 of various classes, and big banking
houses loaned money In such volume as 10 pre-
vent the possibility of money stringency AS
was 10 have been expected. the market was
weak and feverish throughout the day. and the
close saw relatively large net declines in many
issues.
Although the day wore on It became IN
creasingly evident that the Presidents death
would be a question of only a few hours no
meeting of the Clearing House committee was
held The arrangements made at the confer
ences several days ago between the committee
and the bankers affiliated with them are still In
force, these arrangements providing among
other things. for the loaning of many millions in
the market In of need, and for concert of
action on the part OF the Associated Banks and
the great private banking houses and other
financial institutions -Four of the five members
of he ~
Cannon the acting chairman, who is president
of the Chase National Bank: George c. WILL
iams. president of the Chemical National Bank;
William A. Nash. president of the Corn Ex-
change Bank, and ]. Edward Simmons, pres-
dent OF the Fourth National Bank-were In town
yesterday Mr.. Simmons was 10 return on
Thursday evening to Lake Mohonk whence he
was called last Friday, but found himself obliged
10 defer his departure until yesterday morning,
ana then. of course, in view of the bad news
from Buffalo, abandoned all idea of leaving the
city at present. F. D. Tappen, president of the
Gallatin National Bank and chairman of the
Clearing House committee went day or two
ago to Lenox. He was IN communication early
yesterday with bankers here, and It Is under
stood that he will probably be In town this
morning. Mr. Tappens return will do much 70
restore confidence to the timorous souls of the
Street as he has shown especial aptitude for
emergencies.
EVERY PRECAUTION TAKEN
A prominent member Of the Clearing House
committee said after the close of business down.
| town that there was practically no likelihood
OF session Of that committee In the evening
Every possible precaution has been taken to
meet any situation that may arise and so far
as the Clearing House Association was con-
cerned, the worst has been discounted 1t NAV
| be stated that fund aggregating perhans as
much as S5OGOOOO0 will be at the command of
the clearing House Committee if necessary
aho this money In case of anything like panic
or even threatening strngency will be loaned
| around at or per cent
AT the Clearing House yesterday Manager
Sherer was in charge. He was calm and cour-
teous as usual. "All that could be done In case
| the worst happens has been done already" he
said THE preparations made on Saturday
and Monday were made with view to Just such
: an emergency as might arise In the case of the
Presidents death. We have done all we could
do"
President Cannon at the Clearing House
for some time yesterday morning and said while
there:
conditions are normal and the precautions
taken last week seem TO be sufficient. and there
does not appear to be any necessity for a meet
ing Of the Clearing House Committee"
Men got down early to Wall Street yesterday
and anxious customers thronged the brokers' Of
fees even before the opening Of the Stock Ex-
change. The air was full Of dire rumors from
Buffalo In the early part of the session well
defined report gained currency that the Presi-
dent dead. and prices dropped responsibility
variation of this rumor little later was that
the cashier Of one of the largest banks had tele-
graphed a personal friend that Mckinley had
Just died. this message being overheard by
somebody, who promptly gave it to the Street
Newspaper offices and banks were besieged with
inquiries from brokerage houses and frequent
dispatches asking for the latest were sent
to Buffalo. The Clearing House committee wac
not overlooked. and it was regarded a re-
assuring feature that no indication appeared of
an intention to call meeting of that body
There was everywhere painful anxiety both for
the Presidents life and in view OF the posi-
bility of disaster to the market If it should
prove true that the country must lose its con-
servatiye and broad minded Chief Executive
but there was no confusion and no noise In
deed, a hush seemed to have settled on the
financial district, and it became pro-
nounced as hour by hour the Presidents chances
of recovery seemed to grow slighter and slighter.
The attendance the floor of the Stock Ex-
change was unusually large, and almost every
broker had selling orders. All through the list
the opening showed declines from Thursdays
close Selling orders in from all quarters
and houses with out of town connections
reported to be unloading large blocks Of stand
ard stocks.
Union Pacific opened wide" 5000 shares be-
ing sold at 94 and 93. United States Steel pre-
ferred Erie and St Paul also had wide open
ings Some of the early declines were: Pennsylva-