The Washington times., 1901-09-07
LITTLE CHANCE OF A PANIC.
Wall Street Men Rely on the Coun-
try's Prosperity,

~
NEW YORK. Sept. 6.-The news of the
shooting of the President reached the
Wall Street district long after the close
Of business on the exchange. 1t was not
generally known much hefore 5 p. M. by
which time the newsboys were shouting
the extras of the evening newspapers
The majority of the Wall Street brokers
had already left the financial district,
many of them to go out of town. intend
ing. in view OF the inactivity of the stock
market. to remain away until Monday
This was also true of great many prom
inent bank officers.
But there was great scurrying among
partners and clerks in brokerage houses
and financial institutions who were still
at work there to send off kilograms to
the absent ones, telling of the bad news,
and the probability is that when business
begins in the financial district tomorrow
all the Wall Street men who went out
of town Will be on hand
All sorts of opinions were expressed in
financial circles this evening as to just
what effect the shooting will have on
the stock market. These opinions were
largely based upon the severity of the
Pre- sident's wounds. 1t was admitted of
course, on all sides, that the effect upon
the stock market prices. because of the
shock given to confidence, could not help
but be bad. Wall Street men who have
been holding bearish views for some time
as to the stock markets future were very
positive in likening the situation to that
in 1881, when President Garfield was as
sassinated- That assassination occurred
after great boom in the stock market
and with the shock to confidence that
the shooting gave a period of declining
prices set in.
such bank officers as were still at their
office We're positive in their statements
that the banking community was in very
sound condition and well prepared to
stand anything that might come. The
country, they pointed out, was extremely
prosperous, and they said they looked for
no general panic. The banks, they said,
would certainly stand together should
there be any necessity for united action
Tomorrow's stock exchange session will
be short one-only two hours, and as it
is not customary for loans to be called on
Saturdays the call money market is a
nominal one merely. BY Monday there
will have been time for calm considera-
ton of the situation.
One of the first men of prominence to
President was ]. P. Morgan. He ap-
peared astounded when a reporter told
him at 4:30 o'clock of the attempted
Twice he asked II the
news was authentic and he also asked
If the condition of the President was ser-
ous-information that the reporter could
not then furnish positively.
Mr.. Morgan was on the point of Ieav-
he nf T . o., 10
the time to take carriage which was in
waiting. His son-in-law, II. L. Satterlee
happened to be passing the Office. and
Mr.. Morgan beckoned him to come in.
With Mr.. Satterlee he retired to an inner
office. He left the office about o'clock,
Mr.. Satterlee driving away with him. Be
fore he went away Mr.. Morgan was
asked whether he would make a state
ment regarding the financial situation as
affected by the shooting of the President,
but his reply was: 1T is very sad
thing. l have nothing to say now"
James r. keene, who is generally credi-
ted in Wall Street with having been the
chief bullish manipulation during the
great boon that preceded the Nothern
Pacific corner and panic OF May 3, and
who is understood to have had charge Of
he support given to United States Steel
shares during the strike, when seen at the
,fi.ce of his brokers, Talbot j. Taylor &
20, expressed great sorrow at the news
)ut would not make statement, only |
o say:
What can say at this time, when not |
of the fun facts?"
James Stilman, of the National City |
Bank, had left his office early before the |
lews came from Buffalo. When seen at |
lis home, East Fortieth Street, last
hight, Mr.. Styiman expressed his grief |
md remarked
The country, however, is in such
condition as not to be de-
endent upon any one mans life"
Other prominent bankers declined to |
ay anything for publication as what
would be the effect upon the stock mar
,et. There were reports circulated late
n the day that some OF the prominent
nancial interests might meet before the
took market opened tomorrow, for the
urpose of uniting upon some plan, should
he necessity arise. for protecting the
rices of leading stocks.
NEWS FROM ALEXANDRIA.