The sun., 1901-09-08
BANKERS READY FOR CRISIS.
THEf EXPECT NONE. BUT TAME
PRECAt TIONARi STEPS.


the Money the situation May Require.
Wal Street saw heavy break in Stock
market prics- Yesterday. There was, how
ever. no panic The united banking in
tere-ts throw the weight of III 'ir influence
toward IA" irJorstion Of confidence 30
far ~ 1t was possible 90 do so II was
evident that heavy supporting orders had
l""n placed. which s~rvei 10 check the
downward cour-e Of prices Tn. fact
that the news from Buffalo was of a hopeful
character was a reas-uring factor.
II was a short session on the Stock Ex-
change two houns OF business and
the London stock market was closed, be-
cause Of holiday Thcse two facts con-
tributei 10 break tho force Of the imme,ii-
ate shock 80 far as the stock market was
concerned Mondays market. however.
l. awaited with srat deal OF interest
because 81 the question as TO whether hold
ers ofStocksupon margin viii answer mar
gin calls promptly and protect their de-
pleted accounts.
The steps taken 10y the banking interests
% guard against emergencies focused a,
the Clearing House. where the members
of the Clearing House Committee gathercd
an hour before the market opened "
AtfAAii t'it'N'i W Ah' nun
was on hand as early as $50 O'Clock and
Frederick ID. Tappen. Presiden; Of the
Gallatin National Bank and chairman 81
the Clearing House Committee. arrived a
minute or two after O.
Summoned by Telegraph from ienot,
Mass, where he had gone on Friday, he
had started. after only forty-fiyp tnintIt.s'
-, =, - q, -, r., =, -, o.,
" ~. n,i. - -
~. naoneu 'he ho'"I hhchhshAn IN ,hi-
CITY al an early hour yesterday morning.
II was at this hotel that preliminary
meeting Of bankers. a. stated in ye-ter-
dav's s,-< ~.s h,lt n, Friday pi,h, 20
-, ..,--.,',l ...,N-,
aNe IN "S"'"~' '"" knc's
Iha' hf'F,lhg Nas chleu py a. hNsru
Simmons President Of the Fourth National
Rank and acting chairman of the Clearing
u,,,.., ,,,,,,i,,o.. 4, ,h. .b-.,c. "a A.,
.'' VI WI
iapi"h
MI "''hmon- "riVeu at he oiearing
Hoee Immediately following Mr.. Tappen
o,h.r m.mlrrs Of the cnmmittee nres.n,
-. A. ,ii;,,, . II p,l., =, :, -
,,D.'n " -'a i'. VI '''e No'h
fh'hahk' nan" ".'o came 10 this city on fri-
day night from his summer home at Lake
Mahopac, where the news reanh.d him of
ia. shoo,iny NJ ths pr.-id.,n,. C.o,. n
,viu..,,. p..i,., q - -,
S,'ei' vi VI" 'hethica Ma
u"n"4 n'n' ""' ..as orh s'ayih9 AT The
Oriental Hotel. Manhattan Beach and
George r. Baker. President OF tn. Frs,
National Rank who h.s IA. .,,,,,,... -.
""N eu'"' no'ne
y" u'o Jersey silo'e' MI Happen said
Dfore ohe committees met
The banks have the situation we'll in
hand and will do everything possible 10
prevent Tanic. The Clearing Hons,
Committee has not vet made up its mind
~ to What IL Is hest Co do. hut the hanks
stand tor., her and will fake slch .c,,o,, a,
is neccssary-
Mr. Nash said that he did not esu-ct
any panic that the committee would noa,
for All interchange Of views only and ~ouli
make no declaration exO.ptinS ,ha, Tho
bants could barrow. IL ne,,s-sary 81.
loing a reference 10 tho ro.aihlo Is.,,. ~
Cearing HOUSE loan e.rt titc.t.~
J Pierront Norgan- WLo arrived m, IA.
oiYic.. A f.w minutes .s,., a s,'ei,,oI I',, !,
almost Immediately 10 xalL .,,,,,J - ~
Clearing Uo,,sc Con,ni,,.s, ,a..,in. -