Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1901-09-14
NO FINANCIAL
PANIC COMING.

II will be exceedingly gratifying to
the people OF Utah to learn that the
leading bankers OF Salt Lake do not
apprehend any great furry in the
financial world as a result Of Presi-
dent McKinley's death. They are al
most unanimously of the opinion that
within comparatively short time
financial affairs viii have regained
their wonted equilibrium and continue
much the same as they have done
throughout the administration OF Presl-
dent Mckinley. Several OF the heads
of local banks when seen today OK
pressed themselves as follows.
w. S. Mccormick q Col think there
will be nothing more than temporary
depression In the price OF stocks. The
effect that President McKinley's death
would have in financial affairs has al
ready been largely discounted. The
severity will be nothing like what
would have come had his death been
sudden Spectators of course. WIFI do
what they can to drive prices down,
but in my opinion VIII not succeed 10
any great extent Some times this
class makes a mistake and | think II
will make one In this case II II eX-
poets to realize much out OF the coun-
try's sorrow. There was no stock call
in New York today and before there 10
another Sunday VIII intervene and peo-
pie viii have time TO think and act de-
lberatey in whatever they do ! do
not look for President Roosevelt TO
make many changes in the policy that
was laid down and followed by Pre5i-
dent Mckinley. II would be foolish for
him to do SO. Roosevelt is a level
headed man and / do not think he wall
make any attempt in the direction In
dictated.
He has been the governor OF New York
and has shown ability there. That Ia
an empire Of Itself The man who can
govern New York with success can
come pretty nearly governing the Unit
ed States with success. Roosevelt will
not disappoint the American people.
J.. 5. Illus OF the Deseret National
Bank-The effect upon the stock mar
ket, by reason OF President Mcklnley's
death, viii only be temporary. II VIII
draw class Of men on the Wall street
who never go on to II except In the
event OF some big misfortune like this,
III
again and keep of until some other
similar catastrophe occurs. In my
opinion the financial marts OF the coun-
try win remain undisturbed and nor
NAL conditions will soon prevail again.
/ do not think that President Roose-
Welt will inaugurate any new policy.
He should be willing TO let good enough
alone. and / think he will. The men,
bers OF the cabinet, as NV constituted,
will. OF course. hand In their resigna-
tIons. Some Of them, ] understand,
would like TO quit public life and may
do so. but my opinion is that the new
President viii reappoint AT least the
most OF the members now serving.
Cashier George NJ. Cannon OF the
lions Savings Bank and Trust com.
pany In my Judgment the death OF
President Mckinley will not produce as
great a shock 10 financial interests as
II Il had occurred without warning.
] think. too. that the policy Of the new
President viii be very much In line with
that OF President Mckinley; and that
while his advisers may not be the
same. no radical change viii be made
in the policy on industrial and COM
merclal lines. lie have no reason 10
fear any disturbance In financial mat
tiers IN Salt Lake City,
Colonel Donellan. when asked today
as 20 the probable effect the death Of
President Mckinley would have on IN,
business interests Of the country said
II think there viii be no disturbance
IN the business and banking circles OF
the country. and hardly a furry In the
stock markets The country Is
universally prosperous and there
Is no reason 10 think that the
policy OF the government viii
be changed The great financial inter-
ests OF the country have been prepar.
ing ever since the shooting OF the 1
President. TO protect business interests /
and the New York Clearing House as. !
ISOLATION board arranged for the issu.
ance OF forty millions OF their certih- /
Gates 20 protect the banks OF New
York on the day the President was
shot These certificates can be used
between the banks as currency and as