New-York tribune., 1901-09-10
STOCKS BUOYED BY HOPE.
GOOD NEWS FROM BUFFALO SENDS
PRICES UP AND DRIVES OUT ALL
FEELING OF PANIC.

fes,o,5irp IN the decidedly favorable news from
Buffalo. the stock market opened yesterday with
an entire absence of the panicky sentiment so
noticeable on Saturday. and at prices well above
the closing quotations of that day. The cheerful
feeling was strengthened by the firmness of Amer
ican securities in the European markets, and by
knowledge of the fact that the banks and the
great individual financial interests stood ready to
supply practically unlimited funds should strn-
gency develop. Brokers had numerous orders to
buy. and selling orders were comparatively few
Commission houses of the higher class were in re-
ceipt of orders from customers 10 buy standard
stocks at every decline.
Chairman Tappen and Vice-Chairman Simmons
of the Clearing House Committee at the
Clearing House early in the day. Following them
came George f. Baker president of the First Ma
tional Bank, and William A. Nash president of
the Corn Exchange Bank, and there were also
present James Stiilman, president of the National
City Bank and James T. Woodward, president of
the Hanover National Bank.
At the close of the meeting which lasted only
few minutes Manager Sherer of the Clearing
House said: The members only met and talked
oyer the situStion. They will go back to their
dlfTerept banss. but will be within easy reach if
wanted. / that money in the market is at
per cent That is exorbitant. and any
who has anything worth holding can afford to pay
that We will have all the money needed
Mr. Stilman. he left the meeting said: The
situation is good it could well be There is
every reason believe that money will be easy"
We are still holding the fort" Chairman Tappen
said and will continue to hold it, The situation
favorable. The London market appears strong,
and its is sympatheticalIy reflected in the
market here"
Henry W. Cannon president of the Chase Ma
tonal Bank, and the only member of the Clearing
House Committee not at the meeting yesterday
morning. reached his office later in the day. He
said he had just reached the city from the Adiron-
dacks. and that he would stay here until the
danger in the financial situation passed.
II is understood that the Clearing House Conn
mittee has s20.e1oobO more available for loaning
in money rates should advance dangerously on
the Stock Exchange. None of the emergency
being amply by large offerings by ]. P. Morgan
& Co, the National City Bank and other big banks
and banking houses. great deal of money was
tent at per cent before noon, and some loans
were reported at 5 per cent
IN the afternoon hours the rate eased off going
as low as per cent. Most of the days loans were
az Sl2 per cent. Some of the presidents who at
tended yesterday mornings Clearing House meet
ing were frank to say that they fixed call money
interest rates at per cent principally for pur-
pose of inducing gold imports and the Street ex-
poets that gold engagements will be announced
within few days.
Secretary Gage had a conference over the tee-
phone from Buffalo with some of the more i'm
portant financial interests in this city yesterday
He said he was much encouraged at the present
conditions, and believed that from this time on
there would be steady progress toward recovery.
AT the close of the market the following telegram
was made public at the Clearing House:
Hon Lyman ]: Gage. Buffalo. y. Y:
, me f c0noed [ % M ABSORPTION OF money by the Treas
for crop moving we trust will have your immediate
some portion of this surnIns MAJ he ran,sceS az ~
nifty. F. D. TAPPEN
Chairman Clearing House Committee
Press advices from Buffalo announced that secre-