The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-09-07
THE STOCK MARKET WEAK.
Efforts of Leaders to Prevent Panic
GaIy Partially SucceSSfur


NEW YORK, Sept THE important
men in Wall Street worked during thu
entire session Of the stock Exchange to-
day 20 prevent a panic. but they were
only partially successful Immense or
ders 70 buy stocks almost unlimited or
ders, were in the hands Of the brokers
tor the financial leaders when the market
opened The Morgan interests. the Stand
ard OIL people, and the Vanderbuts all
had representatives on the floor OF the
exchange and al Kept closely in touch
with the market by telephone and mes
senSer service These interests bought
practically al the stocks that were sold.
as they were almost the only interests
that cared 10 buy at this crisis.
Despite their efforts the opening OF the
market WAS al a decline Of from two 10
six points and after a short rally from
the opening level there was another
steady decline that lasted untH the gong
sounded at u o'clock. the end OF the
short session At the close prices were
of from four TO seven points net from
the close OF yesterday.
The selling was for the public for the
most part Despite the reassuring an
nOuncement that the market would be
supported by the leaders, spread through
out the country before the opening Of the
exchange there was a general fear Of pos
sible panic and the lesser holders Of Sc
cUrities- on small margins. poured a con-
Stant stream Of selling orders into their
brokers Offices
The weekly bank statement added to
the CONSERVATION Of the public II was
a very bad showing. worse than had been
expected The banks have lost during the
week 100000 in cash and the surplus
reserve has decreased half that amount
The surplus reserve is now so small that
one or two more such statements would
wipe il out entirely. After the figures Of
the statement were given out at u-5J
o'clock there was a fresh accession Of
selling.
The clearing house committee was in
session during the entire session Of the
exchange The following men were pres
eut at the meetings F. d TaPpan. chair
man, j. Edward simmons. ". A Nash.
c. F. Baker, J. P Morgan James still
man. James T Woodward, and William
SHerer secretary of the committee.
No formal action was taken by the com
m'Jlee. but the reports from the meeting
were that every support necessary 10 the
financial situation would be given The
possibility of the necessity OF the issuance
OF clearing house certificates was dis
cussed. but the general Impression seem
ed 20 be that the situation was not sufh-
ciouuy threatening TO require such a
course
During the last few minutes Of the ses-
sion bulletins We're sent out broadcast
/ from some source To the effect that tina
condition ot the President was much
=raver. and tHa, he was sinking rapidly
ia some quarters these bulletins were be-
Grvud To euaraLe from clique OF bear
traders intent cu wrecsing the market
as nothing CgTu1 10rgIIye OF them was re-
rgivCG CrCm any other source
-7-ter The close OF the market the ques-
uou of The outlook for next Monday was
discussed everywhere iu the Street There
viii be meetings of the important people
today and tomorrow. and plans VIII be
formed To- meet every contingency.