Items about Banks, Bankers and Trust Co’s
The announcement on Saturday morning
of last week of the death of President McKinley did not cause any
perceptible disturbance in financial circles. Confidence during
the week remained unshaken, even when the news was received of the
death of the President. There was no meeting of the Clearing House
Committee on Saturday morning, and there was no occasion even for
a conference with those members of the committee who were in the
city or who were readily accessible. Mr. Sherer stated that the
death of the President was anticipated by the committee on the previous
Monday; and the subsequent action of the Secretary of the Treasury
in purchasing bonds had given effective relief to the situation.
Before the hour for opening the Stock
Exchange on Saturday the cable announced that the London Stock Exchange
had been closed through the prompt action of its members, who, in
the absence of the Deputy Chairman and of a committee to form a
quorum for the purpose of formally closing the Board, decided, out
of respect to Mr. McKinley’s memory, not to transact any business,
and the members left the Exchange. The Glasgow Stock Exchange and
the Liverpool Exchange also suspended business. On Monday the London
Stock Exchange Committee decided to close on Thursday, and the other
Exchanges above mentioned also decided to close on that day. Cablegrams
of sympathy were sent during the week from almost every ruler in
the civilized world, and flags were placed at half-mast at every
H. K. Pomeroy, Vice-President of the
New York Stock Exchange, in the absence of the President, issued
a call for a meeting of the Governing Committee before the hour
for opening the Exchange on Saturday, and at this meeting it was
ordered that the Exchange be not opened; also that it be closed
on Thursday, the day of the funeral. The committee directed that
the loan market of the Exchange be opened until 11 o’clock on Saturday
morning for loans of stocks and money. The New York Produce Exchange,
the Cotton Exchange and the other commercial exchanges were promptly
closed on Saturday morning. On Monday and on Tuesday suitable action
was taken by the New York Produce Exchange, the Mercantile Exchange
and the Coffee Exchange and the commercial and stock exchanges in
this country and in Europe.
A special meeting of the Chamber of
Commerce was held on Monday, at which suitable resolutions, presented
by J. Edward Simmons, were adopted, and a committee was appointed
to attend the funeral of President McKinley. The Merchants’ Association
and the Maritime Association also took similar action.
The following proclamation was issued
on Sunday by President Roosevelt, who had taken the oath of office
on Saturday at Buffalo.
U S A .
A P .
“A terrible bereavement has befallen
our people. The President of the United States has been struck
down; a crime committed not only against the Chief Magistrate,
but against every law-abiding and liberty-loving citizen.
“President McKinley crowned a
life of largest love for his fellow men, of most earnest endeavor
for their welfare, by a death of Christian fortitude; and both
the way in which he lived his life and the way in which, in
the supreme hour of trial, he met his death, will remain forever,
a precious heritage of our people.
“It is meet that we as a nation
express our abiding love and reverence for his life, our deep
sorrow for his untimely death.
“Now, therefore, I, Theodore Roosevelt,
President of the United States of America, do appoint Thursday
next, September nineteenth, the day in which the body of the
dead President will be laid in its last earthly resting place,
a day of mourning and prayer throughout the United States.
“I earnestly recommend all the
people to assemble on that day in their respective places of
divine worship, there to bow down in submission to the will
of Almighty God and to pay out of full hearts their homage of
love and reverence to the great and good President whose death
has smitten the nation with bitter grief.
“In witness whereof I have hereunto
set my hand and caused the seal of the United States to be affixed.
“Done at the city of Washington,
the 14th day of September, A. D. one thousand nine hundred and
one, and of the independence of the United States the one hundred
“By the President, J
H , Secretary of State.”
Governor Odell also issued the following
proclamation on Sunday:
N Y ,
E C .
“The nation mourns the loss of
the President. William McKinley’s virtues, his devotion to duty
and noble character has won for him the confidence, the love
and admiration of the American people. History will record the
events in his life devoted to public service and his wisdom
in formulating the policies of our country. His love of home
and family had brought him near to the hearts of his countrymen.
“With profound sorrow in this,
the first hour of our affliction, we may fail to discern the
purposes of an all-wise Providence; but with heavy hearts and
heads bowed low in grief we say, however, with our lamented
President, ‘His will be done—not ours.’”
“That the day of final obsequies
may be appropriately observed in this State, the 19th day of
September, 1901, is hereby designated as a day of humiliation
and prayer. Let all the people of this Commonwealth upon the
day thus set apart refrain from all secular pursuits and repair
to their respective places of worship, there to offer up prayers
to Almighty God for the comfort and support of the bereaved
wife and family, for a continuance of His mercy and blessings
toward our country, and that wisdom and strength may be vouchsafed
to his successor, so suddenly called upon to assume the responsibilities
of President of the United States.
“In witness hereof I have hereunto
subscribed my name and caused the seal of the State to be affixed
at the Capitol, in the city of Albany, this fourteenth day of
September, in the year of our Lord one thousand nine hundred
“B. B. O
“By the Governor, J G. G ,
Secretary to the Governor.”
Proclamations of a like character
were issued by the Governors of Ohio, Illinois, Pennsylvania, Massachusetts,
Montana, New Hampshire and other States. By order of the President
all executive departments at Washington were directed to be closed
on Tuesday, Wednesday and Thursday, and the Treasurer of the United
States ordered the Sub-Treasuries to be closed on Thursday. The
proclamation of the President in effect caused the suspension of
business by all custom houses, Federal offices and institutions,
including national banks, and the proclamation of Governor Odell
made legal the closing of all financial institutions in this State
on Thursday. The day being a close holiday, all business was suspended.
The following notice signed by Henry
W. Cannon, Acting Chairman of the Clearing House Committee, was
sent to the local banks on Monday:
“At a meeting of the Clearing House
Committee, held Monday, Sept. 16, the following resolution was adopted:
“Resolved, That the manager
of this association is hereby directed to notify the banks,
members of the association, and others clearing through them,
that, in accordance with the proclamations of the President
of the United States and of the Governor of the State of New
York, respectively, the banks of this city will be closed on
Thursday next, Sept. 19, and no exchanges made at the Clearing
House on that day, out of respect to the memory of the late
lamented President McKinley.
“All negotiable instruments falling
due on Thursday, Sept. 19, will be due and payable on the next
succeeding business day, Friday, Sept. 20.”