Source: Commercial and Financial Chronicle
Source type: newspaper
Document type: news column
Document title: “Items About Banks, Bankers and Trust Co’s”
City of publication: New York, New York
Date of publication: 21 September 1901
Volume number: 73
Issue number: 1891
Pagination: 589-91 (excerpt below includes only page 589)
|“Items About Banks, Bankers and Trust Co’s.” Commercial and Financial Chronicle 21 Sept. 1901 v73n1891: pp. 589-91.|
|William McKinley (death: impact on economy); William McKinley (mourning); stock exchanges; commercial exchanges; resolutions (financial organizations); Theodore Roosevelt (first official proclamation: full text); proclamations (Governor Odell, New York); proclamations (governors, U.S. states); resolutions (Clearing House Committee).|
|Henry W. Cannon; James G. Graham; John Hay; William McKinley; Benjamin B. Odell, Jr.; Henry K. Pomroy [misspelled below]; Theodore Roosevelt; William Sherer; J. Edward Simmons.|
Items About Banks, Bankers and Trust Co’s [excerpt]
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 commercial port.
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.
“BP 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 and twenty-sixth.
“By the President, JH , Secretary of State.”
Governor Odell also issued the following proclamation on Sunday:
SN 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 and one.
“B. B. OJ ., Governor.”
“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.”