The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1907-11-08
HOW MAGNATES
CLIPPED IN
When Millions We're Dumped
Into Wall Street to Stay
the Panic.

in the recent Wall-street excitement al
pears in the New York Tribune of o.
tober 25. 1t is here reprinted:
The expected panic in the stock mai
ket almost came to head yesterda
afternoon, but relief came so quickl
in the shape of $25,O00,000 to loan o
the Exchange that there was an in
slant turn upward in prices throughou
the list.
This 100000 came through tn
banking house of J. P. Morgan & Co
| What appeared to be the real pani
began at .. clock, when Union Pa
cifc dropped S15 points to par. North
ern Pacific declined 9 points, st. Pau
6, Southern Pacific AS.
This was because all rates were VI
to 100 and over, and very little money
was to be had at any price.
Then it was that the $25,000,000 was
sent over to the Stock Exchange by
MT. morgan 10 De lOdllcQ III Suiiio Va
100000 and upward. The call money
rates dropped Immediately to 10 pei
cent, and at that rate all of the $685.
100000 was offered.
1t did much to reassure Wall street,
and although stocks were very weak
at the time, they began to rally when
the news became generally known.
The action of ]. P. Morgan e. Co. in
coming to the help of the money mar
ket, together with the action of j. D.
Rockefeller in advancing many millions
of dollars cash at 6 per cent for the
use of stock brokers and institutions,
was believed to mark the turn in the
situation. Bankers felt much encour-
aged at the close of the day.
Mr.. Rockefeller appeared at the Uni
on Trust Company at 9 O'Clock in the
morning, and after half an hours con-
ference with President Edward King
he deposited $1O,oOO,OOO to be used in
aiding the Trust Company of America.
Following Mr.. Rockefeller's visit bag
after bag of currency was taken in
cabs from the Union Trust Company of
fee, at No. so Broadway, to the Trust
Company of America, at No. 81 Wall
street.
1t was known on Wednesday night
that John D. Rockefeller had decided
to add his help to that of those re-
lieving the situation, but his visit to
the financial district at so early an
hour was surprise.
After Mr.. Rockefeller's conference
with President King about twenty
trust company presidents and officials
called at the Union Trust and went
into conference. Among those present
were George R. Sheldon, a director
of the Trust Company of America;
Henry NJ. Francis of the
Morton Trust Company, and w. H.
Tweed, formerly of Speyer & Co.
1t was also understood that Mr..
informed the Union Trust
officials that he could be called upon
for any amount up to $50,000,000, if
necessary to relieve the situation.
Leaving the Union Trust, Mr. |
Rockefeller went to the office of ]. P. !
Morgan G. Co.. where he had half an
hours conference with Mr.. Morgan.
1t was then announced that Mr..
had directed his brokers
% loan money in the market at 6 per
cent.
Wall Street understood that the
Union Trust Company had been Sc
ected as the agent of the trust COM
,anies and fnanciers cooperating to
lelp the Trust Company of America.
This action was said practically to
establish a clearing house of trust
with assurances of mutual
lelp.
A few of the representative declines
'efore the s25OOO,OO0 was available
we're:
De-