The Washington herald., 1907-10-24
new LOW MARKS SET
Current Feeling in the Stock
Market One of UneaSineSS.
TRUST COMPANY RUN STARTS
DcpOsitOrS Keep on Withdrawing
Funds from Trust Company Of
America Until Close of Business
HOurs-Crisis in PittsburE Creates
Great Concern in New York.

New York, Oct IA time Of excite
ment only second in point Of intensity TO
that OF yesterday passed in Wall street
during business hours to-day. Stock ex-
change business itself was conducted more
quietly than it was on the preceding day.
and dealings in securities, at least during
the greater portions of the day, evinced
disposition on the part Of spectators
and financial interests generally to view
the situation with more composure.
Nevertheless. the current feeling was
one OF continuous and decided uneasiness,
and declines in prices again occurred.
bringing the closing level Of prices down
10 a point considerably below the lowest
made in the last great depression in the
stock market in 1903
Quotations of stocks opened at large
and general recessions from their last
figures Of yesterday, a phenomenon which
surprised nobody. in view of the news
altogether too prominently displayed in
at least one of the morning newspapers
that trouble was feared at the Trust Com
pany Of America, and that arrangements
had been made looking forward TO the
protection Of that company.
Long Line of DepOsitOrs.
Before the stock exchange opened a
long line Of depositors was gathered be
fore the doors Of the institution in ques-
ton, and it was manifest that the same
sort of occurrence which took place yes
terday regarding the Knickerbocker Trust
Company was TO be repeated.
Beliefs of this sort soon become a GER
tainty, and a run on the Trust Company
Of America was in progress up to the
usual time for closing business. The
stock market was. however inclined TO
resist the adverse influence, deriving a
large share of this support, uBquestion-
ably, from the steady and incessant pur-
chase of stocks To cover short contracts.
The market was again thrown into con-
fusion by the announcement of the sus-
pension OF the Security Investment Com
pany, of PittsbUrg the organization hav-
ing in charge the financial end of the
greater portion of the Westinghouse cleo
trical enterprises, and prices again broke
under another outburst of liquidation,
which emanated specifically, as it was
understood, from the city Of PittsbuTg.
sharp Drop in Prices.
The shutJing-up of the company in
volyed, presumably. d crisis in the affairs
of the Westinghouse concerns. and the
price OF Westinghouse Electric stock fell
during the day SIS a share Again, how
ever. the market recovered, but became
very weak shortly before the end of busi-
ness. because of more or less unpleasant
developments in the money situation.
This money situation was. in fact. the
most disturbing feature of the dag from
q strictly stock exchange point of view.
Although a larger number of banks
and lending institutions appeared to-day
than did yesterday, Offering financial aC-
CommodatOn, the demand for money
still $50 exceeded the supply as to result
in q continual advance in call money
rates. until 125 per cent was paid finally
for an overnight loan.