New-York tribune., 1907-10-25
Closing prices Of active bonds deaIt IN ,,,tb
STOCK MARKET OPERATIONS,

With call money lending at 100 per cent and
me STOCK market practically in panic. J. p
Morgan & Co in the last hour yesterday checked
the decline by lending about $4,000 600 on the
hoor Of the Stock Exchange breaking the rate
TO 10 per cent and starting sharp rallv which
carried the prices of the active issues up 5 and
points in as many minutes Coincident with
this sharp rebound the United States Steel
stocks which had been the bulwark of the mar
ket throughout the session, sold up TO % ar the
close for the common and 1914 for the pre-
respectively.
1t was none too 500. that the decline was
stopped for. with Union Pacific at par. ST. Paul
at 100ls, Northern Pacific at 10015 Amalganat
60 copper at Ala. Sugar at 81. Brooklyn Rapid
transit at 80 and Reading at 701@, the market
was fast running into a panic if not already
there
Prices for American securities were all m
Yesterday morning in the London market on the
good news that Secretary CorteIvou would do
post S25,000.000 in the local banks and that tho
strongest Of the trust company presidents had
formed an agreement with Mr. Morgan 20 sun
port the menaced Trust Company of America
1t was confidently stated that the crisis had been
met and passed and the feeling was decidedly
cheerful before the market opened Initial
prices showed substantial gains over the clos
ing prices of Wednesday, and more recovery
seemed in order when confidence received an
other bad shock by the news that the Hamilton
Bank had suspended payment at It's main office
and at its several branches Then came tha
news that the Twelfth Ward Bank had closed
its doors and that the Empire City Savings
Bank would pay out money to depositors
taxing advantage of the thirty-day clause
All semblance of strength left the market and
prices fell az with great rapidity in ali the
speculative ties while there was soon no
market at all the specialties Declines OF z
and points followed in all the active issues
taking practically all to new low records for the
current movement. Then the selling pressure
seemed suddenly TO subside and the market
grew dull at the low levels, trading in a great
many stocks, which had been in heavy volume
on the drop, falling away TO almost nothing
This condition continued for nearly two hours
durlng the middle of the trading session. with
here and there trihing recovery Then, at tho
delivery hour, the market turned weak again
as the rate for call money went soaring to 100
per cent and in twinkling prices were falling
away so rapidly that absolute panic seemed at
hand and trading was thoroughly demoralized
Then 1t was that Union Pacific on heavy trans
actions crashed down to par, with the rest of
the list following closely on it's heels Gross
declines at the low points were as follows:
Union Pacific, 812; St Paul, 69s; Northern Pa
citlc, 10; Great Northern preferred G. Conner
"a Smelters, 3ss; Sugar A. Brooklyn Rapid
Transit, 5A; Chicago & Northwestern, 51k; Del
aware & Hudson, So Illinois Central 5H:
Louisville & Nashville. Az; Mackay common
D; Manhattan, g. Missouri Pacific 41b; New
York Air Brake. 14% New York Central 3s5.
Norfolk & Western, 4; Peoples Gas 3; Read
ing. 2ls Rock Island preferred Az; Southern
Railway preferred, 4; Southern Pacific 49,
The rapid rebound in the last ten minutes
took the prices of many Of the leading issues
back and points, but nevertheless the losses
for the day included AZ in Northern Pacific
in Union Pacific, AZ in St Paul. 3 in Consoli-
dated Gas In Delaware & Hudson, 3 in Great
Northern preferred 5A in Illinois Central 3l5
in Louisville Nashville, az in Mackay COM
mon in Manhattan, '3h in Missouri Pacific
10 in New York Air Brake 312 in Norfolk e.
Western and 27s I'm Reading Copper and the
Steels closed at slight gains. and PENNSYLVANIA
and New York Central and Smelters made only
slight losses Baltimore & Ohio and Sugar were
also higher than at the closing on Wednesday,
while Atchison lost only u. At the close cali
money was offered at per cent and the mar
ket was holding its rally. The movements of
specialties included gain of points in West
inghouse and S4 in General Electric and losses
of 10 points in New York Air Brake 7Ih in
American Express 20 in Smelters preferred B
612 in Chicago & Great Western preferred A
10 T. Federal Mining and Smelling preferred
/ and ia Pullman Palace Car