New-York tribune., 1907-10-25
MORGAN STAYS STOCKS.
Reduces Call Money from 100 to s
Per Cent 5cith a S25, 900, 900 Loan.


]. P Morgan and the United States Steel
stocks the agencies which rescued the
stock market yesterday when it was tottering
on the edge of a panic The crisis came at
the delivery hour. soon after o'clock The
market. which had opened buoyaut on higher
range of prices from London as the result OF
assistance promised by Secretary Cortelyou in
the way of government deposits of money. re-
ceived rude shock from the suspension of
three banks in Harlem. AS natural sequence
to this news. and TO the runs at the Trust
Company of America and the Lincoln Trust
Company. pronounced weakness developed in
all the prominent issues and new low records
were made with startling rapidity-
At the low points reached on the initial drive
there was a curtailment in trading. and for
nearly two hours the market remained dull and
steady on light transactions. With the delivery
hour. however, came renewed rush to liqui-
date and prices crashed downward with
rapidity which seemed to spell only one word
panic. Call money simultaneously went sky
rocketing until it touched 100 per cent. and
there seemed 10 be nothing which could stop the
outpouriug OF stocks
LENDS S25,OOOOOO ON FLOOR.
Then it was that Mr.. Morgan lent S25-
100000 Of pool money the floor of the Stock
Exchange, causing the rate to break to per
cent at the close, and at the same time he
threw supporting orders into the United States
Steel stocks, which had been strong throughout.
with such masterful display Of strength that
IN an instant the markets course was changed.
the leading issues rushed upward or points.
and the threatened panic was averted.
1t was one of the most spectacular and at the
same time splendidly judged moves ever seen
in the stock market and Mr.. ", IN deserves
the greatest credit for it's execution Stocks con-
tinued TO rally until the close. which was fairly
steady and at a substantial rally from the low
points
At the low points Of the day the losses in most
of the market leaders were extremely severe,
coming on the heels of declines of from - to 10
points recorded day after day for nearly two
weeks. Union Pacific sold at par off Si1 pointa
for the day. and making. Of course. new low
record for the year. In this instance the pre-
dctons of the bears were verified. for they
have been predicting this figure for the stock for
time. At par it returns - its holders 10
per cent on the investment.
Northern Pacific was another stock which vas
conspicuously weak. selling at 1GOH off 9la
points while St. Paul touched 10O1k. drop Of
$40 points from it's price at the close on Wednes-
day Such prices these for gilt edged per
cent issues which are largely held by investors.
seem welnlgh Incredible Great Northern pre-
ferred was also decidedly weak. mol king new
low, record for the movement at los Reading
dropped like a shot to 7015. down SIS points.
while Southern Pacific touched at 63A and
American Sugar went to 81. Atchlson touched
10. and Baltimore & Ohio 7S Illinois Central
dronped 81 points to 1211a. and Delaware &
hudson declined SIS 10 127. at which figure It
WAS down 1OOIh points since the first of the year.
7 orIsy,iIle & Nashville sold at 90 and Manhat-
tan AZ 1Oo. New York Central touched 961s and
proo.Ivn Rapid Transit sold at so. the lowest
point since 1901
STEEL THE REAL BULwARK.
In +ba midst Of this general slaughter of prices
oo.to,r important stocks stood firm, however.
and refused to go plunging down with the 9TH
ore Conner Smelters and Pennsylvania held
firm. although the first named
dropped 10 a new low record at 41%, from which
- ran,dlv recovered The two Steels, however,
,rera the real bull citadels. and il was the be-
hayior of these stocks which doubtless was re-
snonsible for the quick rally which set in on
Mr. Morgan's announcement that he would lend
money enough for the requirements OF all
tween sales and in the market leaders more
than half of the days declines were quickly
wiped out At the close Union Pacific North
ern Pacific St Paul and Great Northern were
down g. Az and Az points. respectively, while
the Steels showed net advances of more than
a point on he day. Copper was up u. Smelters
down only ss and New York Central and Penn
sylvania off "a each. Southern Pacific had re-
duced its loss to IS and Reading was off rs
points
Among the movements in specialties were
gain OF points in Westinghouse and losses OF
90 in American Smelling Securities preferred B.
~ in American Express 61s in Chicago & Great
Western preferred A. 10 in Federal Mining and
Smelling preferred. Az I'm Mackay common. 51s
in National Biscuit common. 10 in New York
Air Brake. in Pullman Palace Car. in Rail
way Steel Spring common Al in Republic Iron
and Steel preferred, in Southern Railway pre-
ferred in Southern Pacific preferred, 5Ts in
Sloss- Sheffield Steel. 5h in Glover Leaf pre-
hird Paoa