The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-10-28
HOW F|NANC|ER
TURNS panic TIDE
Interesting Story of How j. r.
Morgan Raised Twenty
Five Million.
EXCITEMENT ON EXCHANGE
Dramatic Scenes and Incidents
Of Episode That Will BE
Historic.

Il e * 4 gt.aa 81 Al O. . d . = /. .
The New York American printed the
roiiowing dramatic story OF how j. P.
Morgan and Others saved the day IN
the New York panic:
All through the morning, despite tie
millions that were being poured into
the market, prices continued to drop
steadily on the acSchanee. The price
of money arose In proportion, Union
Pacific fell from 10 1-2 to par. Great
Northern went off Z ga, Reading O.
Chicago, Milwaukee ana ST. Paul 3-S,
Southern Pacific 6l-4, American Smelt-
ing s, and SO on down the list, While
the price OF money on CALI loans went
from rs to so, then to 20, and finally
to 100.
Two O'clock arrived amid tremen-
dous excitement. A loan Of 100000
was made at 100. and 100000 more
was snapped up at $50. The floor OF
the exchange was perfect bedlam.
White-faced brokers dashed about In u
frenzy of fear. They begged the money
sharks for loans at any price.
Stocks continued to tumble. Scores
of men faced absolute ruin. The sup
ply OF money apparently was exhaust
ed. From his place In the rostrum
President Ransom II. Thomas took in
the situation ut n glance. Jamming
Ills llIl uONh ONSA ILL., - So
to the floor, fought his way through
the mob OF frenzled financlers. and
dashed out OF the door.
A thin. white-faced, careworn man
is seen running at top speed across
Broad Street. and through Wall to the
office of the National City Bank. lgnor-
ing the attendants at the door, scorn-
ing the use of the elevator, he leaps
up the stairway. springs into the wait
tai, 1n ~
bound, and filings open the door OF
President James Stillman's private
room.
",rhe bottom is dropping out Of the
market!" he cries. Money Is advanc-
ing to 800 We must have $26,o00,0oo
to break the grip Of the
or the end is at hand!"
A hurried consultation follows be-
tween the two leaders.
ut Is impossible for us to ADVANCE
1t all" cries Stillman. Wei! go halves
at per cent. See Morgan TOT 'he jail
With bound. Thomas is out out o Of the
and flying dagonally across the
crowds to No. 90, the office of j. PIER
pont Morgan. - .,,, q.
The conversation with Stlilnlah Is
hurriedly repeated.
While Mr. Thomas waited. MT. Mor-
gan got In communication With rep
resentatives of the National City,
Hanover, Chase. First National and
other banks. and pool was formed
to furnish the needed relief.
The hands of the clock point to 2:l2.
A minute later Morgan announces the
crush back to the exchange" is his
the money Is at your COM
mand."
once more Thomas wings his flight.
the crowd he leaps. up the
steps Of the exchange. from the .por-
tails of which the shrieks and roars
Of the maddened brokers are belching.
A foot inside the doors, he hurls his
message from No. 90.
Moneys coming. boys! Morgan will
supply it-$25. 100000 at 10 per cent"
Up. up go the stocks; down, down
goes the price of money. Union Pacific
swings back to 10 "a. Great Northern
to lis ga, Reading to 40 1-2. Southern
Pacific to SO 1-2. Trading is resumed
with vengeance. Prices leap back
to their former level and even begin
to mount above 1t. The situation is
saved.
The gong sounds. the gavel falls. and
trading for the day Is done Sinul-
taneously a hundred throats send out
a cry more atrident. fierce and eXul-
tant than any heard when the panic
ragged its fiercest.
Whats the matter with S:crgan?"
He's all right"