Los Angeles herald., 1907-10-25
S25, 600, 900
GIVES RELIEF
MARKET REBOUNDS WHEN THE
FUNDS ARRIVE
UNITED STATES STEEL STOCKS
RISE
Spirit Of Encouragement Pervades Ex-
chanee-Crisis Past Is Sentiment.
Flnanclers Stand Together and
Safety Is Assured
By Associated press.

BY Associated Press.
NEW YORK. October 24.-The cheerful
spirit in which the operations began OF
the stock exchange this morning had given
place to conditions that were fast slipping into
Generalization when, in the nick Of time,
s25000,000 was Aent into the stock exchange 70
lend call under the auspices of the man
who has been a directing force in shaping the
measure Of salvation.
This brought prompt relief from tension
that had grown up in the stock market owing
to the dearth of money for loans on call Such
supplies were sent In were proving made
quate to the demands of hard pressed holders
Of securities and heavy sacrifices were being
made TO procure funds Forced liquidation at
various points had been in evidence at various
portions of the list all day. one or two stocks
running off even at the opening, when the
general tendency was buoyant rise. to the
relief and manifest satisfaction over the meas
ures announced over night for paying the
financial position.
AS the day progressed persons standing OBJ
ligated for loans at the stock exchange found
themselves in enviable position, and the
brokers in the loan department were in large
number and urgent throughout the day. The
selling of securities which was going on was
clearly necessary. and the general air of conf
dence which began to pervade the banking
world was beginning to be regarded as poor
consolation by those involved in holdings of
securities. The heaping up of resources to
safeguard the banking position seemed to be
relieving 1t. because divertng resources from
all purposes to that Of fortifying banks
The s25 000, 600 OF relief probably saved the
market from disaster and the rebound which
followed was convulsive. The market closed
in some confusion after this violent rally. but
the tone was strong in the main up to the
closing. the United States Steel stocks signal
izing the Transformation by rising generally
over last nights levels. These stocks were
notac>y firm all day, although the sinking fund
bonds began to be actually affected by the
pressure of liquidation late in the day.
The bond market was more responsive to the
pressure of liquidation than at any time here
tofore during the present trouble. High grade
securities were sold apparently to provide
means for protection OF such shareholdings as
were totally unstable. There were not a few
in that condition in such market as today 8.
There was gloom and depression In consequence
This was effectually dispelled by the receipt in
the loan market of the bankers fund for the
relief of the money stringency.
In spite of the acute depression of the stock
market, the feeling at all times was one of
announcement that the threatened crisis in
banking had been avoided. The suspension of
several smaller banking institutions in the city,
but far removed from the financial district, did
not impair this feeling Neither did the con-
tinued run on the Trust Company OF America,
or the signs of runs on other minor trust com
panies.
The determination of the great powers among
the trust companies to stand together for the
protection of the trust companies was regarded
as assuring the solution of the difficulty the
united offer of the secretary of the treasury OF
government facilities to meet the crisis was
the powerful cooperating factor which con-
irmed the hopes Of saving the situation.
The stock market closed in revulson from
the tone of almost despair into which 1t had
fallen
Bonds were demoralized Total sales, par
value s5,0 000 United States Is registered
declined " the coupons ss and the Is regis
tered / per cent or call.