The Aberdeen Democrat. (Aberdeen, South Dakota) 1???-1909, 1907-10-25
M0RGAN'S MILLIONS
MAINTAIN MARKET
Call Money at 100 Per Cent.

5 tt- :
Call Money at 100 Per Cent.
The effect of this was to run the
rate for money up to 100 per cent,
and when that figure was quoted an
extremely sharp decline in stocks re-
suited. Notwithstanding the high
rate for call money that might have
been obtained, the National City
bank, John D. Rockefeller personally
and other prominent moneyed inter
ests sent funds to the stock exchange
to be lent at the normal rate of 8 per
cent. These sums, however, were
not sufficient to meet the demand,
and for time there was great con-
fusion and hurried selling Of stocks
on the exchange.
The Morgan pool brought money
into the loan corner of the exchange,
where it was quickly distributed in
such lots as would be most effective
in rendering support. The effect of
the relief measure was instantane-
GUS, and the rate on call money
dropped from 100 to 10 per cent.
/, Stocks advanced more rapidly than
they had declined.
A Hundred Million for Relief.
Seldom, If ever, had the veterans
of finance seen great situation
saved so quickly and effectively by
J such a Napoleonic stroke. The close
was marked by memorable scene in
which the brokers gathered around
the principal trading posts and gave
three cheers for ]. lPierpont Morgan
and the members of the pool which
had saved the day. The aggregate
amount of money which had been
contributed to weather the storm
and restore confidence assumes truly
colossal proportions. Roughly esti-
mated, it includes the s25, 100000
which Secretary Cortelyou deposited
in New York banks, $25, 700, ,0O0
which the Morgan pool brought to
the floor, $10,000,000 which John D
Rockefeller deposited with the Union
Trust company as a means Of stem.
ming the tide Of the Trust Company
of America, and finally another
$50,000,000 which it is understood
Mr.. Rockefeller stood ready to ad-
vance to meet any further stress OF
conditions in all considerably in
excess of 500, 900, 900.
Run On Providence Bank.
Providence, r. l., Oct. 25.-Fol
three hours yesterday steady stream
of depositors passed before the win.
dow of the paying teller of the
Union Trust company of this city
and withdrew the amounts they had
deposited in the institution. Wher
the bank closed it's doors for bust.
ness at. o'clock there were between
100 and $50 depositors waiting In
line. Officials of the trust company
seemed to manifest no uneasiness al
the situation, and when the bank
| was closed Vice President and Secre
I tary Michael Dooley told the deposit
ors that payments would be resumed
today.
Last Nights Events.
1 New York, Oct. 25.-The develop
iments of last evening, during which
as was the case Wednesday night
there were several conferences. in
cluding an issuance by State Comp
II trolIer Martin II. Glynn of a state.
ment on the local financial situa,
4 tion and the announcement of plans
4 for the rehabilitation Of the sus
Il pended Knickerbocker Trust com
4 pany. The tentative plans for tht
i Knickerbocker, as outlined by one o
Il the officials following a meeting O.
d the board of directors late yesterday
i provides for the formation among
! the directorate of pool Of som'
,i$5, 900, 900 to guarantee the re
,ldemption within two years Of inter
| est-bearing certificates, which viii
| be offered in settlement Of the &C
counts Of the company, which can
1not be liquidated at the presen
time.
Pittsburg Situation.
:. Pittsburg, Pa, Oct. 25. Late yes
il terday Walter D. Updegraff, secre
,itary to George Westinghouse, wa
4 appointed receiver for the Nerns
Lamp company, the fourth Westing
[ house concern embarrassed by tn
| money market stringency. The ap
i pointment Of receivers for the fou
4 lWestinghouse companies places then
slon better footing.
/. The failure OF the Iron City Tr'ls