Lewiston evening teller. [volume] (Lewiston, Idaho) 1903-1911, 1907-10-28
,.uEN, CALL MONEY WAS 100 PER
CENT MORGAN ANNOUNCED HIS
WILLINGNESS TO LOAN $25, 5,oOo,- :
mn AT 10 PER CENT AND BROKE
TIE RING.
ROCKEFELLER GENEROUS
standard, Oil Masnate Stood by Mar
ket and offered $55,ooo,ooo at Prices
a Cents Under the Morgan Money
Pool.

NEW. YORK, Oct. 2S.-A special sent
,out to the Hearst news service tells
how Morgan came to the aid of the
market to avert the threatened panic.
When money had become so scarce
that brokers were frantically offering
roo pei. cent for loans and were failing
ITO get them, when Union Pacific drop
ned to parity. Northern Pacific tumbled
10 points in as many minutes, and the
bottom seemed ready to drop out of
the whole market, thin, white-faced
man, rushed onto the floor and shouted:
Up. Morgan Will loan $25,000,0O0 at
10 per cent" The messenger was no
other than Ransom H. Thomas, presi-
dent of the exchange. At his words
Cheer went UP from the panic-stricken
brokers which shook the roof of the
great money mart. Bulls and bears
forgot old feHds and fights in the joy
OF the moment and not few with the
impulse of boys threw their arms
around each other and danced.
In an instant the money ring was
smashed The panic was over Loan
rates toppled from 100 to 10 per cent
Stocks bounded upward from five to
six points in single quotation. Union
Pacific jumped instantly back to LOG,
Reading from 701z TO rs, Northern Pa
cifc from 100A to 106, and the whole
list followed rapidly after Mr.. Morgan
S25,000,000 was offered on the stock ex-
cnange, following action by j. D. Rock
efeller, which made him prominent as a
reassuring factor in greatly disturbed
financial world
Rockefeller Underbids Morgan.
He directed his bankers and brokers
to make all loans at s per cent-4 per
cent under the rate charged by the
Morgan pool
Mr.. RockefeTler's first action was
taken to mean that he was prepared to
lend the weight of the Standard OIL
millions to aid in clearing disastrous
outlook
This much-needed assistance came
after it had been announced semi off,
cially that the Standard OIL had $685.
100000 in cash which was available for
immediate use whenever it was need
ed. OF this total S3O,0O0O00 already
had been put out, 1t was said, and it
was stated that the United States Steel
Corporation had made $50,0O0,O0O cash
available.
The panic began about 2:10. 1t was
all over in ten minutes. Thereafter
trading, though somewhat feeverish,
was at or near the levels of the fore
noon. The Steel issues, which were
exceptionally steady all day, were the
leaders, the common reading "a and
the preferred sS1s.
Like Northern Pacific Corner.
In many respects the panic resem-
bled the crisis of the Northern Pacific
corner, save that the declines were less
severe and the rally correspondingly
moderate. In instant suddenness,
however, the response today to the
smash of the money market was like
that which stocks gave to the an
nouncement that the Northern Pacific
corner was broken.
The whole session was exciting and
whIle the market was at times denlor-
alized and always highly nervous,
there was a better tone to it during
the nrst few hours than that of the
TWO previous days. Practically the en-
tlre railroad list sold at ne wlevels for
the year. The Office of j. P. Morgan
was the center of interest in the street,
irom the opening of business until the
close.