The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-06-13
Former Wall Street Head De-
scribes Flooding OF $751;
100000 on Floor
MONEY TRUST HAD
CURRENCY G0RNERED
Dramatic Story Is Related o.
Scenes Just Preceding
Great Panic of Five
Years Ago

NEW YORK, June 12.-ln two
minutes, ]. Pierpont Morgan shoveled
out twenty million dollars, to still
one The most violent storms that ever
shook the New York Exchange build
ing from tnrret To foundation. This
was at the beginning OF the panic OF
1907.
Until the king Of millions lifted his
mighty finger, the stock exchange was
growing more frenzted every second.
Sharp twists had been given to the
screws Of contraction. and the money
the actual coin of the realm--had
been drawn into the vaults OF the
money trust Nearly every financial
institution In New York was feeling
The squeeze. Brokers by the hundred,
seefe hsstericaiiy PieaHhs fer loans
20 save themselves, and thousands Of
customers from ruin. The rate on
call money had jumped to loo per
cent; but even ut that Offer no money
was forthcoming. The best securities
N America wETe being offered for
loans. These did not tempt a fright
ened. timid. dollar from It's safe re-
treat In the vaults of the money
trust. Bur The money gushed out
when Morgan waved his wand.
a dramatic story Of this remark
abin incident was told to the pujo
committee today. by II. II. Thomas,
who was president OF the stock En-
change at the time Morgan alone
saved the day. by ordering George w.
Perkins. then one OF his partners. TO
release s25, 900. 200 TO the hysterical
brokers' Mr. Thomas In appearance
ans ma inner. is the incarnation OF the
spirit Of the stock exchange, High
strung, nervous. terky in speech. ana
movement. he related his narrative
under the examination of Samuel Tn
ternyer. counsel 10 The congression-
n, committee, investigating the money
trust. almost In monosyllabies and
between breaths.
Mr. Thomas was called to the wit
ness stand today in place OF George
w. ELY, secretary OF the Stock Ex-
charge. who had proved such an OBJ
gtrzpous witness the day hefure, The
committe will probably tackle the
racalcltrant secretary again tomorrow
Recalls II All Rirh.
"you recall very distinctly, / sup
pose" began Mr. Tfntermyer when
Mr.. Thomas had taken the witness
-@4iAAr facing ki@E SNAA aitA~
~ the manic of 1907. don't you?'
YES. do snapped the eager Mt
Thomas.
"po YOU remember the days that
call money was exceptionally hlgn
Eyes, remember II was high
don't know for a fact, for vas not
on the floor. but | was told 1t was lee
per cent oteober -, 1907.
sfvF tsriaf M { Ii
nv MIR. Ignterrpyer. the former pres
i,lept Of the stock Exchange, told ex~
ait.a,y af tha strenuous. nsrpe~rafk-
ing events anon the floor or the eN-
change md IN the offices OF the Ma
,,onai city bank. and those Of j.
plarpont Morgan, a half hour before
the terrific strain was relieved. can
money. he said. was posted at per
-r,~,,.-,-,.4--t4s-p->- -f,&t.ss+At.--fa
ave CONSERVATION that had appalled,
syerx unit of the scramhiing. screech-
arg rnass Of brokers fhst swfried and
.Jdied around to loan post. he dash
cd IN to the City National bank In
desperate efYort TO get some money
released from the vaults.
There I saw James Stilinan'" Mr.
Tboma. said when told him that
million dollars at the stock exchange
Immediately. or everything would go
.o smash, he told me tn go see Mt.
Morgan at once. MIR. Sttilman added
that before could arrive at Mr.. Nor
rams Office ne would communicate with
Mr. Morgan by telephone, and let him
know our desperate situation. When
7 rot to the Morgan banking house
the outer room and passageways were
f,lled with men Of millions. all as
badly frightened as the crowd on the
floor of the exchange had just left
MIR. Morgan was holding conference
in his private once with several imam
ciers. Their names ! did not get. ]
saw them when they emerged twenty
minutes later with him. but / was too
Sntent on my mission to make mental
note Of their names.and SO cannot now
recall a single one of them except Mr..
Morgan. Him was looking for. and
him alone. stepped up to him I'M
and told him that we must
have twenty five million dollars at
once.
Ian right Mr.. Morgan said. You
shall have 1t. Go back and assure
them that the money Is ready for
them.
".But / think you would better d.
vide 1t up In lots told Mr., Morgan
"'Perkins,' Mr.. Morgan said, divide
It up into lots
THAT was all. I had talked with
him less than two minutes, Then
rushed back to the stock exchange
Things were In wilder disorder there
than when / had left. l briefly called
out that money enough for the days
needs had been secured. / didn't tell
them the amount OF It's source. mere
ly gave them positive assurance that
there was no longer cause for alarm
The storm abated Immediately"
How long before the twenty-five
millions were avaiiable?" asked Mr..
Enterrnyer.
in about five minures,'' replied Mr..
Thomas. who seemed exhausted from
he excitement hts recalling the hap
jennings related HAD caused. - ----
Where did the money come from:
hat u what banksr'' the lawyer con-
|inued.