The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-01
DEATH OF MORGAN
IS END OF EPOCH
1t Marks Closing of One Chapter
in Country's Financial
History.
ny BRoADAN WALL.

j.. p. Morgan & Co, q man who has
boen with the house for years, and
whose face was almost as familiar In
the street as that of tho famous finan-
cier himself, turned Into Wall Street
this morning with throng. fastening
to business. The extra editions Of the
New York papers containing the news
OF MI Morgun's death had not yet
reached the financial district
Tell me the news; Is he bctterY,
queried the man rs he met an 60
quaintance near tho Office.
NO; the old gentleman is dead" was
the reply.
Covering his face with both hands,
the clerk staggered TO the inside of
the sidewalk and up the stairs into the
banking house. Those in she street
who witnessed the incident sympathized
fully with the man, and they, too, felt
personal loss. Within II few min
utes flags iluttercd at half mast
throughout the financial district. and
the Stock Exchange opened for the
day under an air of depression and
grief.
Opening prices were watched with
unusual interest. While Mr. Morgan
WAS not known as Il spcculator, there
was natural curiosity TO see how
the stock market would stand the
shock.
Trading for the first hour only was
active. Steel common opened | point
down, at 81. then grew steady. and
closed at 6lha. Union Pacific started
at loi e. drop of IL, and recovered
TO 1852 in a few minutes, closing ut
1929, loss of Is Reading opened
with drop of q. as did Amalgamatea
but both stocks grew frnl in the late
trading. Erie opened wiki a half-p3int
decline, and this WAS not resained
Southern Railway. tissues kiown as
Morgan stociio. lSp- fracticns.
Soon after az opcnin9 the n,arke,
Developed ,psa sa's'ns'h, a&a it was evident
.shat Saccsssrv, support would be
tclssssSsS Changes were fractional in
sssaAsssi cases, and the market may. be
TSaid TO rciicC, tho belief that il is both
ovcrsold and soldout although this
cannot be construed us indicating; that
an advance is either contemplated or
advisable at This time
Wall Street believes that In. effect
OF Mi MorSHn's death had been fully
discounted in the stock market by
sales that occurred nearly month
ago 1t is now known that financial
interests, which were then aware OF
the serious condition Of the tinancicr's
health, made preparations for the
event of to-day
fresh line OF shorts was put out
by spectators at the opening. but
THIS movement was checked by ag-rcs-
sive buying. y sudden rise in the rate
Tor call money 10 I per cent. chilled
the optimistic feeling that was noted
III other quarters.
1t is not to be inferred from the
st.adincsS Of to-day's market, that the
passing of ono OF the most prominent
figures in the financial world will be
without influence on speculation. Fin
ancial forces viii need general adjust
mcnt. and until these changes arc CT
iected, investors will undoubtedly
move slowly. Legislation is no longer
necessary to change Marson control,
and the death OF this really great man
marks the end Of a financial epoch
rs surely as The passing of Il. Il. I!arr-
man closed previous methods OF rail
road financing.
Although the death or Mr. Morgan
was known before our opening, trading
IN London was light in volume for
foreign accounts, with sales here OF
me 10000 shares. principally Steel
and Union I'acins.
Cables from abroad DO not give the
impression that any sudden turn for
the better III The Balkan situation will
lead 10 the release Of funds for spccu-
lation in American stocks Ch.re is
also a disposition to await the details
OF the losses by flood, the action OF
Congress on the tariff, and the outcome
OF government suits against corpora
lions. as well AS the effect Of state
legislation against the stock EN-
change.
The railing to-day by the Interstate
Commerce Commission on railroad
rates, WAS construed favorably. but
the effect was somewhat offset by the
signing OF the "full crew" bill by Gov
crnor Sulzer. The railroads regard
this as very serious matter.
Cali money WAS firm throughout the
day. Bids are reported by German
markers OF per cent for short loans
for Berlin.
a transfer of 100000 was made for
Cincinnati. making 100000 that has
been shipped to this centre.
There arc two faacious arguments
that bankers suggest might well be
Will be offse, by increased crops. and
that the end of the Balkan War would
release funds TOR speculative purposes.
1t is recalled that when before the
Pujo committee. MI Morgan stated he
WAS the dominant factor in the United
states steel Corporation. He left no
SUCCESSOR