New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-07-04
MARKET RALLIES
QUICKLY AFTER
MORGAN ATTACK
Buying Orders Stop Early
Slump in Steel and a
Few Other Stocks.
ADVANCE FOLLOWS
FIRST DECLINE
Bankers Act Promptly in Check
ing Tendency to Liquidation
as Result of Shooting.

as Result OF shooting.
News of the shooting Of j. P. Morgan
did not become generally known on the
floor of the Stock Exchange until about
l0.30 a. n, half an hour after tho
opening. During that period the mar
ket had shown improvement over the
closing prices Of Friday, but when the
brief announcement was flashed over
telephone wires and printed on the
financial news tickers of the attempt
on the life of the head Of the banking
firm there was a rush TO sell.
What might have been the beginning
of a liquidation movement OF grave
proportions was soon checked by the
prompt action of bankers, who placed
large buying orders tn. : quickly abb
sorbed all big offerings. The average
advance in the first half hours trad
ing was about quarter OF point, ana
the later. decline, directly resulting
from the assault on Mr.. Morgan. was
not more than a point in the leading
a rally which followed.
Immediately after the news became
public one broker, sometimes trading
for himself and often employed by
commission houses frequently acting
on the bear side of the market, sold
1000 shares of United States Steel
common. which was a factor in forcing
the price Of the stock from 6015 to 50.
This indicated the market influence Of
the shooting The decline, however,
was followed by a rally to 59l5.
Reading lost n point to 1863, and
American Can sold down to 449s, with
a quick recovery to 45%4. St. Paul and
a few other stocks yielded fractionally.
The selling movement was of short
duration, however, and when reassur-
ing news was received, to the effect
that the wound sustained by Mr.. Nor
gan was not so serious as first be
lievcd. a frmer tone quickly developed.
The handsomely decorted marble
Offices Of the Morgan firm were crowded
all forenoon with banking and business
friends of the fnancier, who made lit
tie effort to conceal their anxiety con-
corning his condition. Telephone wires
hummed with inquiries from all parts
of the city and other sections OF the
country from friends and business ac-
quaintances of the banker.
William II. Porter and Dwight W..
Morrow were the only members OF the
firm at their desks yesterday, Satur-
day being a day when many OF wall
Streets bankers take the opportunity
of enjoying the weekend half holiday.
Henry p. Dawson, another partner, IS
i'm London in connection with negotla-
tions for a loan to Great Britain by
American bankers which may run as
high as $3O0,000,00O. Thomas ". La
mont, also a partner, IS in Arizona on
his ranch.
Among the banking executives who
commented on the attempted assassi-
nation of Mr.. Morgan at their Offices
were A. Barton Hepburn, chairman OF
the board Of directors of the Chase
National Bank, and James 5. klex-
ander, president Of the National Bank
of Commerce. Mr.. Hepburn said:
1T seems to be the act OF crank
whose act was inspired by the loose
criticisms of men of wealth and men OF
affairs which passes for liberty. II
comes nearer being license.
"Mr Morgan is paying the penalty
of greatness in the commercial and
business world. Cranks always select
a shining mark. Mr. Morgan will have
the heartfelt sympathy Of the whole
community"
81 am shocked beyond measure by
the dastardly act was the sentiment
expressed by Mr.. Alexander.
1t was reported in banking circles
yesterday that Mr.. Morgan had in
tended 10 sail for London on the Lap
land next week, but this was not con-
frmed. A reporter who asked the
banker concerning the rumOr on Fri
day night got no information in re-
Spouse to inquiries over the telephone.
That the Morgan firm had taken I'M
usual precautions to protect the lives
e its members from attacks Of cranks
has been known in Wall Street for
weeks. A special detective mas been
stationed near the entrance to the
building. and it may have been for this
reason that no attacks have been made
at the Offices.
The Stock Exchange visitors gallery
has been closed for weeks, for the
ostensible reason that repairs were
needed. and the summer months were
the best time 10 have the work done.
The general understanding IN wall
Street. however, has been that the or
der shutting off all outsiders from a
view of the floor of the exchange was
to prevent any possible disturbances
from persons with imagined wrongs.
Mr.. Morgan's comings and goings
from his Office have been noteworthy
for their freedom from all restraint.
His is one of the most familiar figures
in Wall Street during business hours.
Ii has been his custom TO walk to all
important meetings Of banking institu-
tions and corporations with which ne
is identified. Possibility of attack on
account of the firms official relation
ship with the British government was
apparently furthest from his mind.