New-York tribune. [volume], October 25, 1907, Image 1

About New-York tribune. [volume] (New York [N.Y.]) 1866-1924

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t* s ♦
V OL - LXVIL...N 0 22,258.
BATTLESHIPS WILL
NOT STAK IN PACIFIC.
PRESIDE XT HAS XO FEAR
OF WAR WITH JAPAX.
fleet Likely To Be Ordered Bach
Within Ninety Days After
Its Arrival.
[From The Tribune Bureau.]
Washington, Oct. 24.— The President to-day
made it absolutely clear to friends who inquired
about Ms plans that It is his wish and expecta
t:on that the Atlantic fleet shall return to Its
i;c a! station after a stay of not more than two
or three months on the Faciflc Coast. He has,
however. Indicated that the return of the fleet
will rest with Congress. A3 It will be. necessary
for the national Legislature to appropriate
money to meet the expense of the return trip.
The fund from which ■ such expenses are de
frayed will be exhausted by the cost of the out
poir.g voyage, and this fact will be set before
Congress, bo that on it will rest the responsibil
ity of placing at the disposal of the Navy De
partment sufficient money to bring the great
battleship fleet hack tiv the Atlantic. Sugges
tions that It was the purpose of the administra
tion to maintain the fleet for a considerable
period on the Pacific Coast the President has
emphatically denied.
The efforts of certain newspapers to create a
•war scare cut of the Pacific cruise and to at
tach sensational importance to the work which
japan is doing to effect a state of preparedness
in her military establishment the President re
gards as too absurd to be treated seriously, and
he has indulged in much banter at the expense
of the correspondents who have been sending
sensational dispatches of this type from Wash
ington. His advices from Japan are not of a
character to cause the slightest uneasiness, and
there is nothing on the international horizon
which can be magnified into a war scare. Th*
President laughingly told one < ponder.
that information had just reached him of a char
acter po sensational that it would be eagerly
f-elzod by the pre-eminently conservative paper
he represented. It was to the effect that Ad
miral Togo had been detected In Europe in the
act of buying a box of lucifer matches. From
Fecret agents of the Navy Department still fur
ther developments were obtained to the effect
thai the admiral had also purchases a package
of cigarettes.
The President has absolutely no apprehension
r>f war with Japan, and the short stay of tha
fleet in the Pacific -will amply demonstrate the
truth of the statement heretofore made from
authorized sources that the purpose of the
«ruise is to test the capabilities of a modern
i-attleshlp fleet, under conditions almost as try
ing, in point of endurance at least, as might
be expected to arise in actual war.
JAPAN NOT PREPARING FOR WAR.
It was pointed out in an authoritative quarter
to-day that an erroneous impression has pre
vailed as to the great activity of the Japanese*
In the purchase of large quantities of torpedoes
and guns and other war material. While these
reports have appeared from time to time In the
newspapers of this, country and Europe. It Is
learned That such information as the Washing
ton authorities have been able to obtain from
careful and trustworthy agents, after Investigat
ing most of these reports, is that Japan Is not
in the market as a large purchaser of war ma
terial but. on the contrary, appears to be dill
iently pursuing the ways of peace and strug
gling' to recuperate from the exhausting effects
of th* war with Russia.
The continued presence In Washington of
R-ar Admiral Evans, who Is to command the
battleship- on their voyage to the Pacific; the
daily appearance of orders making changes In
the personnel of the fleet and the conferences
between the President and Secretary Metcalf
store Mr. Roosevelt returned to Washington
have renewed interest in the rapidly approach-
Ing departure of the fleet.
Adnrral Evans goes on the retired list next
August. About this time the ships will be on
their return to the Atlantic, if the present itin
erary is not changed. There Is precedent for the
continuance of a retired naval officer In corn
■sand of a ship, but it is not recalled by naval
officers that a rear admiral has been continued
>■ command of a fleet / after the date set for
l'b retirement, although it is probable, owing
to Admiral Evans's record and executive abil
ity, that an exception may be made in his- case
if'his health admits, and he may command the
fleet on its return voyage. It Is now estab
lished that the fleet Is to return almost as
Focn as The great ships can be cleaned up. re
plenish their supplies of coal and provisions
and be made completely ready for the 14.000
ir.i> return cruise.
FORD CHILD XEAR DEATH.
Daughter of Paul Leicester Ford
Badly Scalded.
Keen.-. K. H . Oct. 24— Word waa received here
Is-day that Lesta. the, young daughter of
the late Paul Leicester Ford, the novelist,
had been probably fatally scalded at thf sum
mer home Of Mrs Fords father, Edward H.
KMd'r, of New York, at Cheshswn, A tub of hot
-wat- : had been drawn for the child's bath, and
Before It had boon cooled sufflvkntly the little
esc either Jsjmped •-■r fell into it. Fhr was ter
ribly scalded, and the burns and shock were ss f <
Severe that it is feared she cannot recover. Mrs.
ford and h<-r daughter have been spending th«
Bummer at Mr. Kidder's summer home.
ALTO HURLS TO DEATH.
Wine Merchant Thrown Against
Telegraph Pole by Machine.
Henry Adelman. .--■ wine merchant, of No. 214
■•St Uth street. Manhattan, was Instantly
kHlcd last right in an automobile accident at
Jamaica.
I Mr. A*- 'man. with a party of friend?, was
•"Wining Ms machine on the Merrlcli Koa'd. be
tween Springfield and Jamaica, when he lost
control or It. and the ma»hln« dashed Into a
fclesraph poie. Mr. Adelman was thrown out
««d his head came In contact with the pole.
Dr. Gardner, of Jamaica Hospital, was «um
«wn-a, but when he arrived Mr. Adelman was
***« The bo<sy was taken to Everett's morgue.
POSSE EEECUES NEW YOEK GIRL.
Albany. Oct. ?4.~ Word was received here to
<1«1 from Rave'ni twelve miles from Albany.
U»at a !,.,«-.. armed with shotguns, last n!?ht
tf * c a kidnapped girl front. a band of gyps't-s.
•ohn Guy. of New York, father of the gli I. said
. bU daughter was taken from him abo-it a year
•*•• -: He refused to prosecute tho gypsies.
- ■'- ■ ' ■ ■' ■
To-day; fair and warmer.
io-monrt»w. fair una colder; northwest winds.
NEW LUSiTMIA RECORD
FOUR DAYS EASTBOUXD.
Cuts Neatly Sir Hours from Best
Previous Time.
Queenstown. Oct. 24.— The Cunard Line
steamer Lusitania arrived here at 9:37 o'clock
this evening, having covered the distance from
Sandy Hook to Daunts Rock in 4 days 22 hours
and 53 minutes. This is 5 hours and 26
minutes better time than was made on the last
eastward bound passapo of tho steamer— "► days
4 hours and 19 Minutes— which had previously
constituted the eastbound record. The steam
ship experienced rough weather and w.ts obliged
to slow down her engines at tlir.oy.
The Lusitania cleared Bandy Hook Lightship
at 5:44 p. m. last Saturday. Her daily runs
were 40.%, ">7<». 540, .V>2 and Thursday from noon.
190. H?r average speed for the entire distance
■was 23 rtl knots
An official statement issued by i.ho Cunard
company points out that travelling against the
sun those figures mean exceptionally fast steam
ing;. On the westward trip, with ;i twenty-five
hour day. they would mean a dally average of
nearly 630 knot?.
For the first two days out from Now York
the Lusitar.la experienced strong southeasterly
pales and high head seas. During tho remain
der of the trip there were, stronc southerly and
northwesterly winds, with heavy seas. After
passintr Fa^tnet fog made a reduction in the
speed nocossary. The passengers who landed
hero consider that the weather conditions wore
against record making, and regard the fact that
the steamer beat her previous eastward record
as an extremely good showing.
MAJESTIC'S BOUGH TBIP.
Passengers Excluded from Decks for
Five Days Coming Over.
The White Star liner Majestic arrived hero
yesterday from Southampton after one of the
roughest passages in her history- Like the
Kaiser Wilhelm 11, which arrived hers on
Wednesday, she mot heavy north and north
northwest pales and high seas. The only dam
age done was the ripping off of several canvas
covers and lashings on the forward lifeboats.
The Majestic ran Into had weather on the sec-
ond day out from Southampton, and for five
days the passengers wore kept off the docks.
The steamer usually makes port within seven
days, and should have arrived here on Wednes
day afternoon. She lost considerable time be
cause of the storm, and on Saturday logged only
350 miles. The official time of passage was 7
days, 3 hours, 3S minutes.
FA 188 AX KS XOT IX RACE?
Quoted as Saying He Is Not a Can
didate for the Presidency.
[Bjr Tlri*g l»|ill to Thn Tr!tv;n» 1
St. Louis. Oct. 24 — "The Post-Dispatch" rjuotos
Vice-President Fairbanks as Baying, at the
Union Station her- ? h'.f "nornirv. Just brrore de
parting for Louisvillo, Ky. :
"Positively I am not a candidate for Presi
dent, actively, tentatively or receptively. I am
not in national politics."
DB. GILLETTE COXVICTED.
Former Mutual Life Official Found
Guilty of Perjury.
r*r. Walter L Gillette, formorly vice-president
of the Mutual Life Insurance Company, was
found guilty yesterday afternoon of perjury In
the third degroo, an off once carrying a maximum
penalty of ten years. The Jury was out an hour
and twenty-five minutes. With its verdict of
guilty it also made a recommendation of mercy.
Ex- Judge Hatch at once moved for a eerlill
cate of ro.'usonablo doubt and arrest of ju<l£
ine^jt. Justice Dowling .--aid that he would hear
th<- motir.n o n Monday. Pr. Gillette, who has
been oul on £]O,0<«) bail, was then remanded to
the Tombs. The verdict was a surprise to him,
but he betrayed it by only a momentary flush.
The charge on which he was convicted was
th.it he had committed porjury in his testimony
to the grand Jury on May 24. ITHh!. Ho swore
that certain funds in the Dobbs Ferry Bank
belonged to bis p f -" K °n a ' account. The District
Attorney Induced him to acknowledge later that
the account belonged to th* Insurance company
Wbea court opened the customary motion to
dismiss was made, after which a few persona
were called to testify to Dr. (J.lllette's kO<><l
character. When ex-Judt;e Hatch began his
argument he declared that Dr. Gllletto was he
ing m.-d • the. scapegoat of the insurance In
vestigation. He also said that if the defendant
made a mistake in the, first Instance he had cor
r. . ted himself in the next breath.
"In the Mutual Life." said Mr. Hatch, "the
only man who attracted attention was President
M< Curdy; it was IfoCall in the New York Life
and Hyde and Alexander in tho Equitable.
These are the men who should have been held
responsible for any crimes which were, discov
.n ! There l« no evidence that McCurdy's acts
w, re Investigated, but they have indicted hla
subordinate."
Mr. Rand, for the state, said that as soon as
Dr. Gillette found that the District Attorney
knew all about the Dobbs Ferry account ■
• anted, and not until then, and that the perjury
could not have been committed under the stress
of excitement.
(LEVELAXD TO WHITNEY.
Ex-P resident Urges Tariff as Issue
in Massachusetts.
Boston. Oct. 24.— The managers for Henry M.
Whitney.' Democratic candidate for Governor,
made public to-night part of a personal letter
Indorsing Mr. Whitney's candidacy which wa3
written by President Orover Cleveland to
Charles 6- Hamlln. Assistant Secretary of the
Treasury under Mr Cleveland. The former
President wrote:
i Bunnose as usual you are In the thick of the
! nollticLl contest now pending in your state. I
i P I* not tell you how deeply I am interested in
; Its progress and result You know how firmly
I r H,.iiev<- that the consistency, the frank hon
! L?v and the proud patriotism of the Demo
1 't-Vfi narty are bound up In Its insistence upon
i conservative and sane tariff reform. This lam
■ convinced Is its highest mission, and this I be-
I "Tt e wou!o P be th strang U ern BB dßcedd Bced8 ced if the Democracy
! of Massachusetts should at th s time lack in en
?bu\la«tir and hearty support of the issues of
I «nriff revision which it presents so plainly tin
! i .the leadership of brave, wise and steadfast
< men and M seems to me that the people of ''"■
> state ' regardless of party affiliations, should
recognize that such am issue and such a leader
i s^ve them opportunity effectively to protest
i against the hurtful restrictions and unfair bur
j dens which existing tariff laws inflict upon
' tlienv: ;^ ■'■,
NEW- YORK. FRIDAY. OCTOBER 25, 1007.-FOURTEEX PAGES.- Th f?^ e \V^ la^
CROWD BEFORE THE LINCOLN' TRUST COirPANY, WHICH WITHSTOOD THE
RUN YESTERDAY.
QUAKE KILLS MANY.
AT LEAST 200 DEAD.
Late Reports Shore Great Severity
of Calalmav. Shocks.
Rome, Oct. 24. — The details received here to
night regarding the earthquaka In Calabria
yesterday in every way tond t'> show that the
damage done was muc h morf extended than at
first estimated.
No bodies bad boon recovered from the ruins
until fi o'clock thts evening. At that hour
about two hundred were taken out. it Is now
estimated that the deaths will surpass flvo hun
dred, but it is impossible to P'-t accurate In
formation, as many villager are ;t:il cut off by
the floods and the rie.stni'tion of roads and
graph linos, end no word from them can be
had.
This eartho,uako bids fair to rival tl it of
If*'.", it is hoped, however, th;it it Tviii not
last so long. The earth simoks continue, but
re slight. The [•• "i • • '■ In a con
dition of apprehension, which is ln< reased r.y
each tremor. In spite <>f the torrential rain
that Is faJlii 'ik. they absolutely refuse to lemaln
under any cover. They have made their beds
lr. the open. Mattresses have been spread about
the squares and tho Aelds surrounding ntriokon
villages, and tho people are covering them
and their children ■■ : host they
The only buildings thai the frightened people
will enter are the and even there
they will not stay lons They in.tkn BUppU
before the Images >>f the Virgin and the
and the.i hurry apnln tn the 0] S.ierel
relics have been exposed in the Cathedra] of
Cantanzaro, and this served In a measure to
calm the population.
Tho OF' illation was so violent that t) ■.* n<»pdl<«
In tho recording instrument at the observatory
at Calabria was broken.
Premier Gioletti conferred with X
Emmanual during the day, ■■■■.: .! ,r was reported
later that his majesty would go I • '.':» disturbed
districts if any fresh shock
The i*opf> when Informe l of
tlii? morning was much distressed, and said,
w ith tears In his eyes:
"Are we having a repetition of th« disaster
of 1!XO? <;...! help the poor sou
The Pontiff has ri .-. ■ ; . i • -< i t.. --■•>;. 1 a sum of
money for the n lief of the suffi i
Further details <<( the earthquake show that
the shocks werw especially severe In the south
*-m end of the Calabrlan peninsula, but through
out Calabria to-day there were bennos of ■!• o
lation and despair.
The llrst shock waa tremendous 'in.l u'<s f..i
lowed by two others of longer proportion* nnd
which entirely destroyed two villages and re
duced many bouses in several otheri to i muss
of ruins.
The lirst shock, fortunately, brought the entire
population of the villages into the open, and
many to the hills nr open plains, whl< h accounts
f«.r t lie comparatively few who were ki'led. To
add to the deflation caused by the tarthauiko
it was raining in torrentu yesterday evening,
which greatly Increased the, nuffetinn among the
homeless.
Half the bouses at Ferrazaano ;md Brancalone
collapsed, and a number of persons wore burled
.n tho ruins, and at Binopol] and St. Ilario in. pro
are wiid to have lost their lives. L'anic prevailed
everywhere.
Rocella, Jonloa. Reggio, Cosanxa, Baracdlo,
nttanova. Palmt, Oeraoe. Marina and other
towns also suffered from the shocks, but not
severely.
The cathedral at Torre dl Geracfl, which arose
from the ruins of Locrl Epixephyril, th« once
celebrated colony <>f the l> craina, founded in
6H3 B. C, and famous for its wealth and art,
was thrown down, as was also an ancient towor
which had withstood all the Calabrlan earth
quakes for centuries past Half tho houses of
the village of ( It-race aro In ruins and similar
conditions prevail In a number of other points
In Calabria.
During the confusion caused by the first
earthshock the prisoners in the jail at Catanzaro
mutinied, and were subdued with great difficulty.
Tho female prisoners worn particularly alarmed
As soon as the building experienced the first
shock they began to scream and shout for the
Jailers, demanding their release and beating on
the doors until the whole place was In an uproar.
The prison officials did everything possible to
calm the inmates, but panics broke out afresh
every time another shock waa experienced.
As soon as possible, detachments of troop?,
with relief trains, were hurried to the scene and
did everything they could to assist those who
had fled from their homes. The presence of the
troops, aa ufcual, had a calming effect on the
population.
Only two days ago Signor Masseminl, Minist< r
of Finance, opened two entirely new villages In
Calabria which had been built by the relief
committee of Milan for the victims of the earth
quake of 1905. Th<'se. however, withstood the
shocks.
The scientists at the University of Naples say
that the earthquake of 1905 was preceded by the
eruptions of Mounts Stromboll and AZtna., which
auddenly ceased and were Immediately followed
by the Calabrian earthquake of that year. Mount
Vesuvius, they add, was most active until a
week ago, but since then the volcano has emitted
no smoke.
A special dispatch to the "Tribuna" to-day
s;ii<l that onr 1 hundred persons had lost thei:
livs in th< commune of Ferrassano alone, bat
no confirmation of the report was obtained.
AFTER ALL. USHER'S THE SCOTCH
that made the highball famous.— Advt
TITE FINANCIAL CRISIS.
AID FOR WESTINGHOUSE
KUHX, LOEB § CO. TO HELP?
Mr. Westinghouse Denies That New
York Bankers Have Control.
ICy Telegraph to The Tribunal
Plttsburg. Oct. Pittsburg financiers are
unanimous in their reports that the financial
crisis of the last two days has passed and the
banking situation is much easier. The United
States Treasury shipped enough money Into
three depositories here to-day to supply Imme
diate demands, and more will be forthcoming if
required. The Pittsburg Stock Exchange re
mained closed to-day, but will be opened again
next Monday. George Westinghou?© said to
night that he will be out of his financial difficul
ties within three weeks.
It was asserted h'-r« to-day that Kuhn, Loeb
.\ Co., of Now York, practically have obtained
control of th<* Westinghouse Electric and Manu
facturing Company The stock which was
thrown on th« market in New York yesterday
I up for th*» Kuhn-Loeb interests, a<
cording to reports here.
Tfie associated banks carrying tl s Westing
house securities have decided to hold their
shares and not call for margins or offer them
fl r sale. In this manner an Industrial panic has
been averted.
Mr. Westinghouse was told to-nlghi thai there
were rumors that the banking Interests Intended
taking from him th« financial management of
the properties bearing his name and which he
iken a lifetime to build up. He replied:
■•Th nk they hav< me down, but they
haven't If they are trying the
did fifteen years ago 'hoy have not done i r by ■
long shot."
When questioned about the story thai Kuhn.
Loeb & Co. bad obtained control of the stock of
the Westinghouse Electric and Manufacturing
Companj and would take over the financial
management he said:
"I have heard such a report, but they have
not do po. and I will maintain control of the
properties."
ANOTHER RECEIVES NAMED.
: for the Nernst
Company was made before Judge Na
i Ewlng of the United States Circuit
Court in chambers at 4 o'clock this afternoon.
w. W. Smith, of Reed, Smith, Shaw A.- H ;i. and
Gordon ft Smith appeared for the plaintiff, th.
r-Uewltt Electric Company, of New York.
A. M. Thompson appeared f"r the Nernst Lamp
Company. The bond was reduced by th* court
t,i 1&0.000, as it was shown that tho receiver
would not have more than that amount of bank
balance at one time W. D. Updegraff, private
ry of Mr. Westinghouse, was named as
receiver
The bill of complaint shows that the Nernst
Lamp Company is Indebted to the Cooper*
Hewitt Company for 120,000. It i- set forth that
the company has a funded debt of $1,400,000.
bearing Interest at 5 per cent. Tho company,
it Is alleged. Is unablo to mcci Interest and pink
inK fund payments, or bills payable.
The failure of the Iron City Trust Company lo
open Its doors this morning was directly due to
the Westlnghouse trouble Tho trust company
holds $400,000 of Westingnouse securities and
paper. There has bees some talk of liquidation,
and the directors of tha trust company have the
subject under advisement The depositors will
get every dollar, and the stockholders will re
ceive book value for their stock.
The Iron City Truat Company has been clear
ing through iho First National Bank, and that
Institution Is said to be backing It to a certain
extent. The. company could have obtained
enough cash to Bland a run, but it was thought
advisable to dose the doors to preclude tho pos
sibility of creating a panicky feeling among de
positors of other banka.
GOVERNMENT FUNDS OBTAINED.
The United States government depositories
hero have made application for $7.r>OO.<HjO. and
have forwarded their securities to Secretary
Cortelyou. Some of the larger Institutions have
haii tlieir bonds deposited with the Treasury
Department for some time, and Immediate ac
tion was taken at Washington so that $3,o<)o.<K>o
could be shipped here immediately. Just as
poon as the approved bonds are accepted by the
Ko\ernment the remainder of the cash requested
by the banks will be forwarded.
Tho government depositories of thle city are
the Second National Bank. Mellon National
Bank. Columbia National Bank. Federal Na
ttonal Bank. Farmers' Deposit National Bank
and Cosmopolitan National Bank. The Colum
bia, Mellon and Farmers' are among the banks
that are the largest holders of Westinghouse
securities. The Columbia is affiliated with the
Colonial Trust Company, which does a large
business in collateral loans. President H. C.
M- Eld« wney, of the Union Trust Company, said
to-day:
"United States currency was sent here this
morning, and more will come here if needed,
but I do not think that any more will be re
quired."
No figures are given out as to the amount of
Westinghouse stocks held by Pittsburg banks,
nor the discounted paper current. One trust
company is carrying $3,000,000 in stocks and
bonds, while the larger banks are said to be
carrying larger amounts. These banks are rep
resented in the management of the Westing
house companies through the receivers.
PAYING OF WORKMEN ORDERED.
Any uneasiness which may have been felt by
the 30.000 workmen of the Westinghouse inter
ests as to future employment or pay for work
already done was set at <a.se to-day when, on
<.ontuitied on fourth pujt*
MONEY POURS INTO WALL ST,
Government, Financial Institutions and Capitalists Co
operate in Relief Measures.
DEMORALIZATION IN STOCKS CHECKED.
Morgan Firm and Banks Lend $25,000,000 —Run on Trust Company of America
Likely to End To-day— Three Solvent Harlem Banks Suspend Payment
J. P. Morgan & Co. lent $25,000,000 on th? Stnek Exchange floor jMI before the
close yesterday, thereby iv.ee-kin? thfjriemoralization in the market and starting a sharp
rall\\ Stocks closed firm after sellinsr down to new low records earlier in the day.
Secretary Cortelyou deposited in the banks as much of rh* promised .«2YOOfI.OOC of
government money as was asked for.
The ran on the Trust Company of America continued, but all depositors were paid in
full and there were -igns that the backbone of the run had been broken.
The directors of the Knickerbocker Trust Company discussed forming a $5,000,000 pool
to guarantee the deposits, and appointed committees on receivership and securities.
Three small banks in Harlem suspended payment on account of the scarcity of specie,
but announced that they were perfectly solvent. There was a small run on the Lincoln
Trust Company, but it met all demands.
MORGAN STAYS STOCKS.
Reduces Call Money from 100 to 6
Per Cent tcitk a $25,000,000 Loan.
J. P. Morgan and the United States Steel
stocks were the agencies which rescued the
stock market yesterday when it was tottering
on the edge of a panic. The crisis came at
the delivery hour, soon after 2 o'clock. The
market, which had opened buoyant on a higher
range of prices from London as the result of
assistance promised by Secretary Cortelyou in
the way of government deposits of money, re
ceived a rude shock from the suspension of
three banks in Harlem. As a natural sequence
to this news, and to th*> runs at the Trust
Company of America and the Lincoln Trust
Company, pronounced weakness developed in
all the prominent issues and new low records
were made with startling rapidity.
At the low points reached on the initial drive
there was a. curtailment In trading, and for
nearly two hours the market remained dull and
steady on light transactions. With the delivery
hour, however, came a renewed rush to liqui
date, and prices crashed downward with a
rapidity which seemed to spell only one word —
panic. Call money simultaneously went sky
rocketing until it touched 100 per cent, and
there .seemed to be nothing which could stop the
outpouring of stocks.
LENDS $23,000,000 ON FLOOR.
Then it was that Mr. Morgan lent $2-".
(•00.000 of pool money on the floor of the Stock
Exchange, causing the rate to break to ♦» per
cent at the close, and at the same time he
threw supporting orders into the United States
Steel stocks, which had been strong throughout,
with such a masterful display of strength that
in an instant the market's course was changed,
the leading issues rushed upward ."• or 6 points,
and the threatened panic was averted.
It was one of the most spectacular and at the
Same time splendidly Judged moves ever seen
in the stock market, and Mr. V ■ n deserves
the greatest credit for its execution. Storks con
tinued to rally until the clone, which was fairly
steady and at a substantial rally from the low
points.
At tho low points of the day the losses in most
of the market leaders were extremely -
coming on the h< els of declines of from 2 to !'►
points recorded day after day for nearly t'.\,,
weeks. Union Pacific sold at par, <>ff s1;s 1 ; point*
for the <!ay, ami making, of course, a new lr>w
record for the year. In this instance the pre
dictions of the be;ir«> were verified, for they
have been predicting this figure fir the stock for
some time. At par it returns it its holders U»
p.r cent on the Investment
Northern Pacific was another stock which was
conspicuously weak, selling .it 100 V&. off 9 v i
points, while St. Paul touched 100 1 *. a drop of
.r. r > 7 4 points from its price at the close on Wednes
day. Such prices as these for silt edged 7 ptr
cent Issues, which are largely held by Investors,
seem wellnlgh Incredible. Great Northern pre
ferred was also decidedly weak, making a new
low record for the movement at 10S. Reading
dropped like a shot to 70' 3 . down SVi points,
while Southern Pacific touched at 63*4 and
American Sugar went to 97. Atchlson touched
72*. and Baltimore & Ohio 78. Illinois Central
dropped 51;5 1 ; points to 12H;. and Delaware &
Hudson declined 7*7 * to 127. at which figure It
was down 100 1 * points since the first of the year.
Louisville & Nashville sold at 93 and Manhat
tan at 102. New York Central touched 9fi4 and
Brooklyn Rapid Transit sold at SO. the lowest
point since 190-1.
STEEL TirE REAL. BULWARK.
In the midst of this general slaughter of prices
certain important stocks stood firm, however,
and refused to go plunging down with the oth
ers Copper. Smelters and Pennsylvania held
comparatively firm, although tho first named
dropped to a new low record at 41 \. from which
it rapidly recovered. The two Ste-ls, however,
were the real bull citadels, and It was the be
havior of these stocks which doubtless was re
sponsible for the quick rally which set in on
Mr. Morgan's announcement that he would l^nd
money enough for th* requirements of all.
Prices wont up or rather shot up a point be
tween sales and in tne market leaders more
than half of the day's declines were quickly
wiped out. At the close Union Pacific. North
ern Pacific. St. Paul and Great Northern \\o r o
down 3. 4S and 4 : _. points, respectively, while
the Steels showed net advances of more than
a point on the day. Copper was up It, Smelters
down only »* and New York Central and Penn
sylvania off T s each. Southern Pacific had re
duced Its loss to S and Reading waa off 2^
points.
Among the movements in specialties were a
gain of 9 points In Westinghouse and losses of
20 in American Smelting Securities preferred B.
7V» in American Express. 6^ in Chicago & Great
Western preferred A. 10 in Federal Mining and
Smelting preferred, 4% In Mackay common. 6%
in National Biscuit common, 10 in New York
Air Brake. 9 In Pullman Palace Car. 4 in Rail
way Steel Spring common. 44 1 * in Republic Iron
and Steel preferred, 4 In Southern Railway pre
ferred. 6 in Southern Pacific preferred, 5"& in
Sloes- Sheffield Steel, Bl«B l « in "Clover Leaf" pre-
Soatinaed on Third I'ugo-
PRICE THREE CENTS.
RELIEF WORK GOES OX.
Cortelyou, Morgan and Rockefeller)
Give Timely Aid.
The financial situation, the most critical which;
the country has seen in many years, appeared)
last night considerably improved, as the out
com- of another day of united effort on the>
part of the Secretary of the Treasury, the heads
of leading financial institutions and other finan
ciers, who poured vast sums of money Into Wall
Street and who carried on during the day m
series of conferences through which it was pos
sible for them to keep In touch with all phases
of the situation and all developments.
Mr. Cortelyou said last night at the Hotel
Manhattan: "The situation has improved so
much that I will make no statement to-night*
He said that he would stay in this city to-day.
A conference was in progress at midnight at
J. P. Morgan's art gallery. In East 36th street.
adjoining his home In Madison avenue. There
were present, besides Mr. Morgan, the following
financiers: Edward King, president of the
Union Trust Company; James Stillman. presi
dent of the National City Bank. George K.
Baker, president of the First National Bank;
George W. Perkins. J. Edward Simmons, presi
dent of the Fourth National Bank: Oakleigh
Thome, president of the Trust Company off
America: Herbert L. Satterlee. Walter Trim
ble. A. B. Hepburn. E. H. Harrfman. H. P.
Daylson. vice-president of th., rs« National
Bank, and others. At about 11:30 o'clock Mr.
Harriman came out. and. not stopping to get
into his automobile, walked quickly to the house
adjoining Mr Satterlee's. In :'Kth street. Asked
If any subjects other than banking interests
were h.*<u- considered at th* conference, he said:
"Yes and no."
Toward I o'clock in the morning the confer
ence broke up. its members being unusually un
communicative.
Mr. Perkins arrived at the Hotel Manhattan a
little before 1 o'clock (his morning. He sal.i
tint the conference at .Mr. Morgan's home had
gone over th,- • r.eral situation, but had nothing
l " do with :ne wings bank* The conf^rrees. he
said, wore of the opinion of Secretary Cortelyou.
that the situation had improved so much that
there was no need of further statement* last
.-ii,:lit Then Mr. Perkins wont up to talk to Mr.
Corte'TDn.
Clark Williams, the newly appointed State
Superintendent of Banks, when seen early thia
morning at the Hotel Manhattan, said:
"So far as I have been able to learn in th*
short time which I have had to examine into the
situation here, I find all the banks under my
supervision in this city to be solvent, and it will
only be rash and unreasonable demands on the
part of depositors that will further endanger the
situation."
Mr. Williams was asked whether he Included
the local banks which had already closed their
doors, but he did not care to enter into details.
By 10 or 11 o'clock this morning, he said, he
would undoubtedly be in .1 position to answer
that question. He said that owing to the brief
time he had had at his disposal he was forced!
to rely on the reports of his examiners, having
no actual knowledge from a personal investiga
tion.
When John D. Rockefeller was asked last
night whether or no: he had come to the relief
of the situation he as4'.tered. after a little hesi
tation: "1 have already said that I believed]
that all that can be done to help should be dona
now, and I have acted according- to that belief."
Asked if he had turned over any funds to th*
trust company committee he answered: &ft*-~
don't care to go into details. I saw and advised
with several gentlemen to-day in the financial
district-
Mr. Rockefeller refused to say how much
money he had advanced for loaning in the street.
It is said that this sum was not less than $10.
000.000. and that in addition to giving this aid
Mr. Rockefeller turned over to certain govern
ment depositary banks a great block of bonds,
to b» used by them as collateral for part of th* j
funds to be put into the banks by the Secretary
of the Treasury.
Secretary Cortelyou carried out his overnight
pledge to deposit $25,000,000 of government
moneys with the depositary banks, but at tit*
end of the day had a large part of that sum atUl
at his disposal for use to-day, if required, as
the calls of the banks did not equal the fuit
measure of the volunteered Treasury aid
J. P. Morgan & Co. In the last hour of busi
ness on the Stock Exchange met .with instant
promptness an urgent situation by rushing into
the exchange 525,000.000 of pool funds, the leml
lng of which broke the call money rate from
50 to 10 per cent and checked a collapse in
prices which was akin to demoralisation. John
D. Rockefeller placed in the Street a sum un
derstood to be about $10,000,000 for loaning at
6 per cent, and is said also to have given assist
ance by lending bonds to the government de
positary institutions for use by them as col
lateral against the money obtained from the
national Treasury.
POOL. OP TRUST COMPANIES.
Leading trust companies formed a pool of
$10,000,000, as much of which as was needed]
aas turned over through the Union Trust Com-