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NEW HAVEN MORNING JOURNAL AND COURIER, FRIDAY, OCTOBER 25, 1907.
' in t : : - - 1 P 'A GET THE SAVING HABIT. Start a savings account with this bank now. It is easy to save money simply habit. After you've made the start then make it a point to deposit a certain amount each week or each month. It's stick-to-ltlveness that wins success. Come here and get a Home Savings Bank and save all the pennies and duties jou possibly can. You'll be surprised how easy it is to "Get the Saving Habit." The quarterly interest-bearing period starts November 1. Four per cent. Interest paid on all savings accounts from $1 upward. The only Bank in New Haven open Saturday nights. LATE FEATURES OF ' MCI MARKET Morgan's Loaning of $3 0,0 00, 000 on the Floor. CHECKS FALL IN STOCKS Heavy Break in Prices Then a Sharp Rally. and Things looked squally enough on the etock exchange yesterday, but all of a sudden the market braced up, for J. P. Morgan had stepped in with an Offer to loan $30,000,000. It was up to Mr. Morgan's an nouncement one of the wildest times ever known on the New York Stock exchange. Call money had advanced to 100 per cent, and demoralization was reigning. The announcement from Mr. Morgan had an electrical effect. Stocks which had been tumbling the minute before 1 and 2 points between sales rushed upward even faster than they had fal len. It was one of the most remark able changes In tone that has ever taken place on the exchange. Union Pacific, which had early in the day sold at 110 1-2, had gone to par, when the report that an Immense block of money would be thrown into, the loan crowd caused it to rush upward at once to 106. Reading, which had brok en from 79 1-2 to 70 1-2, rose to 76. Northern Pacific, which had early sold at 110 3-4, had tumbled to 100 3-4, but it rallied to 105 1-2. Almost equally as tonishing recoveries were made by other prominent stocks. The money Situation had dominated the market throughout the day and the under standing that relief was coming had Instantaneous influence. The news reached the Street before the opening of business that three of the institutions involved in last week's troubles of the Mercantile bank had closed their doors, and that another concern in Pittsburg had suspended. This was followed by news that the run on the Trust company of America was still in progress, and that similar runs had started on one or two of the (Uptown trust companies. These an nouncements successively made, to gether with the fact that call money as already held at the extraordinary jHgure of 50 per cent., threw the stock in.arKet into a state of again. semi-panic The extremely violent decline In prices, during the four first hours was caused by the local deadlock over fa cilities for credit. A market cannot be , advanced, and can be but indifferently , supported, except when bankers and ihrnlfpra a rc oiii i curlties. It was the difficulty of do ing this early yesterday from domestic sources, despite a bid of 100 per cent or higher on the stock exchange, and the virtual interruption of the chan nels of international exchange; which rcade the violent liquidation unavoid able. But precisely as occurred on July 26 1893, the darkest day of the panic of that year, it soon became .manifest yesterday that the fall in stocks was the means of breaking the obstacles in the way of relief through foreign capi tal. At a price, Europe will take the Stocks and provide the sorely-needed credit; the question always is, to reach that price. Apparently, it was reached by the panicky break around 2pm the immediately subsequent offer, on the stock exchange, of an abundant supply of money, stopped the decline instanter, and turned an overwhelming collapse into a violent recovery. What caused the terrific break in the afternoon, when Union Pacific crashed down to par and other railroad issues fell from 5 to 10 points, was th la bility of brokerage houses to obtain money for their needs at any price. There was a very general feeling that the large deposits in the national banks ordered by Secretary Cortelyou and the various measures adopted by promin ent financiers would result in material relief to the situation. Early In the day the First National bank loaned $3,000,000 at 50 per cent., and $800,000 additional was loaned by the National Copper bank at that fig ure. The National City bank later placed $2,500,000 on the floor of the Stock exchange to be loaned, as on Wednesday, in $50,000 lots at 6 per cent. Bankers and brokers ljaving in charge the placing of loans for John D. Rocke feller were instructed to make all loans at 6 per cent. A few isolated loans were reported at 100 per cent., but it was undoubtedly true that 150 or 200 per cent, would at one time have" gladly been paid; this money simply could not be had at any price. Under these circumstances there was only one recourse. Commission houses which were holding securities for their customers on margin were obliged to sell them to cash buyers for whatever the latter would give. It was reported that the work of supplying support to the market in the quarters where It would be most effec tive had been turned over by the lead ing financial interests to the master lund of James it. Keene. Mr. Keene was thought to be especially taking are of United States Steel common. In line early trading the bears put out m ass?"1 X 20,000 shares of the common, stood like a rock. but it Despite the alleged warnings of high financiers some of the bears resumed their operations for a fall early this morning and soon cleaned up a fair profit. - The action of the Empire City Sav ings bank in availing itself of the 60 day clause to stop a run upon it, was generally approved. Old-timers in Wall street recalled that in 1S93, when the 60-day clause was last put into effect, at the end of that time people were lined up at the savings bank trying to deposit their money. The trend of general sentiment was shown by the notices sent to their cus tomers by T. A. Mclntyre & Co. yester day that they did not care to make purchases at this time except for cash or on ample margin." All of the $30,000 of Morgan money was quickly taken at 10 per cent. While the losses at the close were still very heavy in the stocks which had been the storm center, the final prices represented a remarkable re covery from the levels at 2:15. New Haven railroad stock went but a trifle lower yesterday touching 133 7-8 and closing at 134. Pennsylvania stdck stood the racket yesterday bravely falling less than one point, closing at 114 7-8. Ontario and Western lost half a point, closing at 28. ' Westinghouse stock on better re ports rallied 9 points, closing at 44. The convertibles gained 10 points. U. S. Steel preferred gained one point yesterday despite the smash and the common stock gained 1 1-2 points. Influenced by the Wall street situa tion, both wheat and cotton sold off sharply yesterday. At Chicago De cember wheat opened at 1-2 cent down, at 101, later going to 98 l-2c. On the local cotton exchange the Jan uary delivery, after early advancing 5 points to 10.35c. fell to 10.17c. The liquidation affected the bond list as well as stocks. There was a softening tendency all around. Japan ese 4 l-2c after selling at 86 5-8, later fell to 85. U. S. Steel 5s after opening at 90, declined to 88 1-4. The attention of E. H. Harrlman was called yesterday to rumors, cur rent In financial circles, that important developments were pending In the Union Pacific In the nature of a seg gregation of the investment assets of the Union Pacific from its transporta tion business. Mr. Harrlman said: "This Is not the time to discuss mat ters not of immediate and imperative importance. The interest and atten tion of the Investment world is and must be taken up in other and more Important directions. I will not deny that this matter has been discussed for some time, and there Is nd ques tion that the Union Pacific is In posi tion to make a valuable distribution to its stockholders if It should proVe de sirable so to do at the proper time." RELIEF COMES. Money Sent Into Stock Exchange Ar rives in Nick of Time. New York, Oct. 24. The cheerful spirit in which operations began at the stock exchange to-day, owing to over night developments, had given place to conditions that were fifsT'eUpptng into demoralization, when, in the nick of time, $25,000,000 were sent into the stock exchange to lend on call under the auspices of the commanding per sonality which presided over the day's continuous deliberations and , which has been the directing force in shaping the measures of salvation from the critical position which had arisen. This brought prompt relief from a tension that had grown up in the stock market owing to the dearth of money for call loans. Such supplies as were sent in were proving jnadequate to the re quirements of hard-pressed holders of securities and heavy sacrifices were being made to procure funds. As the day progressed persons standing obli gated for loans at the stock exchange fo,und themselves in no enviable posi tion, and the brokers in the loan de partment were In large number and urgent throughout the day. The selling of securities was clearly necessitous and the general air of confidence which began to pervade the banking world was beginning to be regarded as poor consolation by those involved in hold ings of securities. The heaping up of resources to safeguard the banking position seem ed to be aggravating the djstress of the stock market, rather than to re lieve it, by diverting resources from all other purposes to that of fortifying bank reserves. The $25,000,000 of relief probably saved the market from disaster, and the rebound which fol lowed was convulsive. The market closed in some confusion after this violent rally, but the tone was strong In uie main ud to thn p os no- United States Steel stocks signalizing the transformation in the situation by rising buoyantly over last night's level. These stocks were notably firm all day although .the sinking fund bonds be gan to be acutely affected by the pres sure of . liquidation late in the day. The bond market was more respon sive to the pressure of liquidation than at any time heretofore during the present troubles. High grade securi ties were sold apparently to provide means for protection of such other i . - . . holdings as were totally unsalable The suspension of several smaller banking institutions in the city did not impair the feeling of confidence. Neither did tha continued run on the Trust company of America or the signs of runs on other minor trust companies. The determination of the great powers among the trust com panies to stand together and for the protection of- the Trust Company of America was regarded as assuring the solution of the difficulty. The unlim ited offer of the secretary of the treasury of government facilities to meet the crisis was the powerful co operating factor whic hconfirmed the hopes of saving the situation. The stock market itself closed in a sudden' revulsion of sentiment from the tone almost of despair into which it had fallen. Bonds were demoralized. Total sales par value, $4,030,000. United States 2s registered declined 1-4, the coupons 3-8 and the 4s regis tered 1 per cent, on call. closing prices. Reported over private wires of Prinee & Wh'.tely, members of the New York and Boston Stock Exchanges. New York office, 52 Broadway and 15 Center street. New Haven, Conn. New York, October 24. Bid. Asked. Adams Express Co 165 190 Amal. Copper .... 44 45 Am Car Foundry Co. ... 26 do pfd 81 Am Cotton Oil 24 do pfd 70 Am Express Co ........ 160 Api Hide & Leather pfd.. 11 Am Ice Securities 8 Am Linseed Co 6 do pfd 16V2 Am Locomotive. Co 38 do pfd 89 Am Smelt and Refin. . . 67 do pfd 84 Am Sugar Refin. Co. . . 102' do pfd 100 Am Woolen Co 14 27 85 24 85 195 13 10 18 39 90' 67 85 103 110 15 2S 73 85 79 82 34 100 10 60 156 14 76 160 28 7 28 102 145 134 112 5 25 51 15 19 82 129 400 68 42 Anaconda. Cop. Mln. Co.. 28 Atchi., Top. & St Fe 73 do pfd. 84 79y 75 33 82 6 Bait. & Ohio do pfd Bay State Gas Co Brooklyn Rap Trans Co. Brooklyn Union Gas Co.. Brunswick Co Canada Southern 59 Canadian Pacific 155 Central Leather 13y2 do pfd 74'a Central .of New Jersey . . 155 Ches. & Ohio . .'. 27 Chi. & Gt. Western- 7 do A pfd. . 25 Chi., Mil. & St. Paul .. 101 do pfd 140 Chi. & Northwest 133 Chi., St. P., M, & Omaha 110 Chicago Term. Trans. ... - do pfd '. . . . 15 Cleve.,' C, C. & St. L . . . . 60 Colorado Fuel & Iron .. 15 Colorado Southern ..... 18 Consolidated Gas 81 Del. & Hudson 128 Del. Lack. & West 390 Den. & Rio Grande pfd.. 60 Distillers Sec. Co. ...., Erie do- 1st pfd , 41 17 37 ' 18 38 28 do 2d pfd 2! General Electric ....... 99 Gt. Northern pfd. 111 Hocking Valley 74 do pfd , . 60 Illinois Central 120 Inter. Metropolitan 6 Inter. Paper Co 10 do pfd 65 Iowa Central 11 Kan. City Southern .... 21 do pfd 49 Lake Erie & Western . . 10 Louis. &"Nash 93 Manhattan Elevated ... 103 Mexican Central 14 Mo., Kan. & Texas .... 24 do pfd 54 Missouri Pacific 49 National Biscuit 58 National Lead Co. ..... . 36 N. Y. Cen. & Hudson .. 99 N. Y., Chi. & St. Louis 22 N. Y. & N. II 133 N. Y. Ont. & West 28 Norfolk ft West 56 111 80 125 6 10 66 12 21 60 15 94 105 14 27 56 50 69 37 99 26 140 28 56 45 North American 43 Northern Pacific 105 .105 Pacific Mall 20 21 115 75- 17 70 143 23 76 Ofd 13 55 .14 . 38 30 11 41 67 103 15 28 136 27 20 19 77 6 50 105 82 90 40 19 73 24 83 87 14 8 15 300 66 45 7 9 12 30 Pensylvania R. R 114 People's Gas, Chi 74 Pressed Steel Car 15 do pfd 67 Pullman Palace Car Co.. 135 Railway Steel Springs . . 22 Reading 76 do 1st pfd 70 Rep. Iron fc Steel Co. .. 13 do pfd 51 Rock Island Co 14 do pfd 37 Sloss Sheffield 27 Southern Railway Co. .. 'll do pfd 37 Southern Pacific ....... 66 do pfd ' 100 St. Louis & Southwest. . . 14 do pfd. 24 Ten. Coal and Iron 134 Third Avenue 25 Texas & Pacific 19 Tol., St. Louis & West. . . 18 Twin City Rapid Trans.. 75 Union Bag & Paper Co.. 4 do pfd 48 ; Union Pacific 105 do pfd 77 U. S. Express Co. . 75 U. S. Realty & Imp. Co. 37 U. S. Rubber Co 18 do lsf pfd 72 S. Steel Co 24 U. do pfd 83 do S. F. 5 per cent . 86 Vir. Car. Chem. Co 14 Wabash 8 do pfd 15 Wells-Fargo Express Co. 200 West. Union Tel. Co. ... 65 West. Electrical Co 43 Wheel. & Lake Erie 6 do 2d pfd 8 Wisconsin Central 11 do pfd 28 NEW YORK STOCK MARKET. Reported over private wires of Prince & Whltely, members of the New York and Boston Stock Exchange New York office, 62 Broadway and 15 Center street. iew Haven. New York, Oct. 24. Open.HIgh.Low.Last. lAmal. Copper ... A. Car & Foun. 45 46 . 28 28 41 25 45 25 A. Cot. Oil Co. .. 27 27 21 24 A. Locomotive Co 41 41 39 39 A. S. & Refin. Co 69 69 64 69 A. S. 'Refin. Co. 101 102 97 102 A. Woolen Co. ..15 15 15 15 A. , T. & Santa Fe 76 76 72 73 do. pfd 86 86 83 84 Bait. & Ohio 81 81 78 79 B. R, T 35 35 30 34 Can, Pacific 157 157 154 156 Cent. Leather .... 15 15 13 13 do. pfd 76 76 75 75 Ches. & Ohio .... 28 2S 26 26 Chi. & Gt. W 7 7 7 7 C. M. & St. P.... 107 107 100 102 Chi. & Northwest. 135 135 130 133 C, C, C. & St. L. 50 50 50 50 ' Col. Fuel & Iron 15 ,15 H 14 Cons. Gas 83 83 80 80 Del. & Hudson... 133 133 127 123 Erie 1S 19 17 17 do. 1st pfd. .. 37 38' 37 37 Gen. Elec. Co. ... 98 100 97 100 Gt. North, pfd. .. 115 115 108 117 Illinois Central . 124 124 121 121 Inter.-Met 6 7 6 6 do pfd 16 16 15V, 15 Louis. & Nash. .. 96 97 93 94 Mo., K. & T. nfd. 55 56 54 54'.'. Missouri Pacific . 52 52 4S 49 N. Y. C. & Hud. . 100 100 96 99 N. Y. O. & W 23' 29 28 23 Norfolk & West.. 60 60 66 56' North. Pacific ... 110 110 100 105 Pacific Mail .. .. 20 20 20 20 " Pennsylvania .. .115 115 114 114 People's Gas 75 75 72 73 Heading 79 79 70 76 do. 1st pfd. .. 73 73 73 73 R. I. & S. Co. ... 13. 13 13 13 do. pfd 55 55 50 51 (Continued on Twelfth Page.) Why Risk the Loss Of Your Valuables ? When you keep your valuable papers, securities, deeds, mort gages, wills, policies, jewels, etc., about your home or office there Is always a risk of loss by fire or theft. A safe deposit box In our mod ern fire and burglar-proof vaults is just what you need for your valuables, where they will be absolutely secure against fire and theft, and at your Immediate command. The cost la small the protection great. WvUS COMPANY 40 CHURCH STREET. OCTOBER INVESTMENTS Wc offer nri excellent line of high grade First Mortgnge Loans, bearing 5 and 6 per cent, interest, secured on New Haven Real Estate Send for our list of loans. Lomas & Nettleton BANKERS ind BROKERS 317 Orange Street. N. Y., N. H. & Hfd. R, I Go. New Haven Gas Light Co. BOUGHT AND SOLD. MkaslWiih. Investment Brokers 103 ORANGE, STREET IT ESTABLISHES CONFIDENCE. An account with the Merchants National Bank establishes con fidence, and puts you on a good financial basis. The accounts of merchants manufacturers, estates, societies' and Individuals are respectfully invited, and will receive the best attention. MERCHANTS NATIONAL BANK 37 STATE STREET. MERCANTILE SAFE DEPOSIT COMPANY FURNISHES A CONVENIENT AND SECXRB PLACE) p0R fHM DEPOSIT OP TOUR SB CUHITIES AND VALUABLES. 72 CHURCH STREET . - "i - STORAGE OF VALUABLES. Packages of gold and silver plate; jewelry and valuables of ?vcry description will be received for safe keeping by this bank, and receipts Issued for them guaranteeing absolute safety. BONDS STOCKS F. $, Butterworth & Co. Exchange Building INVESTMENT SECURITIES. Private Wires. H ORNBLO WER WEEKS Members of New York and Boston Stock Exchanges. New Haven Oniee, 27 Center Street. . ' F. V. WETMORE, Manager. We Buy or Sell New York, New Haven and Hartford Railroad Co. RIGHTS On Commission In New ! -. Cy WARREN & CO., 1 1 BANKERS Investment Securities 108 ORANGE STREET. DICK BROS 30 BROAD STREET, NEW YORK. MEMBERS Now York Stock Eschnnge K I'ouon EJXonPBKe New York Coffee Exchange New Orleans Cotton Exchange Chicago Board of Trade Associate Member Liverpool Cotton Exchange. Stocks, Konds, Cotton, Grain and Coffee. EDWARD B. EAMES, Mgr. NEW HAVEN BRANCH S3 CENTER STREET. John Knox & Co., Commission Brokers Hubinger Building, 8'40 Chapel Street, Telephone B170. NEW HAVEN, CONN. Correspondent John Mora. , Stocks, Bonds, Grain and Cotton bought and sold for cash or oa modern te deposits, iv. Quick service, prompt delivery Immediate settlements. Also dealer In mining securities o f high grade. THE NATIONAL TRADESMEN BANK 96 Orango St., NEW HAVEN, CONN. Capital ,........$300,000.00 Surplus, over. ,..$300,000.00 Warren A. Spalding, President. Augustus H. Klmberly, Vice-President. Frederick C. Burroughs, Cashier. Frank B. Frlsbic, Assistant Cashier. NEW ACCOUNTS INVITED. IDiUnion Trust Go. NEW HAVEN. Chartered by the State of Connecticut with authority to act as Executor, Ad ministrator, Guardian, Receiver, or Trustee, under will or deed. Is legal depository or money paid in to Court, and Public Trust Funds, acts as Trustee for Municipalities, Corpora tions and Individuals, and administers Trusts of all kinds. Empoweruu io act as registrar of Stocks, Bonds or otiior evidences of indebtedness, manage sink ing tunas, ana ao an Business such as is usually done by Trust Companies- It also does a general banking busi ness, collecting checks, notes, coupons, and receives deposits. - The principal of each trust is invested by itself and kept separate and apart from the gen sral assets of the Compan,. This Company is by law regularly examined by the Bank Crammer of the State of Connecticut. HENRY L. HOTCHKISS, President. . . EUGENE S. BRISTOL, Treasurer. DO IT NOW Fire Insurance. Cannon, Morse $ Co. 792 Chapel St. II LOCAL SECURITIES Telephones 3100-3101 York or Boston Markets. Philadelphia Stock Exchange Prince &. Whitely STOCK AND BOND BROKERS. 52 Broadway, . New York. 15 Center Street,! New Haven. Members New York and Boston Stock Exchanges STOCKS, BONDS and all classes of Investment ; Securi ties; also Grain, Provisions and Cotton bought and sold on commission. Trlvate wires to New York, Boston. Chicago and Richmond, Va. C. B. B0LMER, Manager New Haven Branch. New Haven Gas Light Company RIGHTS The W. T. Fields Co., 902 CHAPEL ST. Tel. 6870. N. Y., N. H. 4 H. R.R. RIGHT Bought and Sold To 1)8 delivered when issued. KIMBERLYrRQOT & CO.. Tel. 1109. 183 Orange Street. I'rirau irh-es to New York Bad Bosto FINANCIAL I'll Insure Myself," Have you ever said that? Perhaps' you have; but one thing is certain,' and that is that you have neTer done! it. Why? , Because insurance depends on aver-j ages, and nobody ever heard ot an average one. i Is this somewhat mystifying? Then ! you may think It worth while to utilize ' the following: ' COUPON. To Equitable Society, ' . . jm. i-orter, Mgr., Exchangs Bldg., New Haven. Ct. PlPAHA arA vnA ........ 1 .-T-i . . ir, TnZ ,i; , uuuxiei explain, i Ing how life insurance depends on th : Law of Average." Let me know, also.-1 the cost of a Standard Policy for $..... of Insurance, at age Name Address I Dat9 ; lrn. j BRANCH OFFICE Bid Jelellai & Co., BANKERS AND BROKERS ' , 2T Rrondway, New York. MEMBERS OF New York Stock Exchange onds and Stonta BouIt and sold oa commission tot cash , or carried on Margin r.iso Cotton, Groin, and revision. Investment -Securities V A SPECIALTY. New Raven Branch, 29 and 31 Center St. NEW HAVEN COUNTY NATIONAL BANK 317 STATE STREET. ESTABLISHED 1 S3 4. Capital ........ ...$3H0.nnn Surplus $350,000 This' bank offers to denoait. ors every' facility for business, and invites the accounts of cor- porations, firms and individu als. " " EZEKIEL G. STODDARD, President.' HORATIO G. REDFIELD, Cashier. WILLIAM G. REDFIELD, Assistant Cashier. . RIGH TS New Haven Gas Light Company AND N.Y.,N.H.&H.R.R.Co. BOUGHT AND SOLD. C. I lioipi Sons v 810 Chapel Street. Specialists in COBALT SHARES CAHIS & POWELL CO.. 35 Wall St, New York City. A Clean Record of SiMy-Foar Years. No law suits or nnnald !. any policies Issued by the North Agsn- since it was established In 1S43 Should this- property holder who wants to sot ths Deneni or an experienced and reliable arency to iook arter his Insurance bus iness? Our rates are exactly the same as those charged by others. Why not look into this matter a lit tle? Perhaps you take less pains in selecting your Insurance than you do your cigars. JOHN C. NORTH. TO CHURCH STREET. First Building North of the Post Office. James H. Parish & Co. succeedlng- NEWTON & PARISH. Stocks and Bond Daalersin Investment Secaritissi 86 Orange Street I