The daily morning journal and courier., 1902-09-30
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THE STOCK MARKET.
Rapidly Taking on Appearance ofPanie
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Rapidly Taking on Appearance ofPanie
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 New York, Sept. 29.-The stock mar ket opened weak this morning and the degree all day. During the last hour of business belated borrowers found the supply of available funds exhausted, and they ran the money rate up quickly to 35 per cent. Meantime there was wholesale throwing of stock all around the room, and the aspect of things was rapidly taking on an appearance of panic, when the presidents gavel fell and trading was ended for the day. Prices were still tumbIing rapidly in all directions and the one or two feverish rallies where the bears were scrambling to take quick profits made no impress sion on the general demoralization of l the market.
 Some of the principal losses were Lou isvlle 11h, St. Paul 95s, Atchison 6B, I Illinois Central SIS, Pennsylvania 5h. Baltimore and Ohio 5ss, Canadian Pa I cific 6, Northwestern 6&, General Elec- l ITlC anu w SSLlIl LA1CCIlIC 0 GdCtly | Manhattan 51s and a long list of prom I inent stocks over points. Losses up ! to 4 points were common throughout l the list.
 The local banks were entirely out of 1 the money market and the trust com panies were very small lenders in the market. Funds of out-of-town banks and of individual lenders made up the available supply. It was very evident that there was large number of se- clrity holders who hoped that rates would work easier to-day, from the 1 considerable margin of surplus reserves revealed by Saturdays bank statement. This class held off during the early part of the day from supplying their needs, but there was a wild scramble during the final hour to secure loans and general sacrifice of holdings The events of the latter part of%last week admonished the banking community | that there was a speculative element absolutely persisting in determination to place all the funds they could secure in marginal holdings of stocks. Fur ther accommodations for this purpose were peremptorily refused by the banks The effects of this determina- tion developed at the, stock exchange before the day closed. The liquidation commenced in London before the open ing here and this had the effect of throwing about 10000 shares on the To- cal market at the opening on arbitrage account All of the recent active spec ulative pools and combinations were active in the liquidation before the day closed.
 It cannot be said that there were any new unfavorable developments in the money situation. The improved posi- tion of the banks had the effect this morning of stiffening the foreign ex- change market and cutting of the hope of further relief by gold imports, but yielded no relief to speculative borrow CTS. The various expedients that have been tried to relieve the tension have simply served to demonstrate that the money and credits locked up in specu- lative commitments in the stock mar kets have not left enough to meet the interior demand of circulation and the sub-treasury demand for customs pay- ments.
 Apparently all interests arrived at a common determination to-day to take the short way to the only means of re- lief available. which was by selling out stocks and paying off loans. Only to- morrow's developments can prove how