The Montgomery advertiser., 1902-09-30
STOCKS SHOW LOSSES
LOUISVILLE 6 NASHVILLE THE
 GREATEST SUFFERER,
Call Money Climbs Up to 35 Per Cent Which is a Record Price for the Year-Further De-
 clines are Looked For.

New York. Sept. 29.-With call money up to 35 per cent and number of other adverse circumstances, today's stock market received very serve shake up. from to 10 per cent.
 The greatest loss was sustained by Louisville and Nashville. Disappoint- ment regarding the probable disposition of the road as much as anything else is supposed to have caused the break.
 Other features that combined to unssttl the market were disquieting reports con- cerning the Presidents condition, the pro- longation of the coal strike and the in- dubiahle fact that London and the con- tinent are unloading Americans" in large blocks.
 Practically all the money loaned on call today came from trust companies and out of town corporations and private in- dividends. The banks of the clearing house association stood aloof and made practically no loans for speculative pur- poses. Moreover, the so-called substan- tial interests offered no support to the market, which, with few exceptions in cluding Atchison and St. Paul, closed at the lowest level.
 The offices of J. P. Morgan & Co., and other leading banking houses were active during the day. Mir. Morgan and his associates conferred with some of the more prominent financiers, including President Stillman of the National City Bank. President Baker of the First National and President Hendricks of the National Bank of Commerce. None of these gentlemen would discuss the situa- tion except to say that further liquidation of stocks would clarify the financial at mosphere.
 The market opened weak and lower all around, London's attitude having a marked effect in that direction.
 Call money opened at 15 per cent. went off a point or two but soon rose to 20 In the second hour of the afternoon ses- sion, 25 per cent was the quoted price, and the top figures of the year. 35 per cent. was reached in the last half hour
 It was in the late trading that prices melted most, and the decline was un- checked at the close.
 Mir Morgan was at his office till late in the afternoon. Asked his opinion re- garding the outlook, he said: Things are very much better. In fact, I think the situation was much better today. We paid out something like SIP OOO0OO in coupons l believe the worst is over, but it may take some time for things to settle.''
 Do you think the stock market will be stronger tomorrow?'
 T am talking about the financial situa- tion and the stock market"
 To one of his callers, MT. Morgan is known to have declared that control of Louisville and Nashville would undoubt- edly go to interests identified with the Atlantic Coast Company, which Is the holding company of the Atlantic Coast Line. This disposition of the property will be made, Mir Morgan is reported to have said. without consultation with the Gates-Hawley interests in Louisville and Nashville though it was not to be inferred that the deal would be opposed by MT. Gates or MT. Hawley. The price fixed for control is l5O. Nr. Morgan could not or would not give further details except to say that the Louisville and Nashville minority interests would be fully pro- tected
 Secretary Shaw, whose visit to town was regarded as especially significant, called at the sub-treasury late in the afternoon. While in the financial dis trict he saw several bankers, including his precedessor. Lyman J. Gage, now president of the United States Trust Com pany; Vice President Hepburn of the Chase National Bank and Mir. Vanderip of the National City Bank. At the Fifth Avenue Hotel in the evening. Secretary Shaw said: My visit to this city has to do with customs matters. Of course I talked over the situation with some of the banking men and number of suggestions have been made to me. Just now I cannot say anything regarding the monetary situation and l must decline to offer any opinion as to the cause or causes which have brought about present conditions"
 Secretary Shaw was in constant com munication with his subordinate at Washington during the evening and in- timated that he might make a definite statement later.