The Savannah morning news., 1902-09-30
MONEY HARD To GET
NEW YORK MARKET RECEIVES
SEVERE sHAKE-UP.
CASH ON CALL 35 PER CENT.
LISTED STOCKS SHOW SUBSTAN.
TIAL NET LOSSES.

Tha Greatest Loss Was in l.. & n,
Caused by Disappointment Regard
ing the Probable Disposition OF
the ROnd-Trust Companies, Out al
Tovyn Corporations and Private
individuals Furnished All the
Nancy Loaned on Call Yesterday.
Ranks and Clearing House stood
AIoOf.
New York, Sept. 29.-With call
money up to 35 per cent, and other ad-
verse circumstances, to-days market
received a very severe shake-up, net
losses in many active issues ranging
from 2 to 10 per cent. The greatest
,oss was sustained by Louisville and
Nashville. Disappointment regarding
the probable disposition of the road
as much as anything else is supposed
10 have caused the break.
other features that combined to un-
settle the market were disquieting re-
ports concerning the Presidents con-
strike, and the indubitable fact that
London and the continent are unload
ing americans" in large block.
Practically all the money loaned on
and out of town corporations and pri-
yate individuals. The banks of the
clearing house association stood aloof
and made virtually no loans for specu-
lative purposes. Moreover, the social
ed substantial interests offered no sup
port to the market, which, with few
exceptions, including Atchison and St.
Paul, closed at the lowest level.
The offices of J. P. Morgan 81 Co., and
other leading banking houses were
active during the day Mr.. Morgan
and his associates conferred with some
of the more prominent financiers, in
Guiding President Stillman of the
National City Bank; President Baker
Of the First National Bank, and Presi-
dent Hendrix of the National Bank of
Commerce. None of these gentlemen
would discuss the situation except to
say that further liquidation of stocks
would clarity the financial atmosphere.
The market opened weak and lower
ell around Londons attitude having
marked effect in that direction. Call
money opened at Is per cent, went
of a point or so, but soon rose to 20.
In the second hour of the afternoon
session 25 per cent. was the quoted
price, and top figures of the year
IS per cent.-was reached in the last
haf-hour.
1t was on the late trading that prices
melted most, and the decline was I'M
checked at the close.
Reported Merger Confirmed.
Mr. Morgan was at his Office until
late in the afternoon. Asked his opin-
ion regarding the outlook, he said:
Things are very much better. IN
fact, l think the situation was much
better to-day. We paid out something
like $12, 900 in coupons. 1 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"
Il am talking about the financial
situation, not the stock market"
To one of his callers Mr.. Morgan is
known to have declared that the con-
troll of Louisville and Nashville would
undoubtedly go to interests identified
with the Atlantic Coast Line Com
pany, which is the holding company
Of the Atlantic Coast Line. This dis
position of the property will be made,
80 Mr.. Morgan is reported to have said,
without consultation with the Gates
Hawley interests in Louisville and
Nashville, though it was not to be in
ferred that the deal would be opposed
by Mr.. Gates or Mr.. Hawley. The
prices fixed for control is 150 Mr.. Nor
gan could not or would not give fur
Their details, except to say that the
Louisville and Nashville minority in
terest would be fully protected.