Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-09-29
FINANCE AND TRADE
Bears Raided Stocks on Dear
Money.
A 25 PER CENT RATE
ST. PAUL WAS LEADER IN DE-
CLINE.
London Also Sold About so 900 Shares
in the New York
Market. 4
| 25 PER CENT RATE
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. September 29-Liquidatlon
was resumed In today's stock market and
money loaned again at 20 per cent, In spite
OF the so-called favorable showing made
by the banks on Saturday. London sold
some 10000 shares OF various stocks for
elgn houses having liberal selling orders
throughout the morning
Commission houses sold stocks in modcr-
ate volume, and traders were free sellers
on the rallies. Houses with western con-
nections had selling orders from interests
heretofore committed to higher prices but
who are now leading campaign Of depres-
sion.
For the first time In some months there
is good sized short interest in the street
Rallies should set in from this source. but
every advance is likely to bring out long
stock in good volume.
The market as a whole does not look en-
cou- aging A tardy recognition Ct the
speculative OVERRIDING is resulting I'm a
shifting of loans and a general desire t.
Tighten risks. Pools having stocks fer sale
are quite as numerous as the 20 us which
proposed 10 and 20 pr cent advances CnIy
ten days ago.
In many cases the belief in lower prices
rests entirely on the supposed needs of such
pools. This condition first became evident
in the case OF the Gould shares, which were
conspicuous features in last weeks early de-
cline. This group was again freely sold by
traders and some stop orders were uncov-
cred on the way down
Louisville and Nashville opened at a
sharp decline, and was weak al day, partly
as the result of doubt about the exercising
Of the Morgan option on control. AS now
understood, October II is the date upon
which this option expires, but there is no
obligation to exercise the privilege, and
no details OF the transaction are given cut
speculative holdings were sold in the fear
that the plan might not warrant holding
the stock at current prices.
The announcement that the Atlantic Coast
Line was not in control also confused the
situation. St. Paul was sold down rather
vigorously because no new light was thrown
on the incentive to the recent advance. The
break In this stock unsettled the entire mar
ket and forced the lowest level yet reached
for certain active specialtes.
Union Pacific was not under liberal SELL
ing and Southern Pacific went off In sym
pathy. The entire list became unsettled on
2o per cent money during the last hour.
News from the coal strike was unchanged
and the coal shares were weak in conse-
quence. The industrial list was heavy and
on all sides there was decreased conf
dence in improving prices.
So much depends upon the returns from
this years crop that there is a natural skep-
ticism as to the expected happening in that
particular. We owe an enormous sum to
Europe, exports are smaller and imports
larger. bank reserves are at the minimum
record for the season and loans are within
s, 900 900 Of the total deposits Of the clear
ing house banks.
The crops are expected to remedy tbs.
but stock market liquidation may be de-
manded In addition, for there is grave doubt
of sufficient relief coming in any other way
Secretary Shaw Is in New York today, and
the tape shows that up to the close of bust
ness he had not been impressed with Wall
streets plan for relief.