The Washington times., 1902-09-30
Depression Fell Throughout
khe Entire Securities List,
the Net Losses Averaging
Facn, 3 TO 7 Pomts.
Spectators Look fos Relief
to One of fhe Heads of The
Financial Wooid-Condi-
hon ResuAof Unwlse Pools

NEW YORK, Sept. 2S.-The downward
movement of prices on the stock ex-
change today attained a momentum that
caused violent declines. the counterpart
of which has not been seen since the
memorable panic of May 8 last year.
Without exception, the developments
of the day were discouraging from the
viewpoint OF holders of securities, but
the paramount depressing factor was in
creased monetary disturbance, call loans
being made as high as 80 per cent, the
record in long time. And at that the
banks associated with the New York
clearing house, with hardly an excep-
ton, were out of the loan market.
Loans were called and fresh demands
for margin made upon security holders
uninterruptedly throughout the day
until the stock market took on the, ap-
pearance of a semi-panic Liquidation
in all directions, but particularly by
pools. progressed steadily and was vir-
tually unchecked. Call money loaned
at not far from the extreme high point
until almost 3 o'clock. and the last loan
was made at 25 per cent. This condition
was the more significant because of the
anticipation of considerable sums of in
terest by leading banking house.
Declines in London.
Previous to .he opening of business
sentiment was unfavorably affected by
sharp declines in the prices of American
railway shares in London and by dis
couraging rumors in reference to Louis
vile and Nashville. There was also a
disposition to regard Saturdays favor
able bank statement showing as largely
a matter of bookkeeping. Throughout
the day rupors were current that resort
would have to be had to an issue of
clearing house certificates by the banks,
and the statement was made that out
side lenders of money and country
banks, alarmed over the violent declines
in large sums of money.
1t was also reported that the trust
companies, which have been supplying
the greater parts of the money that has
recently been available, were calling
loans in preparation for the October j
disbursements, which are estimated at
between 100000 900 and $50, 900, 1000. The
decline III prices was checked momen-
tarily at one time in the morning by
rumors current on the floor OF the stock
oxohopra .1,a+ Ca,ra,or,. cl,-,- -
reported 10 be in town, was conferring
with important interests with a view 10
arranging some substantial monetary re-
lief measures. Lack of confirmation pf
the reports caused renewed despoudency.
Securities Demoralized.
The Generalization in the stock mar
ket, briefly described, is chiefly the out
come OF enormous speculative borrowing.
running into the hundreds OF millions of
dollars. until the large subtreasury alb
sorptfons and the approach OF the heavy
monetary crop movement requirements
compelled the banks TO call a halt. IL
has been known for some time that half
a dozen large brokerage houses had
been regular borrowers to the extent
OF anywhere from $40 1000, 900 to SAC. .OO0.-
600 each, and the unwisdom of the large
pools in violently advancing security
prices in the face of these conditions
was the last straw to cause the collapse
OF the speculative structure
After the close of business there was
renewed aynec;o+;o, ~ r..ha. - e
intervention by eminent financial inter |
ests. without which it was apprehended |
further decline in prices tomorrow was |
probable. Louisville and Nashville was
under the hammer all day. the selling
being chiefly attributed 10 the theory |
that the reported transfer o. control |
does not include the minority holdings |
The stock. which had closed on Satur- |
day at 1855. net decline of Az per
cent. opened at from 145 TO 142. and ON
transactions aggregating 1900 shares, it
Tell to s3!l5, an extreme loss as CON-
pared with the high point on Saturday
Of Ii points. Todays net decline was
lo9s per cent. the stock closing within a
SAteAN t'HNNion VI tht loNtSi
St. Paul Loses Badly.
ST. Paul, which had closed at 1891 on
Saturday. net decline of 3h, opened at
ls2 and slumped TO 1875. The final price.
ess than a point from the low figures.
showed net loss of So per cent. The
selling of this stoc kwas ascribed to
over the official denials
IT reports that had previously formed in
BAR, the basis of the recent bull move
nent in it,
The declines in the general market
we're general, and the extreme losses
anged anywhere frem 3 10 points
n the more prominent issues. The ag-
regate transactions were somewhat In
xcess OF million shares and were
widely distributed The trading in Atchi- ,
on common reached nearly 81, 900 shares
nd the stock. at a rally of i,R points {
rom lie lowest. finished 5% per cent {
over than on Saturday. |,
Equally severe losses were sustained ,
y Canadian Pacific. Baltimore and Ohio,
ianhattan Railway and Pennsylvania
railroad, and the net declines were al
nost as great In Missouri Pacific. New /
y<1r1r raj Il