The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1902-10-08
HARD on VAL[ STREET.
Interest Rate Rises TO 35 Per
Cent. and Money Scarce
at That.

New York, Sept. 29.-With call
uoney m TO IS per cent. and other ad-
verse circumstances, today's market
received very severe shake up, net
losses in many active issues ranging
from 2 to 10 per cent. The greatest
loss Was sustained by Louisville and
Nashville. Disappointment regarding
the probable disposi tion OF the road as
much as anything else is supposed to
have caused the break
Other features that combined TO
unse5tIe the market were disqul letting
reports concerning the presid dents con-
5dition, the proIo1gation Of the coal
strike and the indubitsble fact that
London and the continent are unload-
ing e Americans in large blocks.
Practically al the money loaned on
call today came from trust companies
and out OF town corporations and
private individuals. The banks of the
clearing house association stood aloof
and made virtually 10 loans for spe-
eulat;ve purposes. Moreover, the So
called substantial interests offered no
support to the market, which with
few exceptions, including Atchison
and St. Paul, closed at the lowest
level.
The Offices OF j. P. Morgan & Co.,
and other leading banking houses
we're active during the day. Mr..
Morgan and his associates conferred
with some Of the more PROMINENT nm
snciers, including President Stlilman
of the. National City Bank, President
Bakerof the First National Bank and
President Eendrix 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
all around, London's attitude having
marked effect IN that direction.
Call money opened at Is per cent,
went of point or SO but soon rose
to 20. In the second hour OF the af-
ternoon session % per cent. was the
euoted price, and the top figure Of the
Tear-335 per cent, was reached IN the
last houT.
was on the late trading that
prices melted most, and the decline
was unchecked at the close.
Nj. Morgan was at his ohce till late
IA the afternoon. Asked his opinion
regarding the outlook, he said:
Things are very much better. In
fact, think the situation better to-
day. We paid ont something like Sl2,-
900, coo IN coupons. 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
q am talking abou6 the financial
situation not the stock market.
10 one Of his callers Ar. Morgan
is known to have declared that control
Of the Louisville and Nashville would
undoubtedly go to interests identified
with the Atlantic Coast Company,
which is the holding company of the
Atlantic Coast Line. This disposition
of the property viii be made, SO Mr..
Morgan is reported to have said, witt
ont consultation with the Gates -HaW-
ley interests in Louisville and Nash
vile, though il was not to be inferred
that the deal would be opposed by Mr..
Gates Or Mr.. Hawley. The price fixed
for control is 80. Mr.. Morgan could
not or would not give further details
except to say that the Louisville and
Nashville minority interests would be
fully protected.