The Savannah morning news., 1903-08-23
WALL STREET GAME
COL. BElRNE GORDON TALKS
ABOUT RECENT STOCK FURRY.
IS BACK FROM CANADA.
RELIEVES S. A. L. LACKED MONEY
TO CARRY OUT ORIGINAL POLICY.

Says It's Control by Rock Island
People VIII Not Be Inimic"i 10
Savannah-Decline in Virginia
cnrOIfna Chemical Greater blow
IN Richmond Than SenbOnrd Deal
Vn.-Ca.'s Downfall Attributed 10
shortare of Funds and Too High
Iuterest ON borrowed MOney-Ad-
vises Planters to Market Cotton
CrODs - Cleveland for Third
Term.
Col Reirne Gordon has just returned
from Canada, and on his way PACK
spent some time among his business
friends in New York. He was there
during the troubles in Wall street when
failures were being announced rapioiy'
col Gordon is vice president OF the
Merchants National Bank, SO that oe-
velopnents at the financial centers are
matters of special interest to him. AS
10 business conditions, Col. Gordon SAID
yesterday:
1.-The recent furry in stocks was al
together a Wall street affair, Otner
parts of the country are in healthy
condition financially. 1t is thought
that Rockefeller or some other large
controller of money was the cause OF
the recent decline in stocks IN oroer
to buy in cheap or get control
"T believe the Seaboard Air Line
lacked money to carry out its original
nolicv. The control by the Rock Is
land people will not be inimical 10
savannah. The decline in virginia
Carolina Chemical is'a greater oio" 10
Richmond neople than the sale OF the
Seaboard Air Line. The Virginla-Car-
o,ina Chemical Company, also had Its
downfall by shortage of funds paying
too high interest on money borrowed
and by failure to earn what STOCK
holders expected it was unable to bor-
row more.
Bankers Feel Safe.
Bankers informed me that they oio
not anticipate any financial trouble
this fall. The wheat and corn crops
promise to be large this season anu
with a few more weeks OF taYoraple
weather the cotton crop points 10
large yield to be sold at hlgh prices
Bankers expect to have an apunuaI ~
of currency to move the crops, but the
rate Of interest would continue high
or above the average Of the past rev
years.
saThe almost unanimous opinion OF
those cotton men with whom / talked,
was that the price of spot cotton during
September and october would rule nigh
with an unprecedented demand from
legitimate sources. Some claim that
the bull clique have placed practically
their $780, 900 bales now held in New
York and New Orleans. and that this
will not suffice to carry mills through
to the time of the heavy movement of
the present crop, and consequently the
scramble for new cotton may be enor-
nous.
"Others claim that the clique have not
marketed their holdings. and that If
seasons continue favorable from now
on, and the clique fail to dispose of
their spot cottons before the movement
in September, that they will lost most
of the profits they now claim they as
suredly have. by prices declining
sharply.
Russia in Market.
There is no doubt that the conti-
nent and Russia are in the market
right now, and IL the clique made any
concessions at all they could sell all
they had on hand. but they may wait
too late.
what prices will be after the first
movement and demand In September
and October Is over Is the hardest
problem TO solve.
"If favorable weather continues,
with a late frost, every one agrees
that coffoa IN fhe winter rnfghf aaff
below glkc, but the fear Of something