Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-05-05
Stocks Opened Today Under
Bearish Influences.
THREE FIRMS FAIL
THREATENED STRIKE ADDED
FEAR TO SATURDAYS sLuMPs.
Later in the Day There Was a Good
Recovery in General
List
al Dispatch TO The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK, May 1.-As this was the
first delivery day since the sensational dis
closures of last week, the real test OF the
markets equilibrium came this morning In
addition to the collapse OF the industrial
bubbles on the curb came the report of
fruitless negotiations with the anthracite
coal miners. and the street generally was
prepared for a morning of liquidation and
lower prices. Initial figures were irregular.
some about at Saturdays close and others
from to per cent lower.
Rutland preferred opened down to 90. sold
as low as SO and was rather plentiful later
in the day around 93. Railroad men are In
clined to believe that this property is suf-
fering largely from its unfortunate asso-
ciates and is not without value when Il is
considered that its lowest point in 1901 was
only per cent under par Early trading
was feverish because Of the suspensions OF
three stock exchange houses which had be-
come involved in the Meyer syndicate
troubles.
Two OF these failures Were not unexpected
after Fridays disclosures. but the third
had not been known as a likely sufferer As
a result of the already nervous condition of
the market the constant recording OF tran
sactions under the rule" for the accounts
OF the suspended firms emphasized the feel
ing Of unrest.
Stocks were freely sold by commission
houses. and few really good buying orders
came In to help prices. London's early
weakness was later disclosed to have been
the result OF free selling from this side
since after the opening Of one market Lon
don traded in only 10000 shares. and these
were evenly divided between purchases and
sales.
Toward the close OF the first hour splen-
did support was disclosed and the fear af
general or uncomfortable slump subsidized
naturally. The steel issues were given sx-
ceilent support at II and ~, and Reading
was taken In round amounts within a
fraction of 63. The Morgan firm, through
MI keene, was shown to be exceedingly
alert In the protection of all it's speciaities
Advances I'm Nashville and Monon were
features of the day under buying for the
new interests and Southern railway was
well taken on the declines
Southern and Union Pacific were given
good support. and numerous low-priced
shares, such as Colorado Southern. Chicago
and Great Western and the like, were well
bought by friendly interests after the OPEN
ing declines.
The reports Of good rains in certain sec
tons of the west helped Atchison and GER
tain of the Gould issues The Iast-named
group was helped by the Gould letter ex-
planning the purposes of the Wabash man.
agement In relation to Western MARYLAND
The frank avowal that Baltimore will be
made a seaport terminal for the Gould
III es is expected to overcome the opposi-
ton to the Fuller bid at today's meeting OF
the Baltimore council Wabash issues
Showed strength on this prospect. Anal
gamated Copper and Sugar were moderate
ly steady under what seemed to be a mix
ed demand from inside and the covering OF
short stock.
Rumors that the Greene Consolidated
Copper had sold its railroad made that
stock feature on the curb around 30.
The money market ruled firm all day the
rate getting up to 20 per cent during the
last hour. Offerings by Messrs. Morgan a.
Co. broke the rate back to II
The market was dull toward the close
at general recoveries from the low point of
the morning.