The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-05-06
STOCKS AND BONDS.

New York, May 5.-The disturbance
and aXiety which were felt in the
financial world this morning were
much relieved before the close of the
day on the Stock Exchange. 1t was
known before the stock market opened
that the hopes entertained on Saturday
of securing means to tide over the
firms threatened with embarra ssment
had failed, and there was nothing to
do for these houses, but to announce
their inability to meet their contracts.
In two cases the failures were fully
expected, but the third came as some
thing of a surprise. There was heavy
liquidation on the Stock Exchange
when they were announced, but the
effective support offered the general
market checked the indiscriminate
liquidation and induced more sober re-
Elections.
There is no doubt there was con-
siderable distruSt felt of the fabric of
credits generally, owing to the ignor-
ance of the extent to which the col
lapse of the Webb Meyer stocks had in
volved others. The development in
those stocks in themselves was recog-
nized to be not of first Importance. The
collapse of their prices naturally re-
duced the basis of credits which had
been acquired on the fictitious and
manipulative valuation, but it did not
appear that the local money market
had been used in taxing out these
credits. Neither had the dazzling rise
in the prices for these securities at
tracted any great speculative following.
The trouble was thus localized within
a comparatively small circle of imme-
date participants in the speculation.
This was soon demonstrated by the
movement of the general market and
the absence of financial trouble in
other quarters. There was the fear
this morning that the results must be
faced of similar operations of other
pools in various specialties and even
of manipulative advances in standard
railroad stocks, but the readiness with
which offerings were absorbed quieted
the nervous excitement and induced
some buying back of stocks by hasty
sellers. In fact, the days net losses
are found to be quite insignificant as a
rule and not a few important stocks
closed higher than Saturday
The reports of copious rains in the
Southwest and the effective breaking
of the drouth conditions which have
kept awake anxiety regarding the crops
was a material aid to the recovery.
The persistent upward course of Louis
Vile and Nashville was sustaining
influence. Rumors We're renewed of a
combination of this road with the Chi
cago, Indianapolis and Louisville The
movement for the advance was not fol-
lowed up, however, with any degree of
vigor. The prospect of a strike on the
part of the anthracite miners and the
stringent condition of the money mar
ket would amply account for a repres-
sion of speculation. AS a matter of
fact the active liquidation of the first
hour accounted for nearly one-half of
the days total dealings. Money loaned
as high as 20 per cent. and receded to
6 per cent, only after the principal
demand had been met. There can be
no doubt that the discrimination en-
phasized against collateral and the I'M
favorable disposition developed among
money lenders towards the recent in
discriminate tendency of the specula-
ton were factors in the money strin-
Gency. The squeezing out process
along this line is viewed with satisfac-
ton. The knowledge that credits are
very literally expanded at present and
that the rather meager cash reserves
are subject to heavy demands has
caused real anxiety to be felt from the
reckless speculation INDUCED in in
some quarters. The curbing of this
tendency by the money lenders on
whose resources it is absolutely de-
pendent is said to make for financial
health.
Some of the speculative bonds were
weak under forced liquidation, but the
market recovered and became irregular
in sympathy with stocks. Total sales,
par value, $4,000, 900. United States
bonds were all unchanged on the last
call.
Total sales of stocks to-day were
761, 200 shares, including Atchison 27,-
500; Baltimore and Ohio. 7100 Cana
dian Pacific, 1880: Chesapeake and
Ohio. 3,100; Chicago. Indianapolis and
Louisville, $500; Chicago and Great
Western, $500; Illinois Central, $500;
Louisville and Nashville, SO, 500; Man
haitian, $4,000; Missouri Pacific, Is, 700;
New York Central, $500; Norfolk and
Western. 200; Ontario and Western,
$500 Pennsylvania. 10000; Reading, &c.
300; Reading second preferred, Il, 700:
St. Paul, 43,100 Southern Pacific, 3D.
100; Southern Railway, 31100; Union
Pacific. 42,700; Wabash, $500; Wabash,
preferred, $500; Copper. 400; Brook
lyn. 400; Colorado Fuel and Iron, H.
400; Sugar. 20. 400; Tennessee Coal and
Iron. $4,000 United States Steel. 80. 700;
United States Steel preferred, 1920;
American Locomotive. $500.
New York stock aEe D"nd List.
do preferred ..................... 9Tta
Baltimore and Ohio ..,..., 1867