The age-herald., 1902-05-03
STOCKS RECEIVED
 BRISK SHAKING UP ConStriction of Money Supply
 Is Immediate Cause PRICES TUMBLED ABOUT Purely Fictitious Prices, Brought About By cIques and ManlpuIat- ing Pools, Gave Way Before
 Close Scrutiny.

New York. May 2.-The stock market received a shaking out this afternoon which had been considered overdue some time by competent observers of condi- tions. As usual the constriction or the money supply Is the immediate cause or the fall of prices Needless to say the ground has been prepared by the manipu- Iation of speculative pools and cliques with resulting imitation in prices which gave purely fictitious values in the most fragrant cases and highly speculative range of values in the whole list. The lesson of the international power episode was reinforced today by the example Of another group, which has been lifted re- gently by highly manipulative tactics with practically no general demand for the se- curities The abrupt break to par of Rutland preferred compared with 120 yes- terday was a sufficient indication on the stock exchange of the state of distrust which has arisen. The displaying of cred it's which resulted from the discrimination against collateral for loans caused a live ly disturbance in the money market which was already in a tight condition. Some of the largest banks loaned very freely at an arbitrary rate of per cent but this did not prevent an active demand It higher range of rates all the way up to 10 per cent. The forecast of weak bank statement did not give promise of my immediate relief from the restrained condition of the money market. Indica- lions point to a loss of cash by the banks of nearly $3,OO00O0 in spite of receipts on balance from the interior and owing to the sub-treasury requirement. of $4,134, ,000
 The steadiness of the foreign exchange market at near the gold export point was also regarded ominously as threatening possible further complication next week. The calling for payment of 25 per cent lnstallment of subscriptions to the steam ship merger syndicate will require next week an amount approximately S7O0, 900 on the supposition that 60 per cent of the subscriptions are payable in New York and 40 per cent abroad. There are other heavy requirements including the dis bursement of the dividend to the United States Steel Underwriting syndicate. That there were some heavy transactions car ried through yesterday was indicated by the large clearings of the banks which reached about $447, 900 for the day. The WedkneSS or the market was contested fo. a time, apparently by the element which had led the speculation of late. They had to contend with large western orders to sell. The notable strength of Louisville and Nashville which touched 1894 was attributed to the maneumers of this element and said to be facilitated by the existence of a short interest. Early strength in Pennsylvania was also help. In the late dealings all attempts to sup port the market were abandoned and stocks were unloaded indiscrimnately, causing a break in prices which reached as high as per cent and under in the majority of stocks. St. Paul suffered to the extent of 4h Canadian Pacific 39s and other less conspicuous stocks from 8 to '. International power continued it's eccentric gyrations which extended from It. to S5 with net loss of 13 points. Hasty profit taking by the room shorts caused some spasmodic rallies but the closing was weak and semi-demoralized. Minor considerations were obliterated by the importance attached to the money out look.
 The bond market shared the weakness of the stock market but in a small de- gree; total sales, par value, $3, ,220, ,000 United States bonds were unchanged on the last call.
 New York Stock Market.
 t5u k'rivate Wire to Murphy A Ga