Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-05-03
Stocks Steady After Furry
Of Yesterday.
SOME EARLY WEAKNESS
BUT MARKET REACTED LATER IN
THE DAY.
There Were Advances in Pennsylvania
and Few Other High-class
Properties.
Special Dispatch to The Evening Star.

special dispatch to The Evening Star.
NEW YORK, May 3.-The street-cIeanins
process. which caused such alarm on the
curb at the close of yesterdays business.
appeared to have been pretty thorough, and
there was less concern in the general mar
ket this morning than had been expected.
London sent over a lower range OF prices
and sold some stocks in this market. The
press of business during the morning forced
specialists to refuse orders before the open
ing. and the effort to protect overloaded ac-
counts resulted in almost general conces-
sions from the closing level OF yesterday.
The declines were mostly fractional, how
ever. Reading, Brooklyn Rapid Transit
and a few equally popular issues sold OF
more than 1 per cent, while Pennsylvania
opened at an advance of 1 per cent over
last nights prices. The silly stories which
were In circulation at the close OF yester-
days business had been put at rest by the
most convincing proof and the scare that
was feared failed to materialize.
Rutland preferred fuctuated between 90
and lob and was given good support around
par. The various court issues were given
better attention. but yesterdays pricking OF
such bubbles left that market excited ana
confused. Liquidation was In progress
throughout the day. but the better class or
under pressure during the greater part of
the morning. Brokers noted among thelarg-
est buyers around liza earlier In the week
were selling round amounts at 40 and I'M
der.
Union Pacific was actively traded In
around 102. and later in the day the charac-
ter OF the support induced a sharp rally.
The coal stocks were heavy under big deal
1ngs, and there were the usual conflicting
strike rumors. Philadelphia advices pre-
dlcted that there would be no strike In
spite OF the delay In reaching an official
vote against such action, but traders con-
strued the delay to mean an unfayorable
outcome. The stocks in this group were
well taken at the decline.
The traction shares were generally lower
ana the steel stocks were barely steady at
fractional gains from opening declines The
suddenness of yesterdays sharp decline
the bulk of the depression being caused by
the sales during the last half hour. has
emphasized the lesson suggested by the
International Power collapse earlier I'm the
week. Both episodes tend toward beneficial
results, since they point out and root up
certain elements of danger.
1t is entirely probably that some equally
undeserving properties as those embraced
in the so-called Webb Meyers syndicate
may have temporarily escaped such dras-
tic treatment, but so far as IL has gone
the discipline has been beneficial. Having
treated the urgent cases the others can he
permitted to run their course without in
jury to the main situation.
been called and the failure to make new
ones has resulted in a distribution of the
collaterals. and ownership now rests in
stronger hands. Interests which take up
stocks sold by others who cannot make
loans are undoubtedly stronger than those
from whom they receive the stocks. This
process having been going on quietly all
week and furiously yesterday and part Of
the day shows that the market is not with
out friends.
Bankers predict an easier money market
next week, and unless an accident happens
IL is thought that the worst is over.
The bank statement reflects a gain Of
81, 1870 in lawful money, thus correcting
the misleading figures OF yesterday.
An increase Of SO. 49,, 400 in loans is no
larger than had been expected, and the
deposits are larger by s13.643.0o0. The net
result of all charges is a decrease of 81 977-
$50 in the reserve. bringing the total down
to S,4S4.0O0. The market closed with a
sharp rally in progress and with consider
able confidence in its ability to weather the
threatened squall.