The Montgomery advertiser., 1902-05-06
WALL STREET REVIEW TWO EXPECTED AND ONE UNI
 PECTED FAILURES. Disturbance and Anxiety Felt in the
 Financial World in the Morn ing Much Relieved Be- fore the Close.

NEW YORK, May 5.-The disturbance and tS1lety which were felt in the financial world cose of the day on the stock sxehanse 'h9 It Mas known before the stock market opened ehet the hopes entertained on Saturday of lcnlnG means to tide over the firms threatened s Nitn embarassment had failed and there was < uothtng to do for these houses but to an- ucunce their inability to meet their contracts ln two cases the failures fully expected oQt the third came as something of a surprise, 1nere was heavy liquidation the Stock Elk 1ecttve support offered the general market checked the indscriminate liquidation and in Quced more sober reflections. There is doubt there was considerable dstrust felt of the fabric of credits generally. owing to the ig- norAnce or the extent to which the collapse of me Webb Meyer stocks had involved others The development in these stocks in them selves was recognized not to be of first im- ipcrtancc The collapse of their prices natur- ally reduced the basis of credits which had been acquired on the fictitious and manipua- i've valuation, but it did not appear that the lpcai money market had been used in taking foNt these credits Neither had the dazzling rise Tn the prices for these securities attracted any great speculative feeling. The trouble was thus localized within a comparatively nmail circle of immediate participants in the speculation This was soon demonstrated by me movement of the general market and the absence of final trouble :. in other quarters. There was the fear this, morning that the re- suits must be faced of similar operations of other pools in various speciaities and even of manipuiative advances in standard railroad stocks. but the readiness with which offer
 
 fnent and induced some buying back of stocks by nasty sellers. In fact. the days net losses are Found to be quite insignificant a rule and not few important stocks closed higher than Saturday. The reports of copious rains n the Southwest and the effective breaking or the drought conditions which have kept awake anxiety regarding crops was a material aid to the recovery. Tho persistent upward course of Louisville and Nashville was a sus. taining influence Rumors were renewed of combination of this road with the Chicago, Indianapolis and Louisville. The movement for the advance was not followed up. however, with, any degree Of Svigor. The prospect of q strike ionss the part Of the anthracite miners andta stringent demand on the money market will amply account for repression of specu- lation. As matter Of fact, the active liquida- tion son the first hour accounted for the early one half of the total dealings Money loaned as high as 20 per cent. and receded to per ceRts only after the principal demand had been met There can be no doubt the determination emphasized against the collateral and the un- fatDrable disposition developeds among money lenders towards the recent fndiscriminate ten dency of the speculation were factors in the along this line is viewed, with satisfaction. The knowledge that credits very literally expanded at present and that the rather yneagrc cash reserves are subject to heavy demands has caused real anxiety to be felt from the reckless speculation indulged in in quar- ters This curbing of this tendency by the money lenders, whose resources 1t is absolutely
 Some of the speculative bonds wore weak un- der forced liquidation. but the market soon recovered and became irregular in sympathy with stocks. Total sales (par value). S4,O3O,- 900. United States bonds all unchanged on the last call.