The Savannah morning news., 1902-05-07
STOCKS AND BONDS.

New York, May 6.-The stock market
made a remarkable showing of recu-
perative power to-day. Yesterdays
nervous disturbance growing out of the
collapse of the Webb-Meyer group OF
stocks was entirely lacking from the
outset to-day That development in
fact seemed to be accepted as highly
beneficial
Immense relief was professed over
the wedding out which had been ac-
complished of an inflated group of Sc
curities whose precarious condition
must have remained a menace to the
market as long as 1t existed. The col
lapse of an initiation is always a haZ-
ardous operation, owing to the danger
of the sentimental effect, however.
strictly localized. The effect is in
eVitably to shake the fabric of credit
and endanger sound properties as well
as the products of manipulation. The
flrmness with which the market took
yesterdays shock was surprise to the
most confident observers. The effect
was manifest in the opening dealings
when large buying orders appeared
we'll distributed throughout the list.
After yesterdays test confidence has
not been so general in the soundness
of the market position for many weeks
as it was to-day The money rate con-
tinued stiff at 10 per cent, at which
rate large sums were loaned by the
banks and the rate receded only after
most of the demand was satisfied The
maintenance of the money rate, how
ever, was believed to be a symptom of
the pressure exercised by the banks
against extending credits for unde-
sirable speculative purposes. The be-
lief is general that the recent liquida-
ton has greatly strengthened the po-
stion of the banks ( and has ~added
much to the soundness of the whole
fabric of credits.
| To-day's clearing house exchanges
we're reported as $500, 430,954 Only on
four previous occasions, all of them
during 1901. have the New York ex-
! changes exceeded half billion dollars
! for single day. No large syndicate
! transactions are known to have figured
| in the result, which may be taken
therefore as a measure of the amount
| of liquidation accomplished on Friday
and Saturday in the stock market. The
transfer of $500 900 by telegraph to New
| Orleans was. an incident of the day
Aside from the natural revulsion OF
! sentiment due to the appreciation that
yesterdays anXieties were unduly
acute was the general assurance felt
| in the financial district that means. hac
been found to avoid "a strike by the
| anthracite miners. The coalers were
| naturally prominent in the vigorous
| upward movement The movement ir
Louisville and Nashville, Chicago, In
| dianapolis and Louisville and Illinois
| Central gave color to rumors of the ex-
| tension of Louisville and Nashville to
| Chicago and the establishment of a
community of Interest among the
Southern trunk lines.
An unusually favorable batch OF
fourth week railroad earnings reported
| by Southern and Southwestern rail
roads and further rains in Southwest
ern states stimulated the advance.
The answer filed by the Northern Sc
| curlties Company to the government S
brief was favorably regarded in Wall
street as an argument from the finan-
| cial side of the device of securities
holding companies and prompted some
buying of stocks available for mer-
gers. This was notably the case with
the Chicago Great Western stocks. The
strength of the market, however was
quite universal and gains of as much
as to points are common through
out the list. In exceptional cases there
were gains much in excess of this. The
market closed active and strong at
about the top.
The bond market shared in the ten
dency towards recovery of stocks To-
tai sales, par value, $3,305,OOO. United
States bonds all unchanged.
Total sales of stocks to-day were
$4,000 shares, includings Atchison, 49,
100; Canadian Pacific, 11,100; Monon,
14.JOO; Chicago Great Western, 1O9, 100;
Erie, 1880; Illinois Central, $500;
Louisville, 35,100; Manhattan, Il. 300;
Mexican Central $500; Missouri Pa
cific, $4,000; New York Central. 1O, 200:
Ontario and Western, 1900; Pennsyl-
yania, l2O,4OO; Reading, 155.9OO; Reading
first preferred, $4,000; Reading second
preferred, 26.1OO; ST Paul, 10000;
Southern Pacific, 1880; Southern Rail-
way, 2O,1OO; Union Pacific, 20, 800;
Wabash, 1900; Wabash preferred, s.
400: Wisconsin Central, $500; Amalga
mated Copper 21,40O Brooklyn Rapid
Transit, 1900; Colorado Fuel, S2, 900;
Sugar, $4,000; Tennessee Coal, $500;
United States Steel, 1890; United
States Steel preferred, 12,l
New York Stock aud Bond List.