The age-herald., 1902-05-07
RELIEF OVER
 THE NEEDING OUT Stock Market Showed Remark able Recuperative Power RECOVERING THEIR NERVE Money Rates Continue Stiff at 10 Per Cent, at Which Price Large Sums
 Were Loaned By the Banks.
 Bonds Were Steady.

New York. May 6.-The stock market made a remarkable showing or recupei" tive power today. Yesterday nervous disturbance growing out of the co'i"p'e of She Webb-Meyer group of stocAS was entirely lacking from the outset 'oN%'' That development in fact seeiheo ''
 accepted as highly benencial n
 ,.,,eI vv,s professed over the weedins out vh,oh b.a bean accomplished of an lh- Hated group of securities whose pieo sus condition must have rema'he" i
 ace to the market as long as lI eNis'eO' The collapse of an imitation ls ai"''9 . hazard,,,s operation, owing to the dah- gar or the sentimental effect, however strictly locslised. Tue effect IS ineFi'ooi' to sbaka tho fabric ct credit and endah- ger sound properties as well AS the 'lo- ducts of .nanipuiatioI'- The irninesS "'',' whioh the market took yesteroay sn'e" xas a surprise to the most connoehs o0 ..r,,.,s The effect was manifest Tn the opening dealings, when large ouSi"s VI de,s appeared well distributed tntoush- o,,t tho list Liter yesterdays test con 6dence has not been so general In the .oundness of the market position TOT many weeks as it was today The money rate continued stih at ten per cent at which rate large sums were loaned py 'ne banks and the rate receded only ai.ei most of the demand was satlsneo. Ahe ,1aiptenance of the money rate, however was believed to be a symptom of the pres
 h rk tending credits for undesirable specula- five nurnoses The belief is general that the recent liquidation has greatly strengthened the position of the paihs and has added much to the soundness ol the whole fabric of credits IouaS clearing house exchanges were rePoi leu as $50O 430, ,954 Only on four previous oO casions all of them during 190l nave tne New York exchanges exceeded hall pil- lion dollars for a single day.
 No large syndicate transactohs arc known to have figured in the result "liioii " may be taken, therefore as measure of the amount of liquidation accom- nl,shed on Friday and Saturday in the stock market. The transfer of $4OOoo py telegraph to New Orleans was an lhcl- dent of the day Aside from the nationai revision of sentiment, due to apprecia .iVl that yesterdays anxiety was unuu,S acute was the general assurance 1elt III the financial disaster that means had been found to avoid a strike by the an fhracite coalers. lhe coalers were prom inent in the vigorous upward movement The movement in Louisville and Nash- yille Chicago and Indianapolis, ana Louisville and Illinois Central, gave color to rumors of the extension or LoulsViile to Chicago and the establishment ol community of interests among the soutn- ern trunk lines An unusually favorable batch of fourth-week railroad earnings reported by southern and southwestern railroads and further rains in south- western states stimulated the rise. The answer filed by the Northern Securities Company to the government prleI was favorably regarded in Wall street as an argument from the financial side or the device of securities holding companies and pre-empted some buying of stocks available for mergers. The strength Of the market however, was quite univer- sal. and gains of as much as l to points were common throughout the list. In ex- ceptional cases there were gains much in excess of this. The market closed ac- tive and strong at about the top.
 The bond market shared in the ten dency toward recovery of stocks. Total sales, par value, $3SQ5,00O.
 United States bonds were all unchanged on the last call.
 New York Stock Market.
 ur I,r,y.ta Wire to Murphv A Cn