The Montgomery advertiser., 1902-05-07
WALL STREET REVIEW REMARKABLE SHOWING OF RECUPERATIvE POWER. Neyveusness Resulting from Collapse of the WebbsMeyer Stocks
 Entirely Lacking from the
 Opening of the Market.

NEW YORK. May 6-The stock ma, ket made remarkable showing of recuperatiyc power today Yesterdays nervous disturb ancc growing out of the collapse of the Webb Meyer group of stocks was entirely lacking rom the outset today. That development in Tact, seemed to be accepted as highly bene- hctal. Immense relief was professed over inc
 Needing out which had been accomplished of
 an innated group of securities, whose precari-
 ous condition must have remained a menace to
 me market as long as it existed. The collapse or an imitation Is always a hazardous opera enect, however strictly localized. The effect is inevitably to shake the fabric of credit an endanger sound properties as we'll the pro
 oucts or manipulation. The firmness with
 wnich the market took yesterdays shock
 Was surprise to the most confident observers
 The effect manifest in the opening deal
 ihss, when large buying orders appeared well
 distributed throughout the list. After yester-
 day test. confidence has not been so general
 many weeks as it was today The money rate
 continued stiff at 10 pc. ce.t., at which rate
 large sums were loaned. by the banks and the
 rate rcceded only after most of the demand
 was satisfied The maintenance of the money
 rate, however. was believed to be a symptom
 or the pressure exercised by the banks against
 extending credits for undesirable speculative purposes The belief Is general that the re- cent liquidation has greatly strengthened the
 posit3ont or sthe banks and has added most to the soundness of the whole fabric of credits. sFpday's clearing house exchanges were report
 cd as $500 430 954 Only four previous
 occasions. all of them during 1901 have the
 New York exchanges exceeded half billion
 uOidfs TOT a 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 accom- plished on Friday and Saturday in the stock
 market. The transfer of S40o. 900 by tele, graph to New Orleans incident of the day. Aside from the natural revulsion of sen timent due to the appreciation that yester- days anxieties were unduly acute the general assurance felt in the financial district that means had been found to avoid a strike by the anthracite coaers. The coalers were naturally prominent in the vigorous upward movement. The movement in Louisville and Nashville, Chicago. Indianapolis and Louis- vile and Illinois Central gave color to ru- of the extension of Louisville to Chi cago and the establishment of a community of interests among the Southern trunk lines. An unusually favorable batch of fourth week railroad earnings reported by Southern and Southwestern railroads and further rains in | Southwestern States stimulated the rise. The ! answer filed by the Northern Securities Com pany to the Governments brief was favorably l regarded in Wall Street an argument from the financial side of the device of securities | holding companies and pre-empted some buy ing of stocks. available for mergers. This was notably the with the Chicago Great | Western stocks. The strength of the market | however. quite universal and gains of as | much as ld3 points were common throughout | 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 tendency to- l wards recovery of stocks. Total sales tpar vaue) S3. 3o5 900. United States bonus were | all unchanged on the last call.