The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-05-04
CHANCE GIVEN
TO AVERT FAILURE
Supporting Orders al Weak
Points Found Necessary
SPECTATORS ARE NERVOUS
There Was a Threatening sreak of
Prices at tho Opening of the
Stock Market In Spite of
Spotty Strength.
SPECTATORS ARE NERVOUS

New York, May 3.-The net changes in
todSy's stock market show little of the
feverishness and nervousness exhibited in
two hours that was apparent in the fore
part of the week.
When the market closed yesterday there
was realization of the nature OF the
financial troubles reflected in the col
lapse yesterday of the so-called Webb
group of stocks on the exchange and on
the curb market today. Opportunity was
given to make provision today to avert
the threatened failures and to provide for
support in the stock market. The fact
that no stocks are deliverable on Sat
urday under contracts according to
stock exchange rules and that loans made
on Friday carry over to Monday, admit
teddy helped the efforts to avoid trouble
There was a threatening break in prices
at the opening of the stock market in
spite of a strong upward movement in
Louisville and Nashville and Pennsylva-
MIA. These advices were lost, however,
and the supporting orders at weak points
were found necessary to check indis-
criminate liquidation. When st. Paul
was selling at 100 share lots at 10 there
were bids in the market for 1000 shares
at 170E. The centralized buying was not
followed up when it was seen that the
selling was checked. After the bank
statement appeared the buying was re-
newed In more aggressive manner and
the market developed fairly buoyant
tone with the closing active and strong.
Earlier losses were generally wiped out
and net gains were quite common at the
close. OF these stocks supposed to be
Immediately concerned In the disturbance
Rutland preferred fiuctuated between 103
and SO, with the last sale at 100 compared
with 102 last night. ST Lawrence and
Adirondack was variously quoted at 80
bid, 12O asked at 70 and 120 asked, with
the closing quotation so bid and 100 asked.
The increase in cash shown by the
banks was a surprise, as the heavy sub
treasury absorption during the week in
dicated loss of upwards of $3,00O,00O
The relief thus afforded was a welcome
one in view of the loan expansion of up
wards of $10,000OOO. The sharp liquidation
In the stock market, it is hoped. has
served TIC relieve the tension of the money
situation. although an active money mar
ket is expected next week.
Declining speculative interest has been
shown in the stock market this week and
efforts at supporting prices have not met
with entire success. The month-end re-
quirements precipitated stringent condi-
ton in the money market, which was ag
gravated by the collapse In International
e'ower and the distrust engendered IL
some of the other industrials supposed to
have affiliations with that company or
whose conditions are equally shrouded
in mystery.
The weekly bank statement reveals that
the banks are down to the legal reserve
limit, which is thus seen to figure not
only against their own deposits, but
those Of the trust companies and many
interior institutions. who also kept cash
deposits in New York banks
The varying weather news from the
crop belt has been an influence on the
stock market, and the delay in the settle
ment of the anthracite labor question has
been a drag upon speculation The main
tenanca of 4oreign exchange in the neigh
borhood of the gold exports point, in
spite If the rise in local money rates,
has kept alive the question of gold eX-
ports.
The bond market has been affected by
the late weakness in stocks, and prices
yielded in sympathy. United States new
As registered declined IA and the new As
COUPON ~ per cent as compared with the
close last week.
sew fork Stock Market.
u, mate Wire to Murphy Ca-