The daily morning journal and courier., 1902-05-06
Fiuancial.
THE STOCK .MARKET
Anxiety of the Morning Much Relieved
 Before the Cfose.

1 Before the Close.
 l New York, May 5.-The disturbance
 and anxiety which were felt in the f. nancial world this morning were much relieved before the close of the day on the stock exchange. It was known be- 1 fore the stock market opened that the hopes entertained on Saturday of secur-
 ing means to tide over the firms threat l ened embarrassment had failed and
 there was nothing to do for these | houses but to announce their inability | to meet their contracts. In two cases
 the failures were expected, but the l third came as something of surprise. There was heavy liquidation on the l stock exchange when the three failures
 were announced but the effective sup port offered the general market checked l the indiscriminate liquidation and in- duced more sober reflections. There | is no doubt that there was considerable 1 distrust felt of the fabric of credits generally, owing to the ignorance of the extent to which the collapse of the 1 Webb Meyer stocks had involved others, The developments in those stocks themselves was recognized to be not of first importance. The collapse of their prices naturally reduced the basis of credits which have been acquired on the fictitious and manipulattve valua- ton. But it did not appear that the local money market had been used In taking out these credits. Neither had
 the dazzling rise in the prices for these
 securities attracted any great specula-.
 tive feeling. The trouble was thus
 localized within comparatively small
 circle of immediate participants in the
 speculation.
 This was soon demonstrated by the
 movement of the general market and
 the absence of financial trouble in othre
 quarters. There was the fear this morn
 ing that the results must be faced of
 similar operations in other pools in
 various specialties and even of manip-
 ulative advances in standard railroad
 stocks. But the readiness with which
 offerings were absorbed quieted the
 nervous excitement and induced some
 buying back of stocks by hasty sellers.
 In fact the days net losses are found
 to be quite insignificant as a rule and
 not few important stocks closed high CT than Saturday. The reports of cop ious rains in the southwest and the ef- fective breaking of the drouth condi- tions which have kept awake anxiety regarding the crops was a material aid to the recovery. The persistent up- ward course of Louisville and Nashville | was a sustaining influence. Rulnors | were renewed of a combination of this road with the Chicago, Indianapolis and Louisville. The movement for the ad- vance was not followed up however, l with any degree of vigor. The pros | pect of a strike on the part of the an- thracte miners and the stringent con- | dition of the money market would | account for a repression of spec | ulation. As a matter of fact, the active | liquidation of the first hour accounted 1 for nearly one half of the days total dealings. Money loaned as high as 20 rer cent and receded to ( per cent only ] after the principal demand had been ! met. There can be no doubt that the | emphasized against col | lateral and the unfavorable disposition developed among money lenders to- wards the recent indiscriminate ten dency of speculation were factors in the l money stringency. The squeezing out l process along this line is viewed with The knowledge that cred
 it's are very liberally expanded a pres ant and that the rather meager cash reserves are subject to heavy demands I has caused real anxiety to be felt from I the reckless speculation indulged in in some quarters. The curbing of this tendency by the money lenders, on