The times. [volume] (Richmond, Va.) 1890-1903, 1902-05-07
NERVOUSNESS
WAS LACKING.
Stock Market Showed Remarkable
Recuperative Power.
MONEY CONTINUED STIFF
Large Sums Were Loaned at Ten Per
Cen,--Strength of Market Quite
Universal and Gains from One
to Three Points Common.

{By Associated Prcss.)
NEW YORK, May 6.--The stock market
nve power to-day. Yesterdays nervous
disturbance, growing out OF the cciiaise
OF the Webb-Myer group OF stocks was
entirely lacking from the outset Lo-oas:
mat development, IN fact, seemed 10 DC
accepted as highly beneficial Immense
RELIEF was professed oyer the weeding-out
which had inflated J. group OF securities
whose precarlous condition must nave re-
NAMED Ii menace 10 the market as long
as IL existed.
The collapse Of an imitation is always
q haEaTous operation, OWING TO the Gam
ger OF the sentimsntal effect, however
strictly localized. The effect is inevitable
10 shake the fabric OF credit and en-
danger sound properties as well as the
products OF manipulation. The f!rmness
with which Tie market took yesterday
shock was surprise 10 the most conn.
IN the opening dealings when large buy
ing orders appeared we'll distributed
throughout the list. After yesterdays
test confidence has not been so general
In the soundnesS OF the market position
Tor many weeks as it was to-day.
The money rate continued stiff at 10 per
loaned by the banks, end the rate receded
only after most OF the demand was saLs-
fed. The maintenance OF the money rate,
however. was believed to be q symptom OF
the pressure exercised by the banks
against extending credits for undesirable
speculative purposes. The belief is gen
erai that the recent liquidation has great
y strengthened the position Of the banks
and has added much TO the soundnesS or
the whole fabric of credits. To-days
Clearing House exchanges We're reported
as $500 $50 95l Only on four previous oc-
CaSion, AL of them during 1901 have the
New York exchanges exceeded hall q bil-
lion dollars for q single day. NO large
syndicate transactions are known 10 naEe
figured in the result, which may be taken.
therefore, as u measure OF the amount of
liquidation accomplished on Friday and
-. .-tr -,,,., -f=.A fya1
Ter OF 100000 by telegraph TO New Orleans
was an incident OF the day. Aside from
the natural rerulsion of sentiment due
80 the appreciation that yesterdays
anxie1ies were unduly acute. was the gen
eral assurance felt in the financial district
that means had been found to avoid
strike by the anthracite miners. The
Eoalers were naturally prominent in the
vigorous upward movement. The move
1nent in Louisville and Nashville, Chicago.
indianapolis and Louisville and Illinois
Central gave color to rumors of the ex-
tension of Louisville to Chicago and the
establishment of community of interest
among the Southern trunk lines. An UNI
usually favorable batch of fourth week
railroad earnings, reported by Southern
md Southwestern Railroads, and further
rains in Southwestern States stimula ted
ern Securities Company TO the Govern
ment's brief was favorably regarded in
financial side OF the device of securities
holding companies, and prompted some
buying of stoclss available for mergers.
This was notab bly, the case with the Chiga-
go Great Western stocks. The strength
Of the market. however. was quite unYer-
sal, and gains of as much as los points
are common throughout the list. In ex-
cepuonal cases there were gains much in
excess of this. Tho market closed active
and strong at about the top.
The bond market shared in the tendency
towards recovery of stocks. Total sales.
par value So. 500. 900. United States bonds
were all unchanged on the last call.
The total sales of stocks for the day
were $4,000 shares.