The age-herald., 1902-05-06
SEVERAL FIRMS
 FORCED UNDER Anxiety in Financial World Re- lieved Towards Close of Day NET LOSSES INSIGNIFICANT Prospect of Strikes In Anthracite Coal Regions and Stringent Demand
 On Money Market Account
 for Depression.
NET LOSSES INSIGNIFICANT

New York, May s.-The disturbance and anxiety which were felt in the financial world this morning was much relieved before the close of the day on the stock exchange It was known before the stock market opened that the hopes entertained on Saturday of securing means to lde over the firms threatened with emoar- rassment had failed, and there was noth- Ing to do for these houses but to an- nounce their inability to meet their con- tracts. In two cases the failures were fully expected, but the third came as a surprise. There was heavy liquidation on the stock exchange when they were announced but the effective support of- fered the general market checked the In discriminate liquidation and induced more sober reflections.
 There Is no doubt there was consider able distrust felt of the fabric of cred Its generally owing to the ignorance of the extent to which the collapse of the Webb Meyer stocks had involved others The development in these stocks in them selves was recognized not to be of first importance. The collapse of their prices naturally reduced the basis of credits which had been acquired on the fictitious and manipulative valuation, but 1t 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 speculative 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 other quarters. There was the fear this morning that the results must be faced of similar operations of other pools In various speculatives and even of manipu- lative advances in standard railroad stocks but the readiness with which offer ings were absorbed quieted the nervous excitement and induced some buying back of stocks by nasty sellers.
 In fact. the days net losses are found to be quite insignificant, a rule, and not few important stocks closed higher than Saturday. The reports of copious rains in the southwest and the excessive breaking of the drouth, conditions which have kept awake anxiety regarding the crops, was a material aid to the recovery The persistent upward course of Louis vile and Nashville was sustaining in huence, rumors being renewed of com DlnaIlOn or InlS TOdQ WllH lne OuiCd6Ot Indianapolis and Louisville. The move ment for the advance was not followed up, however, with any degree of vigor.
 The prospect of a strike on the part of the anthracite miners and a stringent de- mand on the money market will amply account for a repression of speculation. As d matter of fact the active liquida- ton of the first hour accounted for the early one-half of the total dealings. Money leaned es high as 20 per cent and receded to per cent only after the prln- cipal demand lad been met. There can be no doubt that the discrimination em- phasized against the collateral and the unfavorable disposition developed among money lenders towards the recent indls- criminate tendency of speculation were factors in the money stringency. The soueezing out process along this line Is viewed with satisfaction. The knowledge that credits are very literally expanded at present and that rather meager cash reserves are subject to heavy demands has caused real anxiety to be felt from +he reckless speculation indulged in in some quarters
 Some of the speculative bonds were weak under forced liquidation. but the roarket soon recovered and became ir- regular in sympathy with stocks Total sales. par value. s4,030,000. United States bonds were all unchanged or the last call. \
 New York Stock Market
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