Show h TWO FAILURES WERE EXPECTED S S S S SS r i iThe S The Third However Was a aCorn Com Complete ComS S pl te Surprise Su pr se STOCKS NOT ALL DEPRESSED i SOME CLOSE HIGHER THAN THAU ON SATURDAY f New Nest York May iThe disturbance and axt which were felt iett in tit the financial world this morning ware much mach relieved before the t dote clue of the day da on the stock exchange daan It was known before the StOck ek market opened that tnt the hopes hop 8 en on Saturday S of et securing means mea 8 to t tIde over OYer the firms threatened with embarrassment had failed and there was Wall nothing to 0 do for these houses but to an announce monaco their inability to meet their con tracts In two eases ses the failures were fully tully ex expected expected expected but the third came ca as something of a surprise There was heavy heaT liquida liquidation I tion on the stock exchange when they were announced but the effective sup u port offered th the tho general market checked check d the indiscriminate Indis liquidation n and induced more sober bet reflections There is no doubt much muck distrust di truet was felt for fOt the fabric of credits generally rany owing to the ignorance of the extent to which the collapse e of ot the theu he u stocks had bad involved others othen The development in these tk stocks them mires was recognized to be not of first Importance The collapse of o their prices naturally reduced d the basis ballis of credits which had been acquired on the fictitious and manipulative valuation but it dd did not appear that the local ocal money market had ba used u in taking out these credits Neither had the fhe rise in hi the prices for these securities attracted any aDY great speculative following The trouble was localized within a comparatively smal circle of immediate participants in the speculation This was soon demon demonstrated demonstrated demonstrated by the movement of the general market and aDd the absence able of financial trou thOu ble be in fa ether echer her quarters There was wa the fear tear this thle morning that the tM results must be faced of similar operations of o other pools in i various specialties and even of manipulative advances in standard staRdard rail railway railway railway way stocks but the readiness with which offerings were absorbed quieted the nervous excitement and au induced some buying back hack of stocks by hasty basly sellers In fact the days net t losses are found to be bo quite insignificant as 8 a rule and not nota a few important stocks closed higher than Saturday y The reports of copious rams maths in the southwest s and the effective breaking of the drouth conditions which have kept l ept awake anxiety regarding the crops xa as a material aid to the rec recovery ery The per persistent upward course of ot Louisville Nashville was wu a sustaining influence Rumors were re renewed Wed ren of a combination of this road with the Chi Chicago cago Indianapolis Louisville The prospect pro of a strike on the part of the anthracite anth minOrs miners and a stringency of the money market w 11 l amply account for a repression of speculation As a matter of fact the active liquidation of the first hour hout accounted for the early of o the th days total dealings Money loaned I as high as 3 50 per cent Bad and nd seceded receded to 6 per cent only after Uter the WIe demand I had been met mel There Theme can be he no iJO doubt the discrimination dis against the collateral and the unfavorable disposition developed among money lenders left 1 nl toward the recent indiscriminate tendency te of the specula speculation speculation tion were ware factors in the money stringency cy Cr The sneezing tM out omit process along this line la is viewed with satisfaction The knowledge that th t credits are very et liberally expanded at present and Mid that the rather meagre cash reserves r s are subject to heavy demands has caused real anxiety ty to t be felt fell from the reckless speculation indulged Indulge in in some quarters Some of the we pe aUve bonds were weak week under uDder cited fo n l but the market recovered and became me irregular in sympathy with stocks Total sales Unit Unit States Sta bonds beads b were all aU unchanged on the last call IL New Ne York York May 5 cablegram The markets were quiet t tod and inclined to tobe tobe be dull Funds Fuis wea on the Pta an announcement announcement announcement of at t a new I Indian 3 S Sper Iper per cent loan There w s very little local business in th American Amerl department but the tone was heavy on me possibility of a astrike astrike astrike strike in the coal region and the stock stockbrokerage stockbrokerage stockbrokerage brokerage failures failure f in New lew York That quarter sold Lies Erles Readings R Union Pa Pacifies and a fun point down while Canadian Pacific lost Jo t 3 2 Money was easter easier Bond Quotations S U S refund d is Hock k Vat Val registered K 9 H Ii t N Uni ie U S refund Se Meg Mex Con 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