The herald., 1893-05-06

had reRssuring effect. At noon the
market was firm and advancing.
WILD FLUCTUATIONS.
After noon the battle Stacked off a
trifle in intensity. There were spasms
OF riotous bidding and selling, however,
for q time, then action became more
rapid. Rarely, il ever, in the history Of
the stock exchange we're such wild fiuc-
tustions witnessed. One of the largest
houses on the street was said to be in
trouble and certain to fail.
HEAVY FOREIGN BUYERS.
While this condition existed, dazed
brokers were throwing over their stock
regardless of price, and foreign houses
were quietl6 picking up dividend pay
ers. 1t is estimated that up to noon
London's purchases aggregated fully
10000 shares, consisting mostly OF st.
Paul, Louisville and Nashville and Wa
bash preferred. This increase in for
eign exchange caused drop in sterling
rates to $4.S6@4.S9, but money con-
tinued close at HOP per cent. The
confidence displayed by foreign
ers caused home operators to
take courage, and general rally ensued.
Manhattan rose from 10 to 1879, General
Electric from So to IT'S, Sugar from 81
to 7424, Chicago Gas from 50 to 7215;
Railways recovered l to 5.
"a FURRY IN MONEY.
Actual rates for foreign exchange we're
about s4.7SlS and $4.s4 for bankers CO.
day bills; $4.86@4.S61S for demand;
$4.863l a4S71S for cables. It became
evident that there would be no gold
shipments tomorrow. Money meantime
advanced TO 80 per cent; then came an
other thunder clap in the Suspension OF
W. l.. Patton, and call loans advanced
to 40, causing stocks TO weaken again.
Manhattan broke to 1875, Cordage and
Electric to ~, Sugar TO 7018.
AT / 80 money had fallen TO 5000
and by 2 O'Clock to 6. Owing to heavy
offerings funds by commission houses
stocks became comparatively calm. Up to
d. m. sales of listed stocks we're 445, 900;
shares unlisted stocks, 100000. Stocks
were then somewhat feverish, but in
some instances above last nights clos.
ing.
FERRIS 4 IIMBALL DowNED.
Ferris & Kimball, whose failure was
announced at IL AS, went down under o
load OF industrials. No statement has
yet been made.
The following stocks were sold pre-
eumably for account OF s. V. White:
2,l00 American Sugar, 700 Atchison, 300
cordage, 100 lead, 100 Erie, 200 New
York and New England, 80 Western
Union.
At3p. m, money was easy at 4 per
cent. Industrials closed e to "a points
lower. National cordages preferred and
railroads closed q to A points higher.
There was more confident tone at the
finish.
AFTER THE BATTLE.
After the gavel had fallen and the
battle was over for the day, the men
went away to quieter spots and looked
the situation over. In well-informed
financial quarters the feeling grew that
the worst had been seen and that from
this time on matters will improve. This
theory had to some extent obtained be-
fore the close, on the fact that certain
houses, whose names were freely mem
toned as being in trouble early in the
day, pulled through all right. Numerous
purchases, 1t would seem, had been
made right through the list; there has
been a revulsion in sentiment and pricea
had bounded almost aa rapidly as they
dropped during the day.
THE BOTTOM REACHED.
After scanning the situation after the
close today, one Of the governors OF the
exchange and member Of one OF the
most conservative banking houses said !;
81 do not care to have my.name used,
but you may say for me, think the
worst Ia over now. When White failed
the last bubble was punctured and we
ko hal IN oil
ready had pretty sharp rally and we
shall probably have others with some
slow liquidation. do not look for any
more failures. There may, Of
course, be some, but they will be OF
the small fry order and will have
no appreciable effect on the market.
There has been great deal of money
lost, but q good deal of it has been in
margins which will show on the ex-
change. Many members of the eX-
change, no doubt, sustained losses, but
they will be able to stand them. In my
opinion the stock exchange is now a
bargain counter. If this was not bar
gain day, then there was never one on
the exchange"
HOW THE TIDE WAS TURNED.
By common consent the turning of the
tide is credited to the exertons Of
Drexel, Morgan & Co. and the Wander
bilts. 1t is generally believed several
important houses, at close of business,
were confronted with what appeared to
be inevitable failure. The enormous
losses in the last week, the utter demon
aliztion OF their buying power in the
market and the practical paralysis of
their credit, promised liquidation that,
unless stayed, would have swept them
off their feet. But the night and early
morning had been employed by every
strong interest which realized that the
weak must be saved at any cost. Bank
ers and banks alike joined hands with
the determination to avert the most
serious threatened danger, but it could
not be demonstrated at once that the
situation had been controlled. Not I'M
til alter further extensive liquidstiont
in certain directions had been accom-
plished, was the market reversed, anc
quotations scudding rapidly upward tolC
to all persons interested the story o
rescue and recovery.
OF necessity the namee OF the houses
whose suspension was dreaded must re
main in confidential circles. The meant
adopted may not be described, but they
were effectusl. 1t is reported that viii
lam K Vanderbilt and Robert Goele
placed 81, 600, 900 in banks and whereve
possible gave the utmost credit where /