The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-05-10

the worst has been seen in Wall-st. and
| from this time on matters will improve.
| On this theory, which had 10 some extent
! obtained before the close, and on the fact
that certain houses whose names had
/ been freely mentioned as being in
/ trou biz early in the day. pulled
through all right, numerous purchases
1t was seen had been made right through
the list. There had been C reVulsion in
sentiment and prices bounded up almost
as rapidly as they had dropped early in
/ the day. James X. Keene was a heavy
I buyer of American sugar his brokers TAX
ing fully 10000 shares from GA up. One
| broker received an order for l 200 shares
| OF lead, when the stock was selling at 81.
! All he was able 10 secure was 400 shares at
SO. This indicates the manner in which
market moved the last half hour.
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 that / think the worst
is over now. When Mr.. White failed the
last bubble was punctured and we have
reached bottom. We have already had a
pretty sharp rally and we shall probably
have others with some Glow liquidation.
4
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 a great deal of money lost. OF
course, in this great decline, but q good
deal of IL has been in margins which Will
not show on the exchange. Many men,
bsrs of the exchange have no doubt sus-
tanned losses, but they will be able TO
stand them. In nv opinion the stock
exchange is now bargain counter. Ii
this is not bargain day then there never
was one on the exchange"
rumor obtained at one time that's Y.
White would be taken care of by certain
OF the sugar magnates. This, however,
could not be traced to any reliable source.
The worst is probably past" That was
the general expression OF opinion in Wall
st. circles at the close of this day of
terrible strain. such rs has not been
felt In the stock exchange community in
MANY years. The crisis was only mo-
mentary today. but it was the power Of
mighty capital that checked the democrat
iZation and saved the street from menaced
ruin.
The Vanderbilts to the Rescue.
BY common consent the turning of the
tide is credited TO the exertions of Drexel,
Morgan x Co. and the Yanderblts. 1t is
generally believed that several important
houses at the close of bust
ness was confronted with what
appeared to DO inevitable failure.
The enormous losses in the last week, the
utter decentralization of the buying power
in the market and the practical paraiy isis
of credit, promised liquidation that, un-
lees stayed would have swept them
oil their feet. But the night
and the early morning had been
employed to purpose by every strong
interest which realized that the weak
must be saved at any cost. Bankers and
banks alike joined hands with the de-
termination TO avert the most serious
of threatened danger, but it could
not be demonstrated at once
that the situation had been
controlled. Not until after further extern
sive liquidstions IN certain directions had
been accomplished was the market re-
versed and quotations scudding rapidly
upward, told to all persons interested the
story OF the rescue and recovery. OF
necessity the names oil the
houses whose suspension was
dreaded must remain in confidential
/ circles. The means employed NAV not be
described, but they were efIectual. Ii 10
! reported that William X. Vanderbilt and
/ Robert Goelet placed S2000.000 in
/ the gap. The banks, wherever pOss-
ible gave tAo utmost credit where it
was needed. The tremendous influence of
, Drexel, Morgan d TO. with a "clientel"
of far-reaching importance. was at the
service OF the street. Shorts were
strengthened and the trouble feared was
tided over.
White Put His Feet.
Mr.. White said tonight that he expected
10 be able TO resume payments tomor-
row. It currently stated that the Have
meyers. the wealthy sugar men. have put
up money enough, Sl,0OO,000 it is said,
10 place Mr.. White on his feet again. His
losses, it is said, are in sugar and Mauhat-
tan elevated stocks. He has a large
amount OF sugar privileges out, on which
the losses are heavy.
DEACON" WHITES FAiLURR