Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-05-08
ENoRMoua PURcHAsEs



the Wall street Cyclone.
New YonK, May Tit is worth while
at this time to review the past week in
Wall street. The conditions which
have been operating for some time in
financial circles to cause depression
in values, eliminated in great slaugh-
ter OF securies on Thursday and yester-
day.
The panic on the stock exchange was
most acute, and, according to those who
pas sed through the financial upheavals
OF 1860, 1873, and the memorable money
crisis of 1884, surpassed anything ex-
perenced during those periods. 1t
should be understood that this refers
particularly to brokerage concerns,
who last week found many dividend
paying stocks practically washable.
The industrial group naturally suffered
for the most, for while these stocks have
for a long time been the fad Of large
contingent of spectators, there has
been no imitation in railway securities,
and the latter had no dizzy height to
fall from. 1t is fortunate for the street
that this was the cuuse, for far greater
troubles would have resulted IN the
prices of railway stock had they not
been attractive enough to induce strong
capitalists to buy the shares thrown
overheard by panic-stricken brokers
and their customers In the melee.
As il was, just as 1t seemed as
though big houses would succomo I'M
der the pressure OF the great declines
in prices and surreptitious attacks upon
their credit, the tide was turned by
the enormous purchases for investment
and speculation by capitalists In Lon
don aud on this side. A rally occurred
which enabled firms who had consider
able lines OF stocks on hand to relieve
themselves aud 10 secure breathing
spell. The important failures OF the
week those OF Henry Allen Il
Co., and S. V. White. The for
mer was due to the fact that custom
ers did not respond TO the call OF adj
ditional margins, and the latter TO
the rapid decline in Sugar and Cordage
and the inability to secure accommoda-
tions at bank, quickly enough, all
which rendered an immediate sus-
pension the honorable cause TO pursue.
The chances are that both Henry Allen
& Co., which has been u popular house
both here and in the West, and 5. V.
White will speedily resume business.
With Cordage, Whisky, Tobacco,
Lead, Sugar, General Electric, and 9TH
ers, down 90 to so points from the hg-
ures to which they were bulled less than
six months ago, il can be readily seen
that the water" has been largely ex-
tracted, and that they are very apt to
attract the attention OF investors and
operators, who formerly gave them
wide berth. The large earning capaci-
ty OF some of these corporations makes
buyers feel that they can now afford to
assume the risk which must always
attend investments in industrial corpor-
atiOns. There is an impression that the
National Cordage Company will soon be
placed on its feet and recover from the
effect OF policy which rendered its
credit vulnerable to attack In periods OF
stringency in money. The events OF
the week, deplorable as they were in
their consequences upon those who
bought the industrials in good faith, are
not an unmixed evil. They will tend to
create caution and check the wild spec
ulation which has been raging in COM
paratively unknown properties. The
breakdown has also served to bring to
public notice the fact that there Is
plenty OF money seeking investment
when securities are regarded as
cheap. London, in the face
of the silver agitation and the rise in
rates of discount there, bought our
stocks freely, and Wall street for the
first time in over year has the advan-
tage of local support Of a most SUBJ
stantial character. The foreign demand
has put an end to the talk OF gold ship
mentS for the time being, and the sterl-
ing exchange market has yielded to an
extent which is likely to afford those
who have been timorous about the
gold question q good deal OF comfort.
Crop matters are exciting much COM
ment. The condition Of wheat in
Europe is acknowledged to be the
most unpromising, and the impression
made upon the minds OF foreigners by
the outlook is clearly indicated by their
purchases here. There is good reason
to believe that this country will find a
ready market for the large surplus re-
naming over from the crop OF 1892, and
at better prices than were thought pos
sible a short while ago.
To-day's bank statement must also
have reassuring effect. 1t portends
less stringency In money, or at least
check upon those who desire to manip-
ulate the market. The Treasury free
gold is being kept we'll In hand by Sec
rotary Carlisle, and, as gold shipments
will probably be smaller than hereto
fore, the bears will have less to talk
about on that score than for many
months.