The morning call., 1893-05-07
CLEARED ITS BLOOD
That Has Been Good for
Wall Street.
A PROCESS OF CONTRACTION.
1t Has Not Ended Yet, Though so Far
as Stocks Are Concerned the
Worst Is Over.
Special to THE MoRNlNe CALL.

NEW YORK, May 6-The situation In
Wall street is thus summed up by the best
authorities: Stocks are abnormaly low.
and plenty OF capital stands ready to buy
al the present figures as soon as convinced
that we have seen the last of the failures.
During the last forty-eight hours suspicion
has been directed toward several houses.
1t is now thought all will pull through.
When thissentiment crystalizes into belief
buying orders will be plenty. This, in con-
nection with the existence of heavy short
interest, ought to give sharp reaction. 1t
Is feared. however. that the outcome of the
crash in !ndustrials will be a very dull
market here and an increase in the tension.
already great In commercial centers
throughout the country. The present crisis
is not the snd of the great process of con-
traction that has set in; it is merely a cir
cumstance in the process. Nevertheless, it
has cleared the blood of Wall street There
is not a whisper against any local bank
All are perfectly sound.
1t is saidon Wall street it is not unlikely
that f. A. Prince of Boston and Colonel NJ.
b. V. Edesrty of Springfield, Mass, will re-
tire from the directory of the Oregon I'M
provementat the annual meeting June 10.
;. V. White talks ana acts as usual. in
cheerful manner. On the floor of the ex-
change. groups OF members gathered
around him, expressed sympathy and gave
him three cheers. White said his losses
were less than the public were led to sup
pose. and ne was quite sanguine of being
able TO RESUME at an early date.
Confidence is slowly returning in Wall
street and lending Ten express themselves
more bulish on the situation. At the offices
nf 10 N.t;n o1
stated that affairs can be placed in fair con-
dition in less than a week. Meanwhile a
committee headed by leading Wall-street
house, which makes specially of readjust-
ing the affairs of embarrassed corporations,
will endeavor to reorganize the cordage
company. 1t is said none of the individual
cOrdage companies will be compelled to as
sign, and no assignments of the principal
holders of National Cordage stock are ex-
pected.
The assignees OF the brokerage firms of
Henry Allen & Co. and Schuyler Walden
announce that the schedules of the firms
affairs will not be ready for several days
The facts regarding the Inside causes
which led 10 the downfall OF the National
Cordage Company are gradually leaking
ont. and the mystery surrounding the IN
loading OF stock seems about to be unrav-
eled. john Good of the John Good Cordage
and Machine Company was seen by re-
Porter to-day. lie said the cordage COM
psny's difficulties were brought about by
selling below cost. They were fighting the
Good Company. which was rival concern,
with a capital of 100000 and machinery
that could manufacture at less cost than the
National Cordage pool. 1--WE are ready and
in position to help them if they will agree
to our ternas,' said he, "bnt If they want
any more medicine we can oolige them.
The salvation Of the National Cordage COM
pany is thrsugh u.s." he added, "and they
must agree to the terms If they expect to
continue"
At the Office of S. V. White this after
noon it was said affairs were in better shape
than it was thought yesterday. and that he
will resume in few days. Reports that
the Havemeyers and others had offered to
put him on his feet are denied. No offers
OF outside assistance were received and it
was said none was needed.
All those who had Stock Exchange Clear
ing-house contracts in American sugar
with White, which did not go through the
Clearing house, were assessed SIT per 100
shares. The amount OF such contracts was
5000 shares This shows the exact loss
White made on sugar yesterday.