River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1893-05-11
ALMOST q PANIC.
Another Day of Wild Excitement on Wall
Street.-The Tide Turned by the Action
of Bankers ard MiIlionaires-"Deae
White Downed Again-Other Failures.

Another Day of wild Excitement on Wall
Street.-The Tide Turned by the Action
of Bankers ara AIiIlionaires-"Deaeon
White Downed Again-Other Failures.
NEW YORK, May 6. - The bottom
dropped out of everything on Wall
street on Friday and the stock
exchange was the center of a wild
whirl from the opening. The news OF
the appointment of receivers for the
National Cordage company Thursday
right was followed by the announce
ment that ;. Y. White & Co had sus-
Tended. Later the failure of Ferris &
kimball was announced. and on the
heels of this came the news of the sus.
pension Of w. L. Patton & Co. Excite
ment was intense and prices fell SO rap
idly that il was almost impossible to
keep track of them. 1t was the worst
day Wall street has seen in this week
of disaster. At times the scenes of
black Friday were recalled.
The crisis was only momentary, but
IL was the power of mighty capital that
checked the decentralization and saved
the street from menaeed ruin. BY
common consent the turning of
the tide is credited TO the OK
crtions of Drexel Morgan &
Co, and the Vanderbilts 1t is is gem
orally believed that several important
houses at the close of business were
confronted with what appeared TO be
inevitable failure. The enormous losses
in the last week, the utter
Generalization of the buying pow
or in the market and the prac-
teal paralysis of credit promised a
liquidation that, unless staid. would
have swept them off 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 costs. Bankers
and banks alike joined hands with de-
termination to avert the most serious
of threatened danger. but it could not
be demonstrated at once that the situa-
tion had been controlled. Not until
after further extensive liquidations in
certain directions had been accom-
plished was the market reversed, and
quotations, scudding rapidly upward,
told all persons interested story of
the rescue and recovery.
The stock market opened amid great
excitement and with prices about the
same as Thursdays closing. 1t was
very soon apparent that many more
stocks must be sold out regardless of
price. The discrimination of the
banks against certain stocks, especially
the industrials. as collaterals for loans,
compelled their holders to throw them
overheard. The slaughter of the indus
fpia l. atxrF,rl ial-
~ seen that there must be more fail
ures. No house largely interested in
these stocks could be expected to re-
main solvent.
BY $3.50 o'clock the galleries of the
stock exchange began To fill. Thurs
days exciting events had attracted
every ones attention and the public
had awakened To the fact that panic
was in the air. Pandemonium was inn
minent when at 10 o'clock the wooden
mallet fell and with its three sharp
blows upon the chairman's desk opened
the market.
There were many more ladies pres
ent in the galleries than on Thursday,
and the wild pushing and yelling of the
brokers below stirred them to such a
pitch of excitement that many cried
ont in very sympathy. The sight be-
came indescribable. The crowd in the
gallery began to sway backward and
forward, and it looked FOR a moment as
though the rush below was TO be repro
duee above.
Sugar started at sS5 rs, sold at $3.50,
and then broke to S62 p. Cordage
started from $40 to s21, and went off
to Sl6 Electric started at $50, and
dropped to SIS. Chicago gas went from
s To 500.
At 10:4O the failure of s. V. White &
Co. was announced. and every one ex-
pected further failures. Asked about
the failure Mr.. White said the terrific
drop in the market forced him to sus-
pend He had many outstanding con-
tracts which must be closed out. lie
thought his liabilities We're about $500,
600. lie hoped to be able to adjust his
affairs so as to resume at once.
Mr. White has been a member of the
stock exchange since 1869. During
nearly the whole of his career he
has been one of the most con.
spicuous figures in the exchange. On
September %, 1891. Mr. White became
in corn and was forced to suspend with
liabilities of over 81 .000. 900. He began
business again in January, 1892,
and by September had paid off
with interest, his entire liabilities
and had about 100000 left over.
He was able to do this through
the aid of the large interests in sugar.
cordage and whisky. Mr.. White had
either part or entire charge of the
pools in these stocks and by his master
~ manipulation was able to advance
them to the highest figures reached
last year.
BY noon things were at fever heat
and the nervous tension in financial
circles showed no signs of relaxing. At
1915 the failure of Ferris & Kimb ball
was announced, and the brokers fairly
went crazy in their efforts to unload.
Rarely, if ever, in the history of
the stock exchange were there
such wild fluctuations witnessed. One
of the largest houses on the street was
said to be in trouble and its failure only
a matter of hours. While our own
brokers were in dazed condition and
throwing over their stocks regardless
of prices. foreign houses were quietly
at work picking up the dividend pay
ers. Their purchases were heavy
enough to demoralize the foreign ex-
changes.
Canada's Big Convention in June.