New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-07
WALL-ST. IN A CALMER MOOD.
QUIET AFTER TWO DAYS OF STORM.
SPECTATORS CROWD THE EXCHANGE oALLERY
COURSE OF THE MARKET.

the week, Wall Street affairs yesterday wore .
quiet aspect. The half-holiday session at tho
Stock Exchange confined business to two hours
and shortened the time Of anxiety over stock
market fluctuations. Deliveries of stocks sold
on Friday and yesterday will be made to-mor.
cow. which will in consequence be something
Of crucial day as respects the possible de-
velopment Of further trouble. The week closed.
however. with no promise Of further failures and
tine Stock Exchange Clearing House received tho
sheets and checks from all members without
indications OF friction in to-morrow's settle.
ments. A feeling of relief was manifested ip
banking circles and the day closed with sharp
contrast in the temper Of the Street compared
with Thursday night.
There were no particular Developments in tho
Affairs Of the National Cordage Company or OF
che firms which failed on Thursday and Friday.
In spite of the fact that paper of L. Waterbury
& Co. has gone to protest no assignment by
that firm by James VI. Waterbury. president
Of the Cordage Company, seems probable. Doubt
less the receivership proceedings have given re.
lief to Cordage people that may enable them
10 adjust their affairs without resort TO bank
ruptcy proceedings. The position Of S. V. White
appears TO be improved and he entertains hopes
of an early resumption of business. The an-
nOuncement favoraby received by Mr..
Whites many friends
The differences at tho Stock Exchange Clear
ing House on Mr. Whites transactions amount
to ,0O0 representing loss Of Sl,700 on every
| 90 shares Of American Sugar Refining stock,
which was the amount of the assessment levied,
according to the rules Of the Exchange, upon all
the concerns who had to receive stock from
sellers. These assessments were all paid up yes
terday, and, of course, the payers hold the claims
aoairsf Mr. White Thorc frifiino differences
on few other stocks, but about Sl50,oo0 will
cover the entire delinquency at the Clearing
House. 1t is impossible to estimate the liabilities
Of Mr.. White to banks and other lenders Of
money
Mr. White said yesterday that margins were
raining in upon him from customers, and that
according to all appearances every account would
be made good, and he hoped to make an early
settlement with all creditors Mr.. White em-
phatcally denied that his suspension due in
any way to complications the privileges"
lie had outstanding He declared that ne had out
privileges" on not more than 1000 or 5000
shares, and the extreme loss which these could
show him would not exceed 100000 Tho
cause of my suspension simple enough Mr..
White said "When | went to the Stock Ex-
change Friday morning there was no reason what
ever why l should have failed. Sugar was strong
later when some one rushed up TO me, crying
out Sugar is 79.' Before had barely digested
this news quotations were brought to me of 66,
81 6S, sc and on, As rapidly as l speak.
There WAS only one thing for me to
| do in Justice to all concerned, that was 20
stop at once. / could not tell where the decline
would end. and did not know how far coud
depend on my customers might have checked
still more against my bank account, but that would
not have been right, for 1 did not know where
stood But my clients are responding spendldly;
every one so far has acted sluarely as could
be, and when l hear from every one shall be
perfectly solvent
MFR. White is arranging a basis Of settlement
AS fast as possible with all the holders OF his
privileges who put stock to him Friday
which he could not pay for As rule there
has been little difficulty in agreements as to the
fair price at which the puts to be settled
for. as Mr. Whites creditors knowing his reputa-
tion for honorable dealings, have no disposition
| 10 press him hard NJ. White yesterday spoke
| fcclingy of the consideration which had been
shown to him, and referred to the following }et-
| ter which he had received from a man who held
one OF his puts" dated May }:
Me.srs. notified you this q. M Of their intention
to put" sugar and exchanged tickets with you.
This was my account. l deeply regret TO learn Of
|
desire that you will cancel the comparison OF this morn'
ing and return exchanged ticket and consider your.
self released from AZ tric Of your responsbiys
Here is Mr.. Whites reply
Your e;,er Of yesterday should have been answered
Yesterday but l could not do always vie with any
man in magnanmty and feir that you will bear OF
the palm T. against Thi, l say, however, when l
begin debt paying (Which L hope Will be soon) slau
at once you up, ia upon fair price Of the Sugar
FOR the day and pay you soon a. any man gets his
pay. want 10 know you PERSONALITY
| The stock market yesterday was active, but
| it presented none OF me scenes OF excitement
and confusion witu.ssfI Oh Friday. The vis-
itors' gallery Jaiame1 witt sigh;seers, but
the exnilAt,on that they had counted upon
was lacking The total sales for the Two hours
were 2ol ,696 shares The course of prices was
| irregular. Tue opening was strong, but was
followed by further declines. lien a rally set
in. but the final dealings were warked by fe-
,,rslness and iyrcgdlarity Stocks which are
| rayorites OF london unilsrmly lower at
the close ST. Paul opened down J-S per cent
AZ "A l-2. and gradually rcceded to ,3 5-s.
Louisville and Nashville, Erie, Atchson and Read
ing lost small fractions, and Union Pacific closed
"A per cent lower. Rock Island early sold
at 7sa7s Ia, against :! 3-I Friday night. feu
| burlington and Quincy ranged from s'as5 o-i
| 10 81 3-sas7 Western un,on Telegraph, after
| a fall from s5 81 10 -, recovered TO 50 IL.
! The leading industrial stocks were stronger on
| covering OF shorts American Sugar Refining
nuctuated between ~ Ia and 81 81, but ended
AZ sl-a net gain OF IL per cent. General
| llectric fell from so to IS IL, rallied TO s3
| and ended , 5-s Ter cent higher at 81 l.s.
| National Cordape was heavy, and after sales
~ 10. showel Il final loss of Is per cent
nj 20 Is National Lead fell from "a To
| 81. and closed at SO l-4-a net decline OF o-S
per cent.
The Uank statement was accepted generally as
| favorable IL showed an average gain Tor
the week in cash OF 81 500, and an increase
| in deposits of 81 TATTOO The loans were cur:
tailed only S679.O25 and gain was reported
in the surplus reserve of S679.o25. The exhibits
MAS so contrary 10 general expectation. however,
that bankers not abe 10 throw mucn
licht on the figures. The contraction in loans
Was trifing in view Of the experience OF many
borrowers although for the last few, DAYS the
as was consistent with safety: But that the