The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-05-06
FORGED TO The WALL
lev York Suffers Q Genuine Panic on
'ChilSa
WALL STREET WAS EXCITED

Scenes OF Pandsmonium-W Who're
the Break Occurred-The Panic.
Reaches Boston
on the Coast.
NEW YoRw, May b.-Thera werc lower
ing and portsutous clouds over Wall
street this morning. Brokers and bankers
hastensd 20 that financial storm center.
knowing the band would begin TO play at
the drop Of the eavel at the stock ex-
change, and each was determined to b as
near % possible to the bead OF the pro-
cession. Nobody could tell before tho
opening what history lay just the other
side Of 10 o'clock, when pandemonium
should be let loose. Those in wore
strained, anxious faces, those out lowered
about from habit scarcely less anxious.
Some. perchancc. felt their toes over the
edge Of sheer precipice, not knowing but
that the Developments OF the hour might
push them clear over tho brink into the
financial pit. There was hurrying and
scurryine Of mon and boys, diving in here.
darting out there, rushing into this and
hurrying out OF that Office where their in
forests were centcrcd. And still tine calm
hands on old Trinity's grim clock dial
crcpt up to the hour when the tumult
should begin and another day that wears
the flesh and nerve OF men was ushcresl
IN. Any fond optimists who imagined be-
fore opening that the market might stiffen
ut the outset were disappointed.
Every ego vas on coriage, and there
was move ment enough within 10 minutes
after the sounding of the gong to engage
every eye. The appointment OF receivers
for the National Cortlage company late
last night was the occasion for further
break in the preferred stock this morn
ing. Il closed yesterday at Is. In 10 0min-
utes after opening II was Is points lower
NJ 80. II hesitated there for moment
and then came perceptiblo lessening in
the rush 10 sell and more stcadincss.
Meanwhile therc was o long, ragged de-
cliyity of alarm,
There were other iuterests stumbling
and scramblina against the face of tho
situation, General electric was another
weak spot and i'm the first fiyo minutes Il
bruke s points to IS, The fact that certain
ofYicials have found Il necessary TO issue n
abatement that the company IL all right is
viewed with suspicion in so,ue quarters.
Al iO:ib the price was 90. Sugar was also
attacked aud broke TO 20, and Chicago Gas
droppcd TO 60. Manhattan Elevated
broke sk to lbs. Considering the panic
Ia indussrial steeks the railroad list held
fairly well.
Manhattan Elevated won't down the to-
bornau slids ss q great rate, wiping out
ali Snarrius ON q slump from 1876 to il5s<.
Its uroersss vas stayed st that point aud
a rnlly 10 10 followed. But the Aide was
Oh aasin 10 ll6.
Soon after opeuiuR there were renewals
of yesterdays rumors that s. v. White
was In trouble in connection with cordase.
Before threo-Quarters OF an hour after
opeuinR tho slump in that stock became
too great for him 10 stand, aud be went
hsfors the storm. The fact Of the failure
Of the great speculator. whose going to the
wall a year or 70 ago In grain deal on
the Chicago board Of trade caused such a
sensation, was known on the streets aud
found its way into the stock room bcfore
the formal announcement WAS made
therein. According to his own statement
the cordaae deal was the chief element Of
his failure. but be was also interested In
Chicaeo Gas. Cordage stranglcd him; Gas
sufYocated him. He was unable to 90 on
Al present. though ho might get up later
ON. hs said,
Soon there came from Boston the state.
ment that Francis Hershav d CO., stock
brokers, had failed. Nobody seemed to
know much about them, but Il made little
difYcrsnce, n vaa a failure. and that Vas
enough 70 ada 10 the fury Of the tempest,
and a oassesl tho first hour.
When m o'clock chimed from Tnnit,
sseeple the record stood like this: Tue
decline had been uncommonly heavy, and
the excitsmeut reached q hiaher pitch
than st any time since the panic started
with the market still feverish.
Al l2;i5 p. m, tho failure OF Ferris a
Kimhall was announced on tho stock es
change. followed by the news that w. l.
Patton & 10. had gone under.
s. Y. White said the drop In sugar wa'
one Of tho leading causes of his failure
He was large seller In privileges and his
present troubles arc seriously affected b,
tho fact that his puts were bought riah
and left during the present crisis and b,
. severe decline In prices 90 that pur
chasers have been enabled TO put stock,
| 70 him at prices far above the market
Vvhisn savs he in unahle Mt nresent tn 1iys