New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-06
SAVED FROM WILD PANIC.
STOCK EXCHANGE TREMBLES.
rNDUSTRIALS RESCUED JUST IN TINE BY
OUTSIDE MILLIONS.
s v. WHITE GOES DOWN WITH A CRASH.


LEAP INTO THE BREACH-MoRE
FAILURES THAT SEEMED TRIVIAL
IN THE GENERAL DANGER-A
BREATHING-sPELL AT LAST.
"Tbc worst is probably over" That was the
general expression of opinion in Wall Street crcrs
Yesterday at the close of a ,ay of terrible strain,
such az has not been felt in the Stock Exchange
community in many years. Not that the failures
announced were of sensational import, nor that
the general declines in prices have not been eX-
ccrdcd on numerous previous occasions. lhe sig
nificanoe of the situation lay in its threatening
character, which menaced the financial community
at ono time with panic which, If 1t had escaped
control, might have produced consequences In
possible TO measure. For about hiteen minutes III
the morning the stock market presented an aspect
more mcnacing than at any period since the dayS
of 1873, and this view was taken not by young
or untricd men, or men whose temperamcnts were
uurcasonaby excitable, but by level-headed, con-
scrvative brokers, who had been through the
crash that followed the suspension Of Jay Cooke
& Co. The crisis only momentary yesterday,
but it was the power of mighty capital that checked
the decentralization and saved the Street from
mcnaccd ruin
By common consent the turning Of the tide Is
credited TO the eXcrtions of Drexel, Morgan ~
CO. and the Vandcrbilts. IL is generally believed
that several important houses at the clo'e of
business en- Thursday were confronted with what
APPEARED TO be inevitable failure. The enormous
losses in the last week, the utter generalization
Of the buying power in the market, and the
practical paralysis of credit, promised liquda-
lion that unless stayed. would have swept them
of their feet But the night and the early morn
,n,, bnI boon otnnIovad IN by strong
interest, which realized that the weak must be
saved at any cost Bankers and banks alike
lonrd hands with a determination to avert the
most serious of threatened danger, but 1t could
not be demonstrated al once that the situation
had been controlled Not until after further eX-
tensive liqudatiOns in certain directions had
been accomplished was the market reversed, and
quotations, scudding raridly upward, told TO all
persons interested the story of rescue and recovery
TROUBLES TIDED OVER.
or necessity the names Of the houses whose
suspension was dreaded must remain in considcn-
tal circles The means employed may not br do
scrihcd but they were efcctual. II is reported
that William X. Vanderbilt and Robert Go"let
placed 81 0p0. 900 in the gap The banks. wh'r-
eyer possible gave tho utmost credit wherr II wa,
needed. The tremendous influence OF DrrNcl,
Morgan & Co., with clientele" Of far-reach-
ing Importance. was at tho service Of the Street
Weak spots were strengthened and tho troubles
feared by the whole downtown community were
tded over.
The fresh failures Of the day were those Of that
bold and brilliant operator. s. V. White and two
Of the smaller frms-F Ferris & Kmball and W. L.
Patton & Co. Mr.. White. for the fourth tine in
his life. was compelled 10 announce default on his
obligations The crash In American Sugar Re-
fning and in Manhattan. and the recent prolonged
depression in Western Union exhausted the re-
sources of this operator, MhO in less than year,
had closed of million dollars of debts after the
collapse of the projected corner in corn rs re.
Gently as 1891. and placed "A handsome credit -
his bank account The failure of Nlr White
seems TO be- complete. and his friends with r,,r".
admit the absence of any prospect of ar early
return Of this active spcculator 10 the market
which has often responded 10 his adrolt manipn-
lation. The other failures appear comparatively
unimportant in the light Of Mr.. Whites downfall.
and the firms which were forced TO the wall by
the collapse in National Corlasc are building hop,
that a reorganization of the affairs of that cor
poIation may improve their own conditions AMI
prospects. The announcement of the recelVe!slDp
for the National Cordaec Company was. in IA t.
a relief 10 the street although NO light may ~
be- shed upon the condition of its finances. Sor"
experienced bankers even cont,nl -hat the Ir-
habilitaiion of the combination may be effected
sooner than is generally expected and a>cribc thr
failure, not TO IN inherent akne-s in Il" bust
ncSs foundation of III" company. but 20 upw>"
omissions in lis organization of provisions for
financing It's Affairs in time, of monetary strn-
gcncy. Developments are awaited with interest
However. in the Affairs of james VI Waterbury.
th" president and leading spirit in the Corllae
combination, and in view of reported default in
Iii, obligations it would causr no surprise wcrH
his assignment to De formally announced.
EXCITEMTNT on THE ExCH\N;E.
When the Stock Exchange opened yesterday the
floor Of th" board room was crowded with anxious.
nervous brokers From the galleries there looked
down on the hundreds Of men and many
women. drawn hy the curiosity of the sight
seeker \ touch of the ludcrouS was given TO
III. situation later in the day when the looms
Of the Governing Commlttcc. which Ind been
thro.n open 10 accommodate visitors were fillcl
with well dressed women eating the luncheon they
had brought with them to sustain them in a
visit which apparently was as attractive as Il s,s
sion at the theatre When Chairman Mtchell's
gavcl fell at o o'clock the Goor Of the Exchange
became pandcmcnium. The drns,st crowds srrgel
around the posts where the trading in the leading
industrial stocks goes on II bccamt melee vi on
the opening strength Of prices quickly dis1pp lr 1t
beneath IN" renewed food of selling orders Eut
the excitement RACED hotlv, too. around some Of
the posts that marked the places of the railway
stocks.
II was within the first half-hcur of the bust
ness day that the hlrly-h -hurv on the floor reached
i,s height Prices were crashing in several stocks
at rate that threatened to leave no bottom to
values Fractions Were disrrgarJcl in bids. and
offers and quotations stayed at one hgnre for
only moment. About 10 80 o'clock the howl
ing Of the excited brokers was sted for moment
10 hear from the rostIum the announcement of
the suspension of s. v White. but il was instantly
renewed. only to be moderated in volume and i'll
t.nsity after the rebound had come from the
carly extreme depression and decentralization.
WILD SLAUGHTER OF VALUES