St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-06
WALL STREET WILD.
Great Activity and Intense
Excitement on the Stock
Exchange.
An Enormous Shrinkage in
Values Before the Ses-
sion Closed.
London and Home Investors
Buy Round Amounts Of
Stocks.
Deacon White Drawn Down
Again by the Financial
Maelstrom.

NEW YORK. May 5.-The day was one
of exceptional activity and intense eX-
element at the stock exchange. The
great slump in prices during the last
half-hour of business Yesterday and the
further break this morning was eX-
planned by the failures of S. V. White,
Ferris & Kimball and W. l.. Patton &
Co. Large amounts of stocks were sold
out for the account of these houses, and
the avalanche Of offerings created a
more panicky condition of affairs than
has been experienced since the time Of
the Barring panic. According to those
who passed through the Black Friday
troubles and ali the financial upheavals
since then, there has never been a
time when stock exchange houses were
so completely demoraliZed as was the
case today. The situation resolved itself
into matter of selling for practically
any price obtainable. The enormous
shrinkage shows plainly how acute the
panic had become.
The drop in quotations over night
was equal to one to twenty-four points,
and, had the pressure to sell continued
a short time longer, there is little doubt
that other houses would have been
forced to the wall. AS it was, London
turned up as heavy buyer, and, ac-
cording to scOmpetent authorities, took
upwards of 100000 shares, and at the
same time
Home Investors
who have not put in an appear
ance in Wall street for years
back took round amounts of both the
railroad and industrial stocks. The
buying power thus exhibited turned the
tide. but not until American Sugar had
dropped a points, the preferred, II;
General Electric %. American Cotton
Oil s, Chicago Gas 15$4, Edison llluml-
mating 615, Manhattan Elevated 1917.
National COrdage preferred 25, National
Lead Z, preferred IL, Omaha preferred
&, Rubber 6I. Wheeling & Lake Erie
preferred ga, and Big Four 81. The
drop III other stocks was to points.
The activity in the money market
accelerated the selling movement, but
the foreign exchanges declined sharply,
thus removing the possibility of gold
exports, and firms which had been re-
ported to be in difficulty pulled through
safely. All this combined to create
much better feeling, and the recovery
was even more rapid than the previous
decline General Electric sold up from
5S to 81; American Sugar from 62 to
Sl%, preferred from 6S to so; American
Cotton Oil from 80 to 394 preferred from
6S to 74%: Consolidated Gas from 112 to
1l91@; Edison Illuminating from 110 to
1l6, Lake Shore from 123 to 12S; Man
haitian from 115 to 1903; National
COrdage from 1515 to %, preferred from
45 to 81; National Lead from 26 to SO;
preferred from 81 to IS; New Jersey
Central from 10415 to 109; United States
Rubber from 80 to 4614, and Western
Union from 804 to S6A. During the
last half-hour few of the industrials
ran Off sharply, but the general list held
well, and the market closed steadier i'll
tone, with more confident feeling than
prevailed for several days past. In a
number of instances final quotations
were above those of yesterday, more
particularly III the railway list. The
sales footed up Ill., shares.